County Commissioners Given Hospital Update

Greenwood County Hospital CEO Sandy Dickerson updated commissioners during their meeting on Monday, regarding the hospital’s monthly board meeting and current hospital financials. When asked about accounts payable, Dickerson told commissioners about an option the hospital is exploring with the help of their attorney. “If I had known back in August of last year, what I know now, when we had a discussion about the sales tax, I would have asked you guys for something additional in relation to that sales tax,” said Dickerson, referring to the half-cent sales tax for three years that was approved by voters last November. The tax revenue is to be used to pay down the hospital’s $1 million accounts payable. The hospital began collecting the revenue this summer, which amounts to about $26,000 per month. “That sales tax coming in at a monthly rate is like bailing an ocean out with a teaspoon,” added Dickerson. With the help of the hospital’s attorney, Dickerson is exploring the option of getting a loan or bond of $750,000, to pay off most of the accounts payable, and using the sales tax revenue as the loan guarantee/ monthly payment. Dickerson believed this option would allow the hospital to use their regular income to pay current bills and also build a cash reserve. Since the sales tax revenue would still essentially be used to pay down the accounts payable, the hospital’s attorney believes it shouldn’t be an issue from a legal standpoint. Dickerson said she got the idea from another hospital in the state, which faced a similar issue. “Sounds like some good thinking,” said Commissioner Chuck Spradlin.

Also in her report, Dickerson commented that the hospital’s net income is showing at $274,000, but she is expecting the hospital will have to pay Medicare between $200,000-$250,000. Commissioner Ben Fox had asked Dickerson to bring information on the Howard Clinic. Dickerson’s figures showed a positive income of approximately $35,000, when taking into account 340B income, which is a result of the Howard Clinic.

 

 

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