LEXINGTON — With the official fiscal year 2019 audit report coming up next month, the Lexington Regional Health Center board of directors reviewed key items on last year’s balance sheet during their meeting on Tuesday, Sept. 24.
Chief Financial Officer Wade Eschenbrenner opened up the financial report with a review of LRHC’s last fiscal year, which ended in June. The audit will be done by Seim Johnson and will be presented during October’s board meeting.
LRHC FY 2019 assets included,
- Operating cash: $5,182,000
- Net Receivables, $4,336,000
- Funded depreciation: $10,738,000
- Capital net assets: $ 26,353,000
- Liabilities included:
- Current liabilities: $3,236,000
- Total long term debt: $35,039,000
Eschenbrenner said their capital net assets will improve after the Cerner, new electronic health record system, update goes live and their long term debt is decreasing over time.
Key points in revenue included,
- Gross patient service revenue: $42,115,000
- Operating revenue: $34,316,000
- Expenses included,
- Cash related: $30,708,000
- Operating expenses: $33,476,000
There had been a "strong increase," in operating revenue, Eschenbrenner said, in 2018 it was $31,287,000. He noted, overall, there were "significant improvements," in fiscal year 2019.
The medical staff update was presented to the board by Chief Medical Officer Dr. Francisca Acosta-Carlson, who noted the rotation of medical, physician assistant, PA, is continuing. She noted one resident has finished their first month with one more to go and two PA’s will come to LRHC in October.
CERNER training has been the primary focus of the nursing staff, Chief Nursing Officer Nicole Thorell said during her update. There will be three full days of training for each nurse to get familiarized with the new system.
The surgery department got several highlights during the service excellence report by Chief Operating Officer Jim Hain.
One patient Hain spoke to said they were hesitant at first to have their surgery at LRHC but after speaking with acquaintances about it, many recommend they have the procedure done at LRHC . They ended up doing so and were duly impressed with their experience.
Another patient told Hain they were determined they were not going to have their surgery anywhere else but LRHC.
Healthcare lives and breathes acronyms, and it’s no different with the DNV hospital accreditation survey LRHC was a part of and completed successfully. The surveys have different standard one of which looks at the overall quality management systems. Thorell said the survey was successful and those administering it had positive things to say about LRHC staff and the facilities.
LRHC continues to advertise their brand, their providers and mission through multiple avenues, Director of Marketing and Public Relations Brenna Bartruff said.
Marketing has been promoting Dr. Thomas Saylor who will be joining LRHC in October. Dr. Saylor is an orthopedic – upper extremity specialist, this includes carpal tunnel decompression, joint arthroscopy, lower arm/elbow/wrist fractures, total shoulders, tendon repairs, microvascular surgery, according to an LRHC social media post.
The Bros and Brews event, held on Sept. 17 was attended by approximately 50 men from the community who got to meet LRHC’s male providers, this event served as a balance to the Ladies Night event which introduced Women’s Health Nurse Practitioner Julie Thies to the community last year.
LRHC social media posts recently have been focusing on several of their services offered. In the spotlight recently were the environmental services rehabilitation services team and the interpreters.
The interpreter team, who specialize in Spanish, Somali and Arabic are "really important" to the hospital said board vice chairperson Amber Ackerson. She said not all hospitals offer this type of team to serve the needs of Lexington’s diverse community, and its an important aspect to the healthcare experience.
Bartruff noted Executive Director of Human Resources and Physician Liaison Jill Denker was to receive the Caring Kind award presented by the Nebraska Hospital Association.
Chief Business Development Officer Amy Schroeder presented the electronic health records update. The CERNER update will go live on Monday, Oct. 7, Cerner will have consultants on hand during the first week if any issues arise and the focus during the second week will be patient accounting, Schroeder said.
Eschenbrenner continued the financial report by looking at details from last month. In terms of gross revenue LRHC has, "really stabilized top line revenue, its positive for the baseline." Revenue continues to trend upward, he noted.
Inpatient activity was focused on surgeries in August, there were 107 inpatient days and 22 newborns. Outpatient services saw a high level of use last month, with ancillary procedures and emergency room visits up from last year, Eschenbrenner noted.
There were two items tied to employee pensions and retirement which the board needed to examine. Eschenbrenner asked the board to fund the pension plan for $240,000, which the board approved.
The second item dealt with a profit share plan, since LRHC is a political subdivision it cannot access retirement plans, such as a 401K, Eschenbrenner and Denker have worked 10 months to find a plan which was beneficial to LRHC and their employees.
Eschenbrenner move the current 401a and 457 retirement plans to Principal Financial Services and to add a 414h plan.
Eschenbrenner said the goal of making these retirement plan changes converting to 414H was to, bring all the plans under one provider and help make the hospital competitive in attracting critical positions like physicians. LRHC also want staff to take an active role in understanding their retirement benefits so they can prepare for the future. As we continue to grow we want to improve what we are doing to make it a marketable place for employees.
"We want tomake the hospital a marketable place for employees," Eschenbrenner said, "The goal is to get more employees to look at their retirement, it is important to fund this."
The board approved the profit sharing plan resolution, Eschenbrenner said notification would be sent out to LRHC employees about the change.