Good stuff!

A number of exciting announcements and updates have transpired recently. These opportunities position Middle Park Medical Center for sustainable growth and improved patient care. The leadership team wants to keep you informed of these advancements as they occur, and welcome your feedback and questions.

 

Centura Health management agreement

On Friday, May 2, 2014, the Kremmling Memorial Hospital Board of Directors held a special meeting to vote on the Centura Health management agreement.

The meeting was well attended by staff and community members, many of whom voiced their support of the measure and asked several clarifying questions. After the board, our leadership team and a representative from Centura Health addressed the questions and comments during the meeting, the board voted unanimously (with one board member absent) to enter into the agreement.

See the attached letter from Board President Mark (Bernie) Murphy about the agreement and what this decision will mean for MPMC and the communities we serve. The leadership team emailed the letter to all staff and distributed it in paper form to break areas and nurses’ stations on Friday evening following the meeting.

This is an exciting time for all parties, and looks to strengthen MPMC’s overall sustainability.

 

Board meeting highlights

The Board of Directors also held its regular monthly meeting last week – on Tuesday, April 29, 2014, at MPMC-Granby.

There are many positives coming to fruition within our organization. March 2014 produced the third best gross revenue in district history at more than $2.3 million. Factoring in bad debt and contractual adjustments resulted in a net revenue of nearly $1.7 million. Salaries and benefits were under budget. Continuing cost containment has left us within $6,500 of our budget, and more than $23,000 less spending than a year ago.

Year-to-date numbers are even more impressive, as gross revenue for 2014 is 5% greater than the same period a year ago. Salaries and benefits came in at more than $76,000 less than the same period in 2013. Operating expenses were $90,000 less than a year ago, with the year-to-date numbers forecasting the organization operating more than $825,000 below last year’s expenses.

Cash at the end of March was $466,525, remaining at about nine days of operating cash on hand. Accounts payable (A/P) decreased by about $50,000 from February to March 2014. Days in accounts receivable (A/R) (net) sits at about 82 days. The district’s cash position and A/R continue to trend in the right direction but cash flow challenges will likely continue through 2014.

Total payables showed a slight increase in March, though trade accounts have been trending modestly in the right direction since mid-February. Cost-saving measures and staffing changes are expected to make more cash available for the reduction of A/P in the near future.

We expect to receive the bondholders’ report this week. The bondholders did encourage the board to sign the Centura Health management agreement. We are confident in our relationship with the bondholders and their commitment to helping MPMC grow and thrive.

 

Information technology

The information technology upgrade has begun. The space at the Critigen server farm in Denver has been upgraded to provide space for our data. The network hardware has been ordered and is expected to be in soon. The entire network upgrade and data transfer to Denver should be complete in 90 days.

I will share more information on this progress as it is available.

 

Electronic medical records

Centura Health is evaluating its future direction related to electronic medical records (EMR) and how its programs will integrate with MPMC’s software.

The process is nearly complete, and the leadership of both Centura Health and Middle Park Medical Center will meet after the Centura Health board meeting on May 6 to discuss next steps and timelines.

MPMC and Centura Health are currently looking at Epic, Cerner or Meditech 6.1 for the EMR system.

Centura Health is committed to working with MPMC to upgrade and integrate our systems. I look forward to working together with their staff to provide excellent patient care to the people we serve.

 

Please stay tuned for additional updates as they become available. Thanks so much for all you do and for your commitment to the organization and our communities!