GREENWOOD — The CEO of Greenwood Leflore Hospital says the medical center made a more than $3 million profit in its latest fiscal year and continues to be in strong financial shape.
Jim Jackson tells the Greenwood Commonwealth the facility reinvests that money to keep its facilities and technology up to date and attract physicians and staff.
Jackson’s comments came after the hospital’s owners, the city of Greenwood and Leflore County, announced they would consider selling the hospital.
The city council and board of supervisors are getting an appraisal of the property.
The 208-bed licensed facility is the county’s largest employer and has enjoyed a financial rebirth in the past decade. Local officials have said other Mississippi communities have sold their public medical facilities.
Jackson says it’s probably a prudent business practice to periodically look at your options.
“I think everyone is sort of assuming it will ultimately lead to a sale, but I think right now they are just investigating,” he said.
Jackson said the hospital has lost roughly $100,000 each of the past three months. However, he said that’s normal for this time of year and has not required dipping into reserves.
Jackson attributed the losses to less flu cases because of a mild winter and a continuing trend of delaying elective surgeries due to the tough economy. He said other hospitals have experienced the same thing.
The hospital has enough cash on hand to operate for 120 days, Jackson said. That equals out to about $40 million in reserves.
Jackson said he expects the hospital to close the year with a profit.
For the fiscal year ending Sept. 30, 2011, the hospital made a $3.3 million profit.
Jackson said the hospital has had no layoffs in a number of years and has added about 30 staff members over the past two years. It has 880 full-time employees and 199 part-time workers.