SHERIDAN – The Sheridan Memorial Hospital Board of Trustees approved fiscal year 2014-2015 capital and operating budgets at its regularly scheduled meeting Wednesday. The operating budget displayed an 3.1 percent drop in expenditures compared to last year’s budget in an effort to more closely balance expenses and revenues and get into the black in the next fiscal year, finance committee member Gene Davis said.
The hospital has budgeted $102 million in gross revenue, and approximately 44 percent of that is not collected due to bad debt and charity care. Budgeted expenses for the year are approximately $55 million.
“We’re trying to bring our expense line more in line with our revenue line, and that’s been a problem this year. I think the steps they’ve taken should bring us back into positive cash flow by the end of the fiscal year,” Davis said.
Hospital Chief Executive Officer Mike McCafferty said the hospital chose to cut expenses rather than increase costs of healthcare in order to remain competitive as one of best priced hospitals in the state.
The capital budget included nearly $910,000 in projects, including $315,000 for new roofs in areas needing immediate repair.
In other business, the hospital board discussed ways to increase medical office space to accommodate more physicians to better serve patients. Board members also discussed progress on the new urgent care section of the emergency department, which is slated to open in early August.
For more details on this story, read Thursday’s edition of The Sheridan Press.