Goss said that the certificates from the Bank of Cadiz were used to secure the loan as collateral. Though the certificates totaled more than $30,000 than the amount of the loan, they earned two percent less than the amount of the loan interest.
According to Goss, one CD had reached maturity, while the second will lose $730 from penalties for the premature exchange. She said that the remaining $30,000 after the repayment would be used for financial expenses.
Hospital Chief Executive Officer Alisa Coleman told the board, “We’re borrowing from Peter to pay Paul. The CD’s are tied to the debt and we can’t do anything with them. We should cash them in.”
Board Member Bob Noel asked why the hospital should not take the remaining balance and reinvest the money.
Coleman said that with interest rates currently low, that the hospital’s best option would be paying expenses. The motion to follow Goss’s plan passed without opposition.
Coleman reported to the board on the status of the new hospitalist position. In a pro forma to the board, Goss projected that the hospitalist would need to increase admissions into the hospital from the emergency room from three percent to eight percent to be self-sustaining. During the first month of the program, admissions increased to five percent.
Coleman said that the hospital had been contacted by a second physician about alternating at that position with the current doctor, calling the new physician “the best prospect out there.” She added that no other physicians had expressed interest, but the only hospitalist on the payroll, Dr. Lauren Blackwelder expressed a “strong desire” to hire this physician.
According to Coleman, the hospital recently lost its sonographer to another facility due to a desire of the employee to work closer to home. She said that the previous employee’s worked well at the hospital and that replacement would be a difficult process.
Read complete coverage of the Trigg County Hospital in your Cadiz Record.