“We’re a billion dollar business,” Chairman Roger Sumner said.
FMC President and CEO Kurt Stuenkel quickly responded saying, “That’s what we charge, not what we collect.”
FMC Vice President Rick Sheerin presented figures projecting gross patient revenue of $1.14 billion for FY 2013. The projected final figures for FY 2012, which ends Saturday, are also expected to barely crest the billion-dollar benchmark.
According to Sheerin’s report, FMC expects to ring up a profit of $11.6 million in FY 2012 and $11.75 million in FY 2013.
Sheerin also reported that gross patient revenue is up at Polk Medical Center, to $7.4 million through the month of May, up 12 percent above projections, while operating expenses totaled $1.6 million, down 19.1 percent from projects.
“The transition continues to go very smoothly,” PMC Administrator Kim Scoggins told the FMC board.
A new sleep lab and cardiac rehab departments for PMC are in the final stages of development, according to Scoggins.
Sheerin said the final bond closing for $51.8 million in new and refinanced bonds for FMC is slated to take place Wednesday, with an aggregate interest rate of 3.71 percent.
“We’re very happy with that,” Sheerin said.
In other business, the Floyd Healthcare Management board opened its checkbook Monday night, approving an additional $317,000 in expenditures for Phase Two of the Information Technology systems associated with FMC’s takeover of Polk Medical Center.
Another $1.69 million was approved for the electronic medical records program at FMC. Vice President Sonny Rigas told the board he was hopeful the new system could be operational by the summer of 2013. The final price tag for that project is estimated at $6.19 million,
FHMI directors also agreed to spend another $1.47 million for electronic medical records conversion throughout the Primary Care Network affiliated with FMC. In addition to the initial capital expenditure, the system, purchased through Greenway Medical Technologies of Carrollton, will cost $47,225 for monthly support.
The board presented Mary Maire with a resolution honoring her 41 years of service to FMC. Maire has served as vice president-corporate compliance officer since 1996.
Jean Johnson, widow of longtime board member Wesley Johnson, who passed away May 29, was also honored with a resolution at Monday night’s meeting. The Johnsons have been involved with FMC in one way or another for 40 years.