Herb Winters, a financial analyst with Quorum, was on hand to make the presentation that reflected a loss of almost $700,000 since the beginning of the year, a figure that was called conservative by board members and Winters.
"We’ve incurred the cost and we are not just getting paid for it," Winters said, who has been analyzing the financial situation of the hospital since QHR took control.
The report that Winters submitted showed $7.6 million in revenue for the year. However, he said that the expenses of the hospital outweigh the revenue. Specifically, the hospital has spent approximately $8.3 million this year to date.
A large cause Winters attributed the loss to was bad debts the hospital has incurred over the past year. Since April 30, 2004, the bad debt the hospital has accrued is $441 thousand. That is approximately a 126 percent jump from the previous year.
For the rest of this story, please see this week's edition of The Cadiz Record.