Hospital finances improve in May

Jay County Hospital posted a loss in May. But it was not nearly as large as in previous months.

CEO Dave Hyatt reported Wednesday to Jay County Hospital Board that while finances are still a struggle, May numbers showed improvement both from last month and the same time last year.

The board also renewed the hospital’s medical malpractice insurance and gave an update on efforts to add to the medical staff.

Hyatt told board members that May’s revenue was up from the same month in 2016, the first time that has occurred in fiscal 2017. The hospital brought in about $2.95 million compared to $2.79 million a year ago.

The improvement was due in part to an increase in patient days (up 26 over 2016), operating room procedures (up 126) and radiology (up 216). Labs, which have been a strong performer all year, were also up by nearly 2,000 over the previous year.

The result was still a net loss of $366,982 for the hospital in May, but that number is the second-best the facility has had this year. It has lost at least $500,000 in six of the first eight months of fiscal 2017, only recording a gain (about $75,000) in March when it received several reimbursements totaling more than $1 million.

The consistent financial losses over the last year have led the hospital to a strategic planning process for its future management. A steering committee is currently evaluating options after receiving input from local leaders and members of the public, setting priorities and visiting other rural hospitals and potential partners.

Board members took a step in the process Wednesday, hiring legal firm Ice Miller to serve as transactional counsel to help the board as it continues to consider possible partnerships.

The board also renewed medical malpractice insurance with Medical Protective at a cost of $360,966. That’s up more than $86,000 from the current year.

Part of that increase is because of having more physicians on staff while some can also be attributed to the state raising Indiana Patient’s Compensation Fund caps.

Dorothy Smock, the hospital’s vice president of provider and ambulatory services, announced that Matt Sieg has agreed to join the staff as a family nurse practitioner at Jay Family Medicine. He will join the staff July 17.

Hospital management is also continuing to pursue hiring an additional surgeon as well as part-time staff for the emergency department.

In other business, the board:

•Heard 74 hospital auxiliary volunteers gave 1,699 hours of their time in May. The auxiliary also held its annual garden show and sale, netting $5,200.

•Appointed Dr. David Young Kim (teleradiology) to the courtesy staff and Ellen Forkner (orthopedic surgery physician extender) as an allied health professional and reappointed Dr. Eric Betts (family medicine) to the active staff and Dr. LeAnn Stidham (diagnostic radiology) to the courtesy staff.

•Decided to retain the same slate of officers it had for 2016-17, with Dave Littler as chair, Pat Miller as vice chair, Debbie Kummer as secretary and Don Michael as treasurer.

•Paid $4.67 million in claims.