Siloam Springs hospital receives favorable audit report
Posted on Wednesday, July 2, 2008
SILOAM SPRINGS ó An auditing team from independent firm McGladrey & Pullen descended on Siloam Springs Memorial Hospital in their yearly audit in mid-April and the results were reported to the hospital finance committee at its June 25 meeting.
CPA Ryan Weber, representative from the firm, presented audit results and answered board memberís questions.
ì Honestly, we werenít surprised with the results, î said Penny McClain, Siloam Springs Memorial Hospitalís chief executive officer. ì Iíve been here for six years and we have never had a bad audit. î
The hospitalís post-audit net income was $ 3, 672, 766 for the fiscal year ending March 31, said hospital accounting controller, Marty Harrison. The reported net income was the largest in the history of Siloam Springs Medical Center.
Last yearís net income, $ 2. 2 million, pleased hospital officials after years of the local hospital operating in debt, McClain said. This yearís financial gain, was determined by hospital board members as yet another vote of confidence for the growing hospital.
From March 31, 2007, to March 31, 2008, the hospital increased total assets by $ 2, 222, 355 ó or 14. 5 percent from the year prior.
Nearly $ 500, 000 in this yearís income influx can attributed to a reimbursement payout from the Arkansas Medicaid assessment program, Harrison said. The majority of the increase is due to an increase of patient volume compared to last year.
According to the audit report, the number of surgery cases exceeded that of the prior year by 9. 4 percent. The growth was primarily in the general and OB / GYN specialties, Weber said.
Outpatient procedures including radiology and laboratory services grew by 14. 1 percent.
Weber reported the hospitalís days of cash on hand to be at approximately 110 days. Last year the number was reported as 87. 6 and in 2006 it was 54. 1 days.
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