Operating results for 2010 were very similar to results for 2009.
The Cooper County Memorial Hospital board meeting was called to order at 6:03 PM on April 27 by chairman Mike Conway. The first order of business was the board acknowledged the certification of Carl Fountain as being the newly elected board member. The oath of office was then given to Mr. Fountain by the Allen Waldo, CEO. The board then officially welcomed him and thanked him for his willingness to serve.
The board then held elections for officers. The official slate of officers is as follows: Mike Conway, chairman, Dr. Scott Fray, Vice Chair, Paul Davis. treasurer, and Lila Huebert, secretary.
The minutes of the previous meeting were approved as presented. Allen Waldo then discussed the hospital’s mission, vision, and values.
Conway introduced Dennis Stambaugh, chief quality officer from MU. Stambaugh presented to Allen Waldo a check for $12,000 as approved by the Medical Alliance to assist Cooper County Memorial Hospitalin purchasing a ENT chair and remodel the room for a new clinic being established, help purchase an AED for the Rural Health Clinic, assist in meeting expenses for a community perception survey, and help fund training cost for emergency room nursing staff. The board expressed their appreciation to Stambaugh for this generous donation.
Eddie Marmouget and Jean Nyberg with the accounting firm of BKD presented a draft audit report to the board. Operating results for 2010 were very similar to results for 2009. Marmouget expressed however that he is seeing some positive trending in the financial position of the hospital. For example, gross revenue was increased across the hospital indicating that the hospital’s many departments had increased patient business but yet expenses generally decreased. While accounts receivable remained a concern, he expressed that it did appear as if the hospital had made very good progress through the year and encouraged administration to continue to keep this as a top priority. Mr. Marmouget thanked the board and expressed his enjoyment with working with the staff at Cooper County Memorial Hospital and felt like much hard work had been completed to prepare for the audit.
Ron Wallace, interim revenue cycle director, presented his report. March was a good month financially for the hospital. Days cash on hand continued to increase to 109 days. This is an improvement of over 20 days from the beginning of the calendar year. This improvement in the days is a direct reflection of the positive cash flow that the hospital has experienced over the last few months. Statistically, March was very comparable to February’s patient statistics. The hospital did see a large increase in outpatient therapies, GI scopes, Outpatient Specialty Clinic, and MRI’s.