Pocahontas Memorial Hospital administration and board of trustees received their year-end Annual Audit report from accounting firm Baker-Tilly of Charleston, WV on Monday, January 31, 2022. The audit officially closes the books on the fiscal year 2021, running from July 2020 to June 2021.
“We received a good report – a ‘clean audit,’” Chief Executive Officer Andrew Bair says. And indeed, the audit report showed Pocahontas Memorial Hospital increasing their total net position to $4,723,178; an increase of $5,227,180 from fiscal year 2020.
Net capital assets increased from fiscal year 2020 to 2021 from $2,611,000 to $4,113,000. Aided by Department of Health and Human Services Provider Relief Fund monies, PMH was able to invest in needed capital equipment such as a mobile medical van and a COVID ambulance.
In addition to increasing net capital assets, long term debts continued to be paid off in fiscal year 2021 by $277,622.
While many facilities across the country had to furlough staff during and after the pandemic shut down, PMH made great efforts to retain all employees without furloughs or layoffs; utilizing the Paycheck Protection Program through a local bank.
PMH has continued to reach goals of expanding its footprint beyond the Buckeye location. “Even during COVID, the Hospital was able to continue to strengthen our position in our community to provide needed services,” noted Chief Financial Officer Rebecca Hammer. Over the last two years PMH opened both a Pulmonology Clinic and a Behavioral Health Center, as well as expanded primary medical services to Snowshoe Mountain with a family practice located on the mountain.
With a solid financial year in the books, PMH continues to identify future needs. A Certificate of Need was recently approved by the state to open an additional medical clinic in Hillsboro and they will soon be applying for a Certificate of Need to open an outpatient center in Richwood to provide physical therapy and rehabilitation services.
“We have tremendous gratitude for our staff; who throughout the stress of the pandemic have continued to work towards our financial goals,” Bair says.