MASSENA - The Massena Memorial Hospital Board of Managers are moving forward with plans to turn the facility into a 501(c)(3) hospital.
Board members agreed this week to send their recommendation for privatization to the Massena Town Board, which will have the ultimate say in the hospitals status.
Now its in the hands of the town board for their decision, MMH spokesperson Tina Corcoran said.
Representatives from FreedMaxick Healthcare, consultants hired by the hospital Board of Managers to study possible privatization, said last month that the hospital would be bankrupt by 2017 if they maintained the status quo.
In 2017 the hospital would be $3.2 million in the red for cash and equivalents. The hospital would have $53 million in operating revenue, but $56.2 million in operating expenses and the net loss in income would be $3 million.
In 2018, the hospital would be $7.8 million in the red for cash and equivalents. Operating revenue would $54 million and operating expenses would be $57.9 million, with a net loss in come of $3.8 million.
On the other hand, Certified Public Accountant Alan Gracie told board members in February, the hospital would have a small operations loss in 2018, but would have $6.6 million in cash and equivalents on hand if they changed their status to a not-for-profit organization. They estimated operating revenue of $53.9 million and operating expenses of $54 million, for a net income loss of $27,000.