After cost-cutting measures taken a year ago, the Laurens County Health Care System has had improved financial reports over the past year. At this week’s meeting, Hospital CFO Will Grant reported that even with significant losses for September, the final month of the year, the overall picture is still improved over the previous year.
September showed a loss of just over $1.3 million, which was $1.2 million more than anticipated for the month. Revenue for the month was 6% higher than expected, but expenses were 33% higher for the month.
Grant said that the local hospital system numbers were slightly ahead of positive until the final month of the year, but even with the big losses posted in September, the loss for the year was limited to about $860,000.
Explaining the red ink from September, Will Grant said salaries and wages were up 28% for the year, but his is due in large part to added physicians for new services being offered. He noted a big jump in the cost the health care system has incurred from benefits, such as providing health insurance coverage for its employees.
Grant also noted additional expenses for legal and professional assistance in the search for a larger hospital system to affiliate with.
In other financial matters Tuesday night, the Hospital Board approved changes to a $1.3 million bridge-loan with the Palmetto Bank regarding cost overruns of the new computer operating system and additional materials needed regarding the ongoing expansion project at the hospital.
Another adjustment was approved by the board for terms of a lease for a new CT Scanner, which has just received a Certificate of Need from DHEC.
Will Grant noted that the monthly expense for the new equipment is $500 less than had been budgeted.