Training prompts need to move hospital public funds

Washakie Medical Center Board Treasurer Ryan Baumeister began the Nov. 27 meeting of the Washakie Medical Center Board of Directors by explaining his absence at the previous month’s meeting. He was attending a public officer training session to meet the requirements to continue in the capacity of treasurer.

While attending, Baumeister learned about a risk that currently applies to the Worland hospital. He said, “I was informed that there exists a Wyoming statute that states public funds may not be held at a credit union.”

After learning this, Baumeister checked the state of the hospital board’s finances and found that two Certificates of Deposit (CD’s) were being held at Sunlight Federal Credit Union. One of them matured the week before the meeting, and the board approved rolling that CD into a new one, along with an existing account at Pinnacle Bank. The remaining CD will not mature until next year.

Baumeister said, “We are now taking the necessary steps to move those funds to an approved depository.” In seeking advice on how to proceed with the other CD, he was told to wait to withdraw the funds until after the account matures, like he normally would, but documentation of the transfer needs to be thorough.

FINANCIAL REPORT

The hospital’s gross revenue for the month of November was $4.8 million, down $200,000 from prior month. Total adjustments were $1.9 million.

Net revenue for the hospital was $2.9 million after adjustments, down from prior month by $100,000. Total expenses amounted to $2.6 million, which was $446,000 under forecast.

Net income for Washakie Medical Center in November was $26,000, with a year-to-date net loss of $631,000. All losses are covered by Banner Health.

CEO REPORT

Chief Executive Officer Jay Stallings gave a brief report on recent hospital activities.

He thanked the volunteers of the hospital’s Halloween event, saying, “It went off really, really well, so thank you.”

Stallings gave an update on the status of the new air handler unit set to be installed at Washakie Medical Center. He confirmed the cost for the project was $213,000 after the question was brought up in a previous meeting. He also shared that the schedule for the installation had shifted due to shipping being pushed back. The installation window for the air handler unit is currently the fall of 2024.

The hospital CEO ended his report by inviting board members to help themselves to gift baskets prepared by hospital staff, thanking them for their work.

Before adjourning, a vote was held to cancel the December board meeting, which passed unanimously. The next meeting will be Jan. 22.