By PETER HUSSMANN
Skiff Medical Center's financial losses continue to mount as the city-owned hospital recorded a $1.06 million loss from operations in November bringing total operational losses for the first five months of the fiscal year to more than $2.3 million.
The hospital's financial results were released as part of the Board of Trustees' meeting packet in advance of Wednesday's 11 a.m. meeting. The Newton Independent paid $10.95 to receive a copy of the agenda and attached documentation per rules instituted by Skiff earlier this year.
The financial results show that at this point last fiscal year, the hospital had accrued a net operational loss of approximately $979,000. The losses recorded at this point in the fiscal year represent a 139 percent increase.
In October, Skiff saw an operational loss of just $82,000. However, the loss last month would have been greater if not for one-time reimbursements the hospital has received the past two months from past undercharges to the Medicare billing system. Skiff has been able to realize approximately $500,000 in financial gains due to the federal reimbursements, though trustees were told last month those revenues will not flow to the bottom line in the coming months.
Savings from the reduction in force initiative undertaken at the hospital are not expected to flow to Skiff's bottom line until this month.
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