For the eight months that ended Feb. 28, 2015, the hospital had net income of nearly $25,000, Alan Dow, the hospital’s interim CFO, told Sheridan Media.
According to Mr. Dow, 98 percent of Sheridan Memorial Hospital’s operating funds come from patients. For the eight months that ended Feb. 28, the hospital billed $91 million for patient care it provided, and it collected $51 million of that amount. Mr. Dow told Sheridan Media that the largest portion of the $40 million that the hospital didn’t collect is Medicare and Medicaid adjustments.
According to the report, the hospital’s missed revenue was offset by more than $500,000 that the hospital received from other sources. Most of that is from sales in the hospital’s cafeteria. However, according to Mr. Dow, the hospital receives a great deal of community support, including the hospital foundation.
The hospital, a county hospital, also receives about $250,000 annually from Sheridan County, according to the report. Mr. Dow told Sheridan Media that’s about 17 percent of the hospital’s total budget.
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