Heart of the Rockies Regional Medical Center. Dan Smith photo.
There was no formal in-person meeting of the Heart of the Rockies Regional Medical Center Board this week, but board members and the press were provided key, written reports.
Vice President of Fiscal Services Karen Miller issued a review for June and the first half of this year indicating varied revenue flows.
Total patient revenue for the month of June was at $27 million, a 13.6 percent increase over budget projections of $23.8 million. Year-to-date, total patient revenues of $147 million are an 11 percent increase over budget estimates of $132.2 million.
Miller reported inpatient revenues of $3.3 million for June, a 71 percent increase over budget estimates of $1.9 million.
Outpatient revenues were pegged at $23.8 million for the month of June, a nine percent increase over budget estimates of $21.9 million. Year-to-date outpatient revenues were $142.4 million, against budget estimates of $120.4 million.
Miller listed net patient revenues at $10.7 million for the month compared unfavorably with budget estimates of $11.2 million and slightly favorable for the year-to-date at $62.9 million against budget of $62.2 million. She noted “budget achievement opportunity represents $6.0 million of additional net revenue.”
Elsewhere, major operating expenses were listed at $10.1 million for the month against budget estimates of $10.3 million, and for the year at $60.9 million compared with the budget of $60.6 million.
A comparison of revenues against expenses was $1.36 million for the month, against budget estimates of $1.4 million. Year-to-date HRRMC’s net position increased $6.8 million compared to budget of $4.8 million. Total profit margin was listed at 10 percent against budgeted margin of 7.4 percent.
Miller stated net days of accounts receivable was 60.6, an improvement over a month earlier, but still unfavorable compared to state and national metrics of approximately 51 days.
The Human Resource report for June to the board was reported as “good”, with a 1.9 percent turnover rate, with a total of 31 open positions and 19 positions filled, ending the month with 40 open positions. The vacancy rate was pegged at 5.4 percent, some 1.2 percent higher than in May.
Elsewhere, in his written report, CEO Bob Morasko stated relocation of some First Street Family Health providers will occur in September, depending on the progress of remodeling at the Highway 50 health clinic. Plans are being developed to relocate staff from the hospital pavilion to the First Street Family Practice building, but certain requirements may delay potential physicians’ transfer until 2024.
Plans for Proposed Wound Center Submitted to State
Morasko also reported plans for the proposed wound center have been submitted to the state for approval. It was decided to house the wound center and hyperbaric chamber in the hospital pending state approval.
Chaffee County and the City of Salida have already approved the plan. Foundation head Lezlie Burkley has submitted a grant application to the state to help offset construction costs.
Morasko also stated that two cost estimates were received from local contractors for a hospitality house for patient families and employee housing, and said that the HRRMC Facilities Committee and Foundation Board viewed a planned design by Colarelli Construction. Morasko is working with attorneys on how to proceed with the construction.
Morasko also recognized Karen Miller for “making significant positive changes to the revenue cycle at HRRMC.”
April Asbury, Vice President of Patient Services, reported a June 30 deadline was met for providing a nurse staffing plan report as required by the Colorado Department of Public Health and Environment. It outlines the committee membership, internal complaint procedures, document publishing process, the charter, a master facility plan, and a 24-hour nurse staffing plan for the inpatient facility as Emergency Room.
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