The Magnolia Regional Medical Center met Monday via teleconference for its regular monthly meeting.
The hospital ended the month of June with a negative EBITDA of $92,537.
Net revenue for the month was $1,720,445.
The hospital had a non-operating income of $1,805,567, including $53,211 in sales tax revenue and $1,739,673 in non-operating grant revenue.
Year-to-date, the hospital has a negative EBITDA of $1,061,318.
Gross revenue is $36,434,895, with a net revenue of $14,081,365 after contractual allowances and charity care deductions of $229,446.
The net labor expense is $9,113,045. Non-operating income for the year is $3,383,661 including $490,094 in sales tax revenue.
Chief Financial Officer Roxanne Stewart said there has been $15.6 million in COVID-19 related relief moved into CDs.
She said the hospital expects to get clear guidance after August 17 on what the money can be spent on and how it should be recorded.
Chief Executive Officer Rex Jones talked about the hospital’s conversion to a 501(c)3 non-profit corporation that would allow the hospital to save on cost reports and audits. He is hoping for rapid approval by the Magnolia City Council for a decision to lease the facility to the new non-profit. He said even a one-month delay could cost the hospital as much as $100,000.
Jones said Dr. Anselm Tintinu, the new general surgeon, hit the ground running having already performed 11 surgeries, with five more scheduled this week.
Stephanie Schmittou, nursing director, said the second week of July the hospital was hit with COVID-19. She said to date the hospital has had more than 20 COVID-19 positive patients, with four of them on ventilators. She said it has been a demand on staffing, even the directors have been working on the floor with COVID patients.
Jones said he was proud of the staff and the way they stepped up to take care of these patients.
The next meeting will be August 24