Gross patient charges in 2012 totaled $992.9 million dollars however nearly two-thirds of that amount, $681.7 million was charged off as uncompensated care, either outright charity or indigent services, Medicare, Medicaid charges other allowances and bad debt.
The result was $311.2 million in net patient revenue, an increase of almost $10.1 million from the previous year.
Hospital Authority Chairman Jerry Norman reported that uncompensated services provided during the first quarter of FY 2013, the first of July through the end of September, totaled $23.9 million, down from the $27.5 million that had been budgeted.
The hospital ended FY 2012 with $130.5 million in long-term debt, up from $112.5 million at the end of FY 2011.
Bert Bennett, an auditor with Draffin and Tucker LLP, presented the audit and told the joint authorities that bad debt as a percentage of accounts remained unchanged from 2011 to 2012 at 3.2 percent.
The amount of cash the hospital has on hand figure improved over the year from 89 days to 97 days.
Following the numbers crunching, FMC Vice President Warren “Sonny” Rigas asked the board of Floyd Healthcare Management to approve a couple of major capital expenditures.
The hospital will pay a monthly lease of $31,000 and a monthly service fee of $11,000 for a new magnetic resonance imaging device. “The 48 channel technology will provide neurological and skeletal imaging options not now available in Rome,” Rigas said.
Rigas also won approval from the board for the replacement of a high-tech diagnostic camera at a price tag of $417,500. The new machine will save about an hour a day which means we can schedule an extra appointment every day,” said Rigas.
Siemens manufactures both pieces of new equipment.