Stephens Co. Hospital Updates Finances, Receives Audit

Stephens County Hospital receives some positive financial news.

Monday, the Hospital Authority met for a regular monthly meeting.

During that meeting, Stephens County Hospital reported that it had received its completed audit for Fiscal Year 2013, which ended on September 30, 2013.

Stephens County Hospital Administrator Ed Gambrell said that the hospital’s auditing firm, Dixon Hughes and Goodman, presented a clean audit opinion

“That means the auditors got what they wanted from us and were able to determine we had complied with the applicable accounting standards, so we are happy with that,” said Gambrell.

The audit did confirm a loss for Stephens County Hospital in Fiscal Year 2013 of nearly $2.5 million.

Gambrell said that falls in line with the hospital’s original numbers for last fiscal year.

He also said that Stephens County Hospital is not the only hospital to suffer financial losses last fiscal year.

“The audit partner who presented to the Finance Committee commented that virtually every smaller hospital that they audit is having a lot of difficulty right now,” said Gambrell.  “It is just a very turbulent time and very difficult time.”

The hospital did report that December painted a better financial picture than recent months.

Gambrell said the hospital showed a gain of $30,000 for the month of December.

He said multiple factors contributed to that, including a 5 percent pay reduction for hospital employees making over $10 per hour that kicked in last month.

“We had a full month of the pay reduction, so that definitely played into the bottom line and in addition, December was a little busier than it had been in recent months,” said Gambrell.

Gambrell said he was happy to see the hospital’s bottom line get back in black and hopes it will stay there in the months ahead.