USDA funding for Hot Springs County Memorial Hospital approved

During Tuesday night’s meeting of the Hot Springs County Memorial Hospital Board of Trustees, CEO Margie Molitor announced news from the USDA. The hospital had applied for a USDA loan of over $21 million for the renovation and expansion, and Molitor informed the board that the money had been approved. Following an executive session, the board approved to move forward with the paperwork for the loan, meaning it is now obligated.

Molitor explained the $21,346,000 being obligated means it's locked in for the project with an interest rate of 3.875 percent and a 30-year term, and noted the process would continue to finalize interim financing.

Molitor also congratulated board members Bill Williams, Dave Koerwitz and Dan Herdt who have completed their Best on Board, as she accepted plaques for them at the Wyoming Hospital Association meeting.

Williams noted Molitor received the Senior-Level Healthcare Executive Award. Criteria for the award includes demonstration of leadership and innovative and creative management, executive capability in developing the organization and promoting growth and stature, contributions to the development of others in the healthcare profession, demonstration of leadership in hospital and health association activities and participation in civic/community activities and projects.

Molitor was also happy to report that 88.9 percent of patients rate the hospital as a nine or 10, meaning the hospital is in the top 10 percent compared to every other hospital in the country.

During the Quality report, Nina Landis said for facility goals they are working on medication scanning and readmissions. Facility-wide readmissions are down 11 percent, she noted, but they are really trying to focus on Medicare readmissions, which is at 17.65 percent for July and August. She added they are hoping to get that number down by collaborating with the chronic care management program and making sure the correct patients are being referred there.

Landis also spoke to a recent convention attended by her and Molitor, and one of the big topics was patient engagement so that has also been a focus and work is being done to ensure the hospital staff is providing the best patient care they can and the care that patients expect.

Chief Financial Officer Shelly Larson reported days in accounts receivable for August for was at 56.2, with the goal being 45. Larson said the Medicare claims for Red Rock Family Practice have been paid, though the hospital won’t receive full reimbursement until the cost report has been settled. About 75 percent has been received.

Looking at revenue, Larson pointed out it has been over $3 million per month for the last two months, which can lead to an increase in days in accounts receivable, and work is being done to bring those days back down to the goal of 45.

Days cash on hand increased slightly from 18 to 21. Larson said the hospital is still seeing the impact of having to pay construction expenses, though she expects the days cash on hand to be in the 21-25 range until the construction expenses that have been paid are reimbursed.

Hallie Bischoff, in the Medical Staff report, said obstetrics has been very busy, with 26 deliveries in July and August, and 16 scheduled for October. She pointed out the hospital has been receiving more OB patients from Riverton and Worland, and the response from patients has been positive so she expects patient numbers from those communities to increase.

Also at the meeting, Molitor noted at least 40 employees participated in the recent disaster drill, and all staff members were invited for a de-briefing specific to the hospital on Thursday, Sept. 27.