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Representatives from Denman and Company reviewed its financial audit of Greater Regional Health Center Monday during the monthly board meeting.
Steve Schweizer, from the firm, highlighted some of the findings.
“Total assets make you have a very strong balance sheet,” he said. For 2023, total assets were $98.3 million, up from $89.6 in 2021. Depreciation in 2023 was $5.4 million, up from $5.1 million the year before.
Gross revenue for 2023 is $162.3 million, up about $14 million from 2022 and $125 million in 2021.
“This is what you charge, not what you collect,” Schwezier said.
What was collected totaled $89.7 million in 2023, up from $85.4 million in 2022.
In contractual and bad debt adjustment, Greater Regional wrote off 44% of what was charged in 2023.
Salaries were $44.5 million in 2023, up $5 million from the previous year. Total expenses are $93.2 million for 2023.
Schweizer noted how the facility has used all COVID-related funding, which was provided during the pandemic.
Greater Regional has made facility upgrades and expansions, and has started another project. Schweizer said those projects are a benefit as expansions are considered ways to decrease the average age of the building. The average is 11.4 years.
“The fact you continually replace and renovate keeps you younger,” he said.
Long-term debt is at $5.1 million, a respectable amount, Schweizer said. The audit showed GRH has no challenges paying its debt.
Of the revenue sources for the hospital, 47% of its income is from Medicare programs. Commercial insurance makes up 36% and Medicaid is at 16%. Those numbers have been very similar since 2021.
Board chairman Dave Driskell said Greater Regional is “special” for making the top 20 of critical access hospitals in the country.
“It’s amazing what everyone has accomplished in here,” he said.
At the request of Chief Financial Officer Matt McCutchan, the board approved adding and additional $100,000 in the contingency budget for construction of the clinic in Greenfield. Early work on the clinic has shown more age and deterioration of the existing building than expected. Additional funds will be used for necessary work to improve the building’s infrastructure.
In other news...
The facility’s daycare on North Lincoln Street will have an open house 2 p.m. on Wednesday, Nov. 1.
Various services have been relocated to the former hospice house. An open house will be from 11 a.m. to 1 p.m. on Wednesday, Nov. 15.
The project to expand the lab is expected to relocate the board meeting site early next year.