In Jan. 28 Issue
Revenue for the last month of the year at Russell County Hospital was 3 percent above budget and the hospital's operations ended that month with a $36,765 positive net result, according to the fiscal report from Ken Kimsal at last Thursday's meeting.
All things considered, he said, the hospital is over $900,000 ahead at the end of two quarters, which is well ahead of budget and the previous year's results.
Much of the meeting though was taken up by a presentation on the hospital's debt capacity.
The presentation was the first by representatives of BKD, which is doing the feasibility study necessary for federal financing of the expansion and renovation of the hospital.
Scott Bezjak of the Cincinnati office and Glenn Grigsby from Louisville told the board of directors that between $12,500,000 and $20,000,000 was in the ball park for USDA financing, based on the hospital's last two years of operations.
The men said that according to the administration's figures the hospital could maintain the desired debt ratio borrowing that amount of money.
They added that at present the USDA has a quantity of stimulus money that is still available and is in something of a use it or lose it situation with those funds.
They encouraged the board to move forward based on the figures they had and added, "you need to get the USDA involved in this process as early as you can."
Jeff Buckley, with the hospital's management firm Alliant, suggested another board meeting solely for the purpose of preparing to address the hospital's needs to the federal agency.
In other business before the board -
• An increase of 56 percent in the hospital's health insurance for workers was announced. Kimsal told the board that claims against the insurance had driven rates up and that other insurers were even higher than the system they remained with. Other changes to different insurances renewed were much less marked.
• As a new information systems person was announced to the board, Regina Blankenship, the management firm asked to begin recruitment of another family practice or internal medicine practitioner.
While it was reported that the search for a new surgeon was nearing completion but no mention was made of progress on the search for a new CEO, though two candidates have been interviewed.