GRMC Announced Its Financial Performance For The Fiscal Year.
August 25, 2021
Gila Regional Medical Center (GRMC) announced its preliminary, unaudited financial performance for the most recent fiscal year. For FY2021, GRMC reported a Net Surplus of $5.6M on $67.8M in Operating Revenues. This year’s performance compares favorably to a $19M Net Surplus loss in FY2020. After accounting for the forgiveness of the Hospital’s Paycheck Protection Program (PPP) loan, the financial turnaround for Gila Regional was an $18M year-over-year improvement.
There were 136 rural hospital closures in the US between 2010-20. GRMC’s audited financials reflect operating losses of greater than $47M over the most recent 8-year period prior to FY2021. The Grant County Commissioners, the Hospital’s Governing Board since April 2020, needed to ensure GRMC was not added to that count and therefore engaged HealthTechS3 to provide professional management services.
The Hospital’s financial turnaround was attributed to successful transition to critical access status, transition of its family medicine clinic to a designated rural health clinic, service line growth, and expense management. HealthTechS3 has managed GRMC since June 2020.
GRMC Board Chair Alicia Edwards said today, “While there continues to be additional room for improvement, this is a giant step forward for our hospital, staff, and community.” Edwards added, “This improvement will now allow us to reinvest in our staff and the Hospital. We look forward to working with HTS3 to ensure our hospital continues to survive these turbulent times and thrives far into the foreseeable future.”
Mike Lieb, Vice President of HealthTechS3, commented, “We are grateful for our relationship with Gila Regional and the trust the community has placed in us to manage the hospital. We look forward to continuing the financial and operational successes at GRMC.”
The Governing Board of GRMC contracted with HealthTechS3 to provide executive leadership and management support services to GRMC, effective June 1, 2020. GRMC is a 25-bed county-owned, critical access hospital located in Silver City, NM. The hospital provides an array of inpatient and outpatient services, including surgical services, obstetrics, an outpatient oncology program, and other services vital to the community.
HealthTechS3 (HTS3) is an award-winning healthcare consulting and hospital management firm headquartered in Brentwood, Tennessee. They provide a full scope of financial and management support services, with a special focus on rural, sole community, and governmental hospitals with their associated clinics, providers, and community services.