Stephens County Hospital CEO gives update to SCBC

Stephens County Hospital Interim Chief Executive Officer Ray Leadbetter came before the Stephens County Board of Commissioners last week to provide an update on the hospital.

Leadbetter says the Hospital’s financials have improved in recent months.

“For the month of May, our gross revenue was up $496,000 compared to last May which is real exciting. Year-to-date for the first 8 months, we’re up $6 million in growth revenue. Net revenue after deductions for the month of May is up $506,000 and year-to-date, we’re $2.8 million in net-revenue above the first 8 months of last year, so we’re excited about that. We did have a loss from operations in May, to the tune of $385,000 that sounds not great, but when you compare that to the loss of $1.2 million for May of 2020, that’s an improvement of $875,000 and we’re really excited about that,” he said.

Leadbetter continued to explain that the year-to-date loss from operations is lower than it has been.

“Year-to-Date from loss of operations is actually 2.2 million lower than it was during the first 8 months last year. You’ll be glad to know that early July, we made bond payment of $1,117,863, I’m sure you guys are excited to hear that,” he said.

Leadbetter said the hospital is hoping to have its loan from the Payroll Protection Program forgiven.

“The PPP, Payroll Protection Loan Forgiveness Program that has been submitted to the SBA. We’re hoping before the end of the Fiscal Year, we’ll be forgiven that debt of $4.6 million. So, we’re excited about that. In addition to that, we were given some HHS funds to the tune of $4.9 million and that needed to be spent by the end of June, and we did that. So, in our financials for the month of June, we’ll be recognizing $4.9 million in loan forgiveness for the HHS Funds,” he said.

Lastly, Leadbetter says the hospital received a Rural Stabilization Grant and was able to put a portion of those funds towards the hospital’s telehealth program.

“We were eligible for a Phase VI grant for rural stabilization, that was $880,000, $490,000 has gone to telemedicine…$391,000 of that will be going towards equipment,” he said.

For additional information regarding Stephens County Hospital visit stephenscountyhospital.com.