Wrangell Medical Center board members heard Wednesday that the hospital’s cash flow is slowing down.
The hospital ended October with over $1 million in cash on hand, which was an important milestone after the medical center nearly ran out of cash last year. At the end of November, cash on hand dropped to about $800,000.
And according to Chief Financial Officer Doran Hammett, the hospital has about $600,000 cash on hand as of this week. He said cash flow is slowing down, but he thinks the medical center is still in pretty good shape.
Wrangell Medical Center is in far better financial shape than it was at this time last year. Its cash on hand has been growing since a billing service was brought in last summer to help the hospital collect on its outstanding bills.
Hammett said he is trying to figure out why the cash flow has slowed down.
“The payers are paying, we just have to get the bills out the door,” Hammett said.
He wants to determine if there is anything the hospital can do to speed up cash flow.
Hospital CEO Robert Rang also updated the board on the new hospital project. He said the Foraker Group is evaluating the medical center’s application for pre-development assistance this month, and he expects to receive a decision soon.
