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FMC posts losss for June
Franklin Medical Center posted a $147,000 loss in the month of June, thanks to "a perfect storm" of factors, according to interim financial officer Blake Kramer.
Kramer delivered the news Tuesday at Franklin Medical Center's Board of Commissioners regular meeting. Board members met behind closed doors in a three-hour executive session. The closed-door session covered topics ranging from a doctor's contract to how to address a lawsuit filed by former hospital administrator Robert Boullion.
The loss the hospital incurred in June came on the heels of a "good month" in May, but Kramer said the May profit did not offset June's loss.
Kramer cited a number of issues that contributed to the loss, but said one major factor could account for the deficit.
"In June, we dropped $321,000 from inpatient revenues over the previous year," Kramer said.
During the month of June in 2008, the hospital received some $1.8 million in revenues for inpatient services. In June of this year that figure declined to just below $1.5 million.
Kramer told the board several unpaid invoices for hospital supplies and services came due in June as well.
Also, the hospital paid some $75,000 in medical school scholarships during the month of June.
"That's not something you're going to see in the next month's numbers," Kramer said, referring to the expenditures for scholarships.
Like many rural hospitals, Franklin Medical Center pays scholarships to medical and nursing students to finance their medical education.
In exchange for the scholarships, students agree to spend a certain amount of time working at Franklin Medical Center after they complete their education.
Usually, a student commits to work two years for each year the hospital pays, according to Kramer.
Hospital board chairman Paul Price Jr., called the scholarships a worthwhile use of hospital resources.
"This isn't an expense," Price said. "It's an investment."
In other business, the board approved procedures to conduct a national search to hire a CEO and a fiscal officer. The board discussed plans to recruit candidates for the open administrative posts during its executive session. Since discussions were held in executive session, no details were readily available.
Board members also agreed to hire Michael Kramer to represent the board of commissioners against Boullion's lawsuit. The former administrator resigned in June under pressure from the board and filed a lawsuit earlier this month in 5th Judicial District Court.
Michael Kramer is Blake Kramer's father. |
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