Howard Memorial Hospital Reports Strong Patient Volumes in May Financial Update

Howard Memorial Hospital Chief Financial Officer Bill Craig presented the hospital’s financial report during the Board of Directors’ regular monthly meeting.

According to the report, the hospital recorded cash receipts totaling $3.21 million during May, exceeding its monthly collection goal of $2.2 million. Collectible revenue from patient services also came in $78,600 above budget.

Patient volumes remained strong throughout the month. The hospital’s average daily census was 8.4 patients, slightly above the budgeted average of 8.3. Emergency Department visits totaled 800 for the month, exceeding budget projections by 125 visits.

Outpatient visits reached 2,527, while surgical services performed 117 cases compared to the budgeted 115 cases.

The report noted that swing bed volume accounted for 26.1 percent of inpatient days during May, below the hospital’s goal of 30 percent.

Despite positive patient volumes, net revenue after bad debt and charity care was reported at $187,338 below budget, impacting collectible revenue.

However, salaries, benefits, and contract labor combined were slightly below budget by $3,551.

Employee health insurance costs continued to run favorably, coming in $49,662 under budget. The hospital reported 180.5 full-time equivalent employees in May, compared to a budgeted 186.6 positions.

Additionally, Howard Memorial Hospital received $19,948 in sales tax revenue during the month.