The audit, issued by BKD CPAs & Advisors, showed the 25-bed critical access hospital saw 511 more admissions in fiscal year 2019 compared to the year prior, leading to year-over-year revenue growth of $2.9 million, according to the report. However, unpaid medical debt offset the hospital’s financial success.
Jean Nyberg, a partner with BKD CPAs & Advisors, told the hospital board earlier this month the audit showed accounts receivable grew about $2.9 million in fiscal 2019 compared to fiscal 2018, and gross receivables climbed year over year to $11.2 million.
To improve financially, auditors recommended adding accounting staff to address revenue cycle and accounts payable issues as well as developing a prior approval policy for large credit card purchases. Auditors also recommended rechecking inventory pricing.
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