FMC Board of Trustees Meeting – July 2023
FALLON MEDICAL COMPLEX, Inc.
BOARD OF TRUSTEES MEETING
Wednesday, July 5, 2023
MEMBERS PRESENT
Doug Varner, Board President
Curt Arnell, Vice President
Alice Kay Schweigert, Board Member
Elaine Stanhope, Board Member
David Kirschten, Board Member
Evelyn Neary, Board Member
Erin Lutts, Board Member
OTHERS PRESENT
David Espeland, CEO
Marjorie Losing, CFO
Marissa Gundlach, Recorder
- CALL TO ORDER
Doug called the meeting of the FMC Board of Trustees to order at 5:30 p.m. in the FMC Community Room.
- – There was no public input.
- APPROVAL OF MINUTES
No additions or corrections to the June 7, 2023 board minutes as distributed. Elaine moved to approve the minutes as presented. David seconded. All ayes. 0 nays. Minutes stand approved as written.
- FINANCIALS
- FY2024 Budget Update: Margie updated the board on the accounts receivable project. Approximately 10% of patients have called to set up a payment plan. Approximatley 5% of patients’ debt has been paid. The project has only been running for about one month and will run through June 30, 2024.
- Big Sky Investment Update: Margie presented the summary packet of the investment numbers that Jim Cusimano, CFP prepared for the board as of June 27, 2023. In-depth discussion occurred amongst the CEO, CFO, and the board in order to answer any questions about the investment portfolio. Margie reminded the board that Jim will be at the August 2, 2023 board meeting to provide a quarterly update. (Enclosure)
Margie presented the May financials to the Board of Trustees. May was a little busier month with 16 IP days and 12 Skilled Days. Gross Revenue for the month of May was $679,920 while the budgeted amount was $917, 029. The Critical Access Hospital (CAH) model is used to predict either how much we’ll owe Medicare or how much they’ll owe us based on our census. The CAH model is predicting we’ll receive payment from Medicare so there will be a positive contractual in May financials. However, the self-pay write offs will offset the positive contractuals. Net Operating Revenue was $1,315,010 while the budgeted amount was $938,874. Expenses for the month of May were $978,477 while the budgeted amount was $1,072,425. The supplies expense was a little inflated due to a drug order. The FMC investment portfolio decreased a little in May. Operating Gain was $336,533 while the budgeted amount was ($133,551). Net Income was $356,043 while the budgeted amount was ($98,824). Margie explained in detail how each department made cuts to assist in the improvement of the FY2024 budget. Each employee received a $1.00 increase per the board’s directive at the end of June. (Enclosure)
- OLD BUSINESS
- Tylyn Bova, NP Update: Tylyn has continued to assure FMC that this is her choice of employment, but hasn’t provided an update as to her timeline; originally, she was supposed to be starting in August. Our dedicated search for an employed physician is still being conducted by CI Health. Further discussion was held about provider staffing.
- Corporate By-Laws Review: Detailed discussion amongst the board occurred regarding the by-laws and what changes they would like to see and why. The board worked from the 2012 by-laws, marked up by our attorney based on what they would like to see for changes. The board asked that the by-laws be reworked based on what was discussed, and then bring them back to the August 2, 2023 board meeting.
- Physical Therapist Contract Renewal: The current physical therapist’s contract offer has not yet been signed yet.
- NEW BUSINESS
- Provider Credentialing (Enclosure): A list of current provider credentialing requests was presented to the board. David K. moved to approve the five MDs for telemedicine privileges. Ev seconded. All ayes. 0 nays.
B. Nurse Sign-On Bonus Proposed Revisions (Enclosure): The current Nurse Sign-On Bonus Program was explained to the board. A revised program was presented to include clinic nurses, as well as allow nurses who transfer to a different department to participate. After discussion. Ev moved to accept the board-directed adjustments to the revisions of the Nurse Sign-On Bonus program. David K. seconded. All yays. 0 nays. The motion stands approved.
The Board adjourned their regular session having completed the agenda.
s\ Doug Varner, President
s\ Marissa Gundlach, Recorder
