Magnolia Regional Medical Center began the fiscal year with a negative EBITDA of $169,123 in October.
Gross revenue was $4,601,080, with a net revenue of $1,540,765 after contractual allowances and charity care discounts of $53,800.
The net labor expense is $1,037,655. Non-operating income for the year is $64,004 including $57,147 in sales tax revenue.
In other board news from Monday’s meeting.
Chief executive officer Rex Jones said the process for converting the hospital to a 501(c)3 non-profit corporation is ongoing. He said the application is being finalized, and he is hoping to have it ready for submission
next week. He said there is a meeting scheduled with a subcommittee of the Magnolia City Council to discuss the lease agreement.
Roxanne Stewart, fiscal officer, told the board there are some changes that need to be made to the charity policy in order to meet 501(c)3 requirements. One of these is a sliding scale for financial assistance.
Jones told the board candidates for a general surgeon and a family practice/obstetrics physician will be visiting the hospital and area in December.
Gayla Smith, manager of labor and delivery, talked to the board about the department.
The board will not meet in December. The next regular meeting will be January 27, 2020.
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