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Massena Memorial has more bad debt on books than hospital has gained in operations

Posted 7/24/16

By ANDY GARDNER MASSENA -- Massena Memorial Hospital is currently owed more in bad debt than they have gained in operations year-to-date, according to a financial and statistical summary released …

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Massena Memorial has more bad debt on books than hospital has gained in operations

Posted

By ANDY GARDNER

MASSENA -- Massena Memorial Hospital is currently owed more in bad debt than they have gained in operations year-to-date, according to a financial and statistical summary released Monday night.

The sheet shows a gain of $50,902 in June and $467,686 to date.

However, that’s after writing off $620,351 for June’s bad debt and $1,930,395 for the year.

MMH CFO Pat Facteau says outstanding debt is a fact of life in healthcare.

“No one collects every bad debt in healthcare,” he said. “Some of that is services we provided last year that rolled into this year.”

MMH CEO Robert Wolleben says their finances are on target.

“We’re on budget with our budgetary gain … bottom line gain,” he said. “We’re in a much better cash position that last year … we could not have said that last year at this time.”

Figures he released show they have about 60 days cash on hand, about four times more than when he started.