EL CENTRO – El Centro Regional Medical Center held a press conference on Thursday morning, January 26, to clarify the financial situation of the hospital, including the debt the hospital has.
ECRMC’s financial woes have been the subject of much talk in recent weeks, both public and private, following the hiring and resignation of new CEO Scott Philips, the closure of ECRMC’s maternal and child services, and debate over the possibility of ECRMC. has been targeted. It loses its status as a referral hospital.
At a press conference, hospital officials clarified exactly the hospital’s financial situation and denounced the rumors plaguing the hospital’s controversy and its future situation.
“It is very important that you are here to provide information because many people will be making medical decisions based on the information you provide. Please confirm that.”
Philips, who also audited ECRMC before becoming CEO, said ECRMC lost more than $20 million last fiscal year and the hospital lost an additional $19.3 million within the first six months of this fiscal year. bottom. Revenue of $75 million.
ECRMC had about $42 million in savings at this point last year, but by November 15, 2022, the hospital had just over $5 million in savings, according to Phillips.
Phillips also reported an advance payment of $5.4 million from the state of California and a $2 million payment for a research project conducted at the hospital increased savings to $12 million.
Philips and Oliva attribute these losses to two major problems. repayment of federal funds received during the pandemic and his $125 million bond that is due.
Phillips said hospitals across the country received advance funding from the federal government early in the pandemic and now need to pay it back. He said he recovered $6.7 million and paid off those funds.
The $125 million bond was originally issued in 2018 to update the hospital to meet California building codes for earthquakes, Oliva said.
El Centro Mayor Martha Cardenas-Singh was also quick to mention rumors of Dr Tien Tan Vo and the company’s intention to purchase ECRMC, saying the city had not received an offer to purchase so far.
“We haven’t heard of anyone trying to buy our hospital,” the mayor said. “Our hospital is not for sale at this time.”
“We are working diligently to continue our service,” she said.