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Massena Memorial Hospital posts $37,684 net gain in January

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MASSENA - The new year got off to a good financial start at Massena Memorial Hospital, with a net gain of $37,684.

Chief Financial Officer James Smith said that, although observation visits were down for the month, the hospital still managed to end the month with a small net gain.

He told members of the hospital’s Board of Managers that they had more inpatient discharges than they had budgeted for in January.

“Inpatient discharges totaled 234, which compares very favorably to our January budget projections (of 216), but unfavorably by a couple percentage points to January 2013,” when they had 243 inpatient discharges,” Mr. Smith said.

The hospital, however, fell under budget on their observation visits and outpatient registrations.

They had budgeted 85 observation visits and finished the month with 53, compared to 71 in January 2013.

Total outpatient registrations were budgeted at 11,021 and the hospital finished the month with 10,992. That, however, was slightly up from the 10,891 in January 2013.

“Observation visits were down quite a bit from where they had been running,” Mr. Smith said. “Outpatient visits returned to more normal levels - just under 11,000 total visits as compared to just about 11,000 total budgeted visits and just under 11,000 visits for 2013.”

However, he pointed out, two new services being offered by the hospital were included in the January outpatient registration numbers.

“We did have a couple of new services come on-line that are included in those numbers. The employment of the OB-GYN staff here at the hospital with Dr. (Tae Sik) Choi’s retirement created quite a few of those visits, as well as the opening of the hospital-based MMH Outpatient Center, previously known as the Seaway Orthopedic Physical Therapy area were included in those January numbers, which historically have not been,” Mr. Smith said.

“All of those visits translate into essentially a break-even month of January, with a slight operating gain of $37,000,” he said.

During their meeting, the board voted to write off $344,907.27 in bad debt for January.

Massena Memorial Hospital ended 2013 with a net loss of $3.3 million, after suffering a net loss of $2.3 million in 2012. They had a net income of $1.4 million in 2011, but a net loss of $1.8 million in 2010.

Representatives from FreedMaxick, financial analysis consultants hired by the hospital in November as part of a study into privatization of the hospital, project that, under the status quo, the hospital stands to suffer a net loss of $1.3 million 2014, $1.2 million in 2015, $2.5 million in 2016, $3 million in 2017 and $3.8 million in 2018.

At the same time, their cash and equivalents will continue to dry up, according to projections, from $4.5 million in 2014, to $3.3 million in 2015 and $710,000 in 2016. The hospital’s cash and equivalents would be $3.2 million in the red in 2017 and $7.8 million in the red in 2018.

If Massena Memorial Hospital were to become a not-for-profit facility, the consultants suggested the hospital could see a net income of $2.3 million in 2015, $1.1 million in 2016 and $693,000 in 2017 before sustaining a loss of $27,000 in 2018.

At the same time, they said, the hospital would continue to have cash and equivalents on hand. They projected $6.5 million in 2015, $7.6 million in 2016, $7.4 million in 2017 and $6.6 million in 2018.

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