Texas County Memorial Hospital has filed paperwork to receive financial incentives for its successful implementation of electronic records, it was announced at the institution’s board of trustees meeting last week.
The funds would be for Stage 1, Phase 3 of the Medicare program and Stage 1, Phase 2 for Medicare.
The hospital has already received more than $1 million in funds for reaching other levels of EMR incentives set by the federal government.
According to Linda Pamperien, chief financial officer at TCMH, the emergency medical records incentive funds will be reduced by 2 percent due to the sequestration that went into place in March 2013.
TCMH expects to receive a total of $811,754 –– $488,164 from the Medicare portion and $323,590 from the Medicaid portion. The funds will have a direct impact on the 2013 financial statement.
Pamperien explained that with the help of BKD, LLC in Springfield, the hospital’s auditing and accounting firm, TCMH has applied for a hardship request from the federal government so the hospital can collect funds that are owed to the hospital by the federal government from previous years of Medicaid cost reports.
“We are currently owed $2.1 million by the federal government for cost report settlements going back to 2007,” Pamperien said. “We will get the money eventually, but we don’t know when we will get it.”
Pamperien and BKD hoped to get the back funds that are owed to the hospital to help offset the poor financial year at TCMH. However, the hardship request may be denied because of the funds TCMH currently has in savings, known as “funded depreciation.”
“If we owed Medicaid, they would take it out from us immediately,” Pamperien said.
According to Pamperien’s October financial report, most hospital departments showed increased volumes for October. But it was not enough to offset decreased inpatient revenues and a drop in emergency department numbers. TCMH had a loss of $141,515 for October and a year-to-date loss of $967,744.
Present at the meeting were Chief Executive Officer Wes Murray; Pamperien; Doretta Todd-Willis, chief nursing officer; Schuan Flaim, DO, chief of the TCMH medical staff; Joleen Senter Durham, director of public relations; Dr. John Duff, CoxHealth; and board members, Omanez Fockler, Dr. Jim Perry, OD, Janet Wiseman, Mark Hampton and Russell Gaither.
Due to the Christmas holiday, the next meeting of the TCMH board of trustees has been moved up one week to noon Tuesday, Dec. 17, in the board room of the hospital.