Here are seven things to know.
1. Auditors from Crosslin reviewed Nashville General’s finances for the fiscal year ended June 30.
2.They ultimately determined hospital management did not have proper oversight of transactions or activity of hospital accounts, according to the report.
3. The Tennessean reports auditors said that issue resulted “material misstatements” in financial numbers for accounts such as patient payments and lease payments.
4. The auditors stated, “Without continued improvements in the processes and controls around the hospital’s financial statements, management will be unable to provide accurate and appropriate financial statements for the hospital on a timely basis.”
5. The audit released Wednesday revealed similar issues found in an audit released Jan. 12. That audit determined the hospital did not accurately monitor finances during fiscal year 2016. At the time, Nashville General CFO Geoff Blomeley placed partial blame on his decision to require management to generate monthly reports, which moved focus to managing cash rather than annual accounting practices. Mr. Blomeley has since left, and Bruce Naremore now serves as CFO.
6. Although audits of fiscal year 2016 and fiscal year 2017 revealed similar bookkeeping and accounting issues, auditors acknowledged the hospital has made some basic improvements to accounting so far in fiscal year 2018. They noted in the report any improvements won’t be completely reflected until the next audit.
7. In the meantime, the future of the hospital remains unclear. The Tennessean reports Nashville Mayor Megan Barry and leaders at Nashville-based Meharry Medical College are considering a proposal to stop inpatient services at Nashville General.
Read the full report here.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
