The Orangeburg, South Carolina Regional Medical Center has less cash on hand than it needs to adhere to the loan deals it has with banks, according to The Times and the Democrat.
Under bank loan requirements, the hospital must have 100 days of cash. At the end of January, the hospital failed to meet this two-day requirement. A day of cash equals about $ 587,902 in the hospital, according to documents cited by The Times and the Democrat.
The reason the cash days fell in January was because it was a month with three pay periods, Dion Franga, MD, chairman of the finance committee, told the newspaper. hospital.
RMC chief financial officer Liza Porterfield said the hospital would discuss the issue with the banks and work with an audit firm to see where RMC can get more money.
The hospital has until March 31 to report its cash days to the banks.
In December 2019, the hospital firm his primary care practice – a decision that affected about 1,100 patients – because the practice had recorded net losses over the past two years.
Read the full report here.
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