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What a difference a year makes.
It was the prevailing thought among officials at Hardin Memorial Hospital Tuesday as they reviewed a much brighter budget forecast heading into the second half of the fiscal year. Last year, the hospital’s financial picture was bleak as costs crept past earnings by nearly $1.5 million, leaving the hospital with hundreds of thousands of dollars in shortfalls to contend with.
This year, revenues have stabilized and held strong, said HMH President and CEO David Gray, while expenses have fallen nearly $2 million below budgeted projections in the first six months.
By December’s close, HMH’s revenues had risen to $97.7 million, nearly a million dollars below budget but more than $2 million ahead of the roughly $95.4 million collected at the same point last year.
Positives also are being reflected on the expense side. At $97.3 million, costs have been held roughly $434,000 below revenues and far below the nearly $100 million of expenses projected for the year.
Gray said the changes are indicative of how the hospital has been aggressive in “challenging every expense” and consistently looking for ways to cut back, such as working to set flat payment schedules with suppliers.
According to the six-month financial report, inpatient revenue is just $113,000 below budget at $39 million while outpatient revenues are about $823,000 below budget at $56.9 million.
Also, personnel expenses have been held about $847,000 below budget at $46.5 million.