RMC receives $7.7 million in COVID relief

RMC Chief Financial Officer Amy Crouch said the money was deposited into the hospital’s checking account just hours before the hospital board’s regularly scheduled November board meeting.

The $7.7 million in provider relief funds (PFR) are a part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2020.

The funds are given based on providers’ lost revenues and expenditures between July 1, 2020, and March 31, 2021, according to the U.S. Department of Health and Human Services.

The funds are a part of about $25.5 billion distributed by the HHS through the Health Resources and Services Administration to eligible Medicaid providers who participate in state Medicaid programs.

Of the $25.5 billion, about $17 billion is considered PRF Phase IV monies.

The COVID relief comes at a good time for RMC.

The hospital saw its cash decrease by about $5 million for the month of October or about 26.4%.

The hospital now has 109 days cash on hand, which is a benchmark its bank bond holders use to determine a hospital’s risk.

The current bond covenant requirement is 100 days cash on hand.

“We did meet that debt covenant,” Crouch said.

Crouch said the hospital’s maximum debt service coverage did fall just below the requirement but the number is not reportable until the end of the first quarter.

In other matters, the hospital system, which includes the RMC and its six primary care practices (Edisto Regional Health Services), saw a net loss in October of $3.9 million.

“On a positive note our expenses were $1.271 less in October of 2021 as compared to October of 2020,” Crouch said. “We did have comparably to last October soft volumes.”

The system daily census ran around 5% less than last year and there was a decrease in surgery cases, Crouch said.

Also, Vice President of Physician Practice Operations Sabrina Robinson said two of the hospital’s primary care practices met budget for October.

The hospital’s Express Care saw about 91 more visits then budgeted for the month of October and revenues for the center were over budget by $17,155.

In other business:

• Prayers were offered for the family of former trustee William Wilson. Wilson, who was the chairman of the RMC’s Trustee Development Committee, died Nov. 6. He was 77.

Wilson was appointed to the RMC board in 2013 and served on the RMC Trustee Development Committee as chair and vice chair, the Edisto Regional Health Services board and the board Finance Committee. He also served as chairman of the board for a time and was named RMC Trustee of the Year in 2017.

A resolution recognizing Wilson’s service to the board will be presented at the next board meeting.

• Prayers were also offered for the family of Gordon Edwards, an RMC employee.
• Trustees were reminded to fill out their self-assessment forms by Dec. 15. The forms allow trustees to answer questions about how they feel the board is functioning. The results will be reviewed to identify educational and development opportunities for board improvement.
• Trustees were also asked to complete board conflict of interest forms by the end of December.
• Trustees went into closed session to receive a number of reports including: a president’s report; the latest survey results from health care watchdog group Leapfrog; its 2021 Joint Commission Survey; its partnership with Orangeburg’s Family Health Center; an update on its lawsuit regarding the construction of an ambulatory surgery center; a revenue cycle update; and trauma activation reimbursement.