Salida Hospital District Board of Directors received a clean unmodified opinion on the hospital’s 2020 audit by accounting firm BKD, LLP.
No audit adjustments were proposed and the audit committee letter was reviewed with the finance committee and there were no material weaknesses of significant deficiencies.
The board heard a presentation on the final audit report from Tammy Rivera, of BKD.
Rivera noted that a $15 million increase in cash and cash equivalents in 2020 compared to 2019 included funding received by the hospital that will have to be returned within the next year or two.
She said of that $4 million is related to CARES Act funding and $9 million were Medicare accelerated payments which advanced funding to the organization that will be taken back during the next two years.
The hospital’s increase in net position for 2020 was $7,162,160 which was $3,151,363 less than 2019.
The drop was attributed to the effects of the COVID-19 pandemic.
The board approved the consent agenda, which included several capital purchase requests for the hospital.
HRRMC CEO Bob Morasko said a recent site visit of the Buena Vista Heath Center showed the desirability of expanding the waiting room area.
Peak GI, which had been providing gastroenterology services with HRRMC, was bought out and is leaving HRRMC; however, Morasko said they are in talks with other providers and recruiting a full or part time gastroenterologist to join the hospital staff.
Following executive session the board unanimously approved a staff incentive/gain sharing plan.