Howard Memorial Hospital Reviews March Financial Report at Monthly Board Meeting

During their regular monthly board meeting, Howard Memorial Hospital reviewed the March 2025 financial report, presented by Chief Financial Officer Bill Craig.

According to the report, the hospital’s Days Cash on Hand sits at 120.2 days, which remains below the targeted goal of 145 days or more. However, the hospital saw a boost from its partnership with LHC Group, reporting a joint venture profit of $57,603, out of a total LHC profit of $174,554.

Craig noted that collectible revenue from patient services fell short by $65,767 compared to budget. Despite this, the average daily census (ADC) for the month was 10.3, surpassing the budgeted ADC of 8.5, a positive indicator of inpatient volume.

Emergency room visits came in at 704 for the month, which is 46 visits under budget, but outpatient visits were strong, hitting 2,426, and surgical cases met the monthly target with 100 procedures performed.

In terms of expenses, the hospital experienced operating costs coming in $59,395 over budget. Salaries, benefits, and contract labor led the overage, running $74,595 above budget in the Emergency Department. However, other expenses were $61,923 under budget, helping to offset the totals.

The board acknowledged both the challenges and areas of stability reflected in the March snapshot, emphasizing the importance of ongoing financial management and resource planning as the hospital moves into the second quarter of the year.