FMC Board of Trustees Meeting – December 2024

FALLON MEDICAL COMPLEX, Inc.
BOARD OF TRUSTEES MEETING
Wednesday, December 11, 2024

MEMBERS PRESENT ABSENT
Curt Arnell, President
Evelyn Neary, Secretary
Elaine Stanhope, Board Member
Erin Lutts, Board Member
Michele Gray, Board Member
Del Espinosa, Board Member
Dru Burk, Board Member

OTHERS PRESENT
David Espeland, CEO
Marjorie Losing, CFO
Heather Schwindt, Recorder

I. CALL TO ORDER
Curt called the meeting of the FMC Board of Trustees to order at 5:30 p.m. in the FMC Community Room.

II. PUBLIC INPUT – There was no public input.

III. APPROVAL OF MINUTES
No additions or corrections to the November 6, 2024 board minutes as distributed. Del moved to adopt the approval of the minutes. Dru seconded the motion. All aye, 0 nay. Minutes stand approved as written. No additions or corrections to the November 25, 2024 Special Meeting Minutes as distributed. Del moved to adopt the approval of the minutes. Erin seconded the motion. All Aye, 0 nay. Minutes stand approved as written.

IV. FINANCIALS

A. October Financials: Marjorie discussed the October financials in detail. October had 20 inpatient days and 13 skilled days. Financials: Gross Patient Revenue $1,089,000, $212,000 over budget. Net Operating Revenue $1.1 M, $255,000 over budget. Expenses $1.1M, $45,000 over budget. Operating Income $23,000, $211,000 on the positive side of the budget. Non-operating Income $27,000. Net Income $50,000, $160,000 on the positive side of the budget. YTD Gross Patient Revenue $3.7M, $253,000 on the positive side of the budget. Net Operating Revenue $4.3M, $760,000 on the positive side of the budget. Expenses $4.5M, $219,000 over budget. Operating Loss ($208,000), $540,000 on the positive side of the budget. Non-operating Income $242,000. Net Income $34,000, $468,000 on the positive side of the budget. YTD Stats Inpatient days 73, 64 in the budget. Swing days 2,086 with 1,800 in the budget. 2030 intermediate days, and at full capacity with 20 LTC residents. Skilled days are at 53 with 74 in the budget. Ancillary Services: ER and Procedure are ahead budget. Observation is slightly below budget. Lab and Blood Bank are slightly below budget. EKG below budget but Radiology overall is ahead of budget. Ultrasound slightly below budget, Mammography ahead of budget, CT and MRI ahead of budget. PT and OT are ahead of budget. RHC 1,377 visits with 1,398 in budget. Outpatient encounters are ahead of the budget. YTD Change in Cash Equivalents ($622,458).

B. Early Out Update: Margie spoke with WixCorp, which offers early out services. They can age accounts how we want them aged, do statemetnts and offer a payment portal. It is a software-only service. Wix IT and Thrive IT need to see if their software is compatible prior to moving forward. Margie is in contact with Thrive daily to check on this. Additionally, she has spoken with iVitaFi, which is a financing company that offers loans for patients in small communities, much like a credit card, to pay off medical debt. Margie will update the Board on that as well at a future meeting.

. V V. OLD BUSINESS

A. Spencer Fey, FNP Update: Spencer Fey, FNP, accepted our offer of employment. When he has his State of Montana License and his DEA completed, we can move forward on applying for malpractice insurance. We are hopeful that we are looking at a mid-January start date but will keep the board posted.

VII. VI. NEW BUSINESS

A. January Meeting: The first Wednesday in January falls on New Year’s Day, so the board discussed and agreed to meet the following week on January 8, 2025 instead.

The Board adjourned their regular session having completed the agenda.

VII. CLOSED EXECUTIVE SESSION

s\ Curt Arnell, President

s\ Heather Schwindt, Recorder and Transcriber