New River Medical Center financial committee gets report
New River Medical Center’s finance committee recently received a bit of good news regarding the health care provider’s fourth-quarter financial report.
Nancy Friesen, New River Medical Center’s chief financial officer, reported Oct. 24 that New River had a financial gain from its fourth quarter operations.
Several months ago, Friesen projected New River’s year-end operational loss would exceed $5 million,” During her September financial report, she said
the center’s projected loss will be less than $2 million. “We had a gain from operations of $120,000,” she said. “That brings our preliminary, year to end date loss to $1.8 million, which is certainly an improvement from the $5 million we were projecting.” Friesen’s report didn’t include certain year-end adjustments, namely joint venture financials and Medicare cost report investments. “We ended the year at 60 days outstanding revenue; our goal was 55 days,” she said.
According to Friesen, all New River Medical Center non-contract staff and organizational leaders were required to take a 10 percent pay reduction as a cost-saving measure. Line staff was asked to flex hours based upon volumes, and as position openings occurred, staff reviewed each position to determine whether or not the position was going to be replaced or reallocated to existing staff. Friesen also stated in her Oct. 21 memo to the finance committee and New River executive team another 2013 fiscal review and budget forecast would not occur until after preparations for the hospital district’s internal audit were completed.