Charlton Memorial keeps up struggle to pay its debts

Cash continues to be a struggle for the hospital as more vendors demand “higher and higher” payments on old debt before they will ship supplies or continue services.

CEO H.D. Cannington told the hospital authority board at their regular meeting last week that critical supplies are being obtained by making small payments to vendors and borrowing from other hospitals,

“We owe one vendor about $64,000 and they’ve asked us to sign a promissory note for the amount, but we are reluctant to do so until we know we will have the cash available to meet the monthly payment,” he said.

During the board meeting, CFO Kim Savage presented a financial report showing the hospital made a net profit of $37,000 in February. Gross revenues were down, though, by $240,000, with drops in in-patient revenue and most of the out-patient departments compared to the previous month. Clinic visits were also down.

via Charlton County Herald

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