Slow Start to New Fiscal Year for Elbert Memorial

August 28, 2014

Elbert Memorial Hospital is off to a slow start as the new fiscal year begins for the hospital.

Elbert Memorial CEO Jim Yarborough delivered the financial report during Tuesday’s hospital authority meeting, and said July was not a good month for the hospital.

For the month, there were only 44 admissions and all services across the board were down, which Yarborough said reflected on the revenues.

He says there are some positive assumptions about the dip in admissions.

“I guess the best news out all of this is that we’d like to have a good assumption that our community was a lot healthier in the month of July and didn’t need our services”, said Yarborough. “We’re here if they needed them, but unfortunately for us financially we weren’t that busy.”

The hospital posted a $240,000 net loss for July; with $225,000 in bad debt or indigent care and $39,000 in charity care on the books.

The board also discussed the possibility of extending a $300,000 line of credit from Pinnacle Bank, which Board Member Daniel Graves said needed to be strongly considered until the hospital could begin receiving county money, should the Elbert County Board of Commissioners approve a one mil increase for the hospital.

Board Chairman Jim Lloyd says the hospital needs to begin formulating a long term plan to deal with the problems at hand.

“Well we really need to look longer term and come up with a plan as to what we are going to do. Between now and November we need to know what we are going to do”, said Lloyd. “The plan right now, if it includes just the county money, which is not going to be here until November, so we have to survive until November.”

The consensus was made to give CEO Jim Yarborough the authority to begin pursuing an extension on the line a credit from Pinnacle Bank, which he said the process would begin as soon as possible.