The Lamb County Board of Managers met in a Regular Meeting on April 25, 2023, at 12 p.m. in the Education Room of Lamb Healthcare Center.
The meeting was called to order at 12:03 p.m. by Carla Synatschk, President. The invocation was given by Johnny Rosemond.
After a review of the March 21, 2023, minutes, Rosemond made a motion to approve the minutes and it was seconded by Jeni D. Brunson. The motion passed unanimously.
Due to Brent Fuller, with Durbin & Co., having another meeting to attend, Sleep Lab was moved up to the first item of discussion.
Fuller presented to the Board forecasted Financial Statements of revenues, expenses, changes in net position, and cash flows for Lamb Healthcare Center for the proposed addition of a Sleep Lab to Lamb Healthcare Center.
Fuller also stated that based on the current representations presented, it appears evident that the proposed addition would be beneficial to the hospital. Fuller stated that if there were 20 studies a week done at the center and another 10 home studies a week, the hospital had a potential to gross close to 2.5 million dollars. This is a very conservative estimation tailored to the opening stages of the lab.
At full capacity, with an estimated 60 studies done a week at the lab and 100 home studies done a week, the hospital has a potential to gross close to 10 million. He also estimated an annual cost factor of $671,000 with an additional $105,000 needed for lease hold improvements. Kenna House estimated that the Sleep Lab could be running at full capacity within one year and about six months to half capacity. Once Fuller completed his presentation, Steve Busby made a motion to approve opening the Sleep Lab and up to $105,000 for the lease hold improvements and it was seconded by Brunson. The motion passed unanimously.
Dylan Brown, CFO reviewed the Financial Report for April 2023 with the following information: On the Balance Sheet provided, the Total Cash Flow amount shows $2,027,190. On the Income Statement (Actual vs Prior Year), total revenue was $7,953,800, which is up $129,415 from the previous year. Total Operating Expenses were increased by $64,184 from the prior year. On the Profit and Loss Statement for LHC Family medicine, revenue before contractuals was $173,607. Total expenses were $181,328 with a net revenue and expense of ($7,721). Contractuals are not included in revenue.
On the Profit and Loss Statement for Olton RHC, revenue before contractuals was $9,947. Total expenses were $24,598 with a net revenue and expense of ($14,651).
Dr. Rolando Rodriguez, MD notified the Board that Medical Staff approved the Initial Appointments of Dr. Philip B. McDonald, MD, Dr. Jake W. Sharp, MD, Dr. Vikram M Shaker, MD, Dr. Gholamreza Malek, MD and Dr. James-Reza F. Fernandez, MD. All physicians were with Garvish Radiology.
Brunson made a motion to approve the Initial Appointments of Dr. Philip B. McDonald, MD, Dr. Jake W. Sharp, MD, Dr. Vikram M Shaker, MD, Dr. Gholamreza Malek, MD and Dr. James-Reza F. Fernandez, MD. All physicians were with Garvish Radiology. The motion was seconded by Rosemond. The motion passed unanimously.
Stacie Styron, DON, gave the committee report, reviewing the Infection Control, Trauma and QAPI reports for April.
Cindy Klein, CEO, discussed 340b, informing the Board that the contract with MTC (Texas Civil Commitment Center) has been drawn up and Nolan Greek is currently reviewing it. The hospital is currently waiting for the physician credentialing packet to be received in order to review and approve.
Klein also gave her Administrator’s Report, telling the Board that the final inspection for completed construction will be on June 7th. She also stated that the hospital could potentially receive from Xcel Energy for energy saving due to the construction. Cindy asked the Board to review the information provided for the 2023 Healthcare Governance Conference and requested that they let her now if anyone would like to attend. The conference offers virtual streaming as well.
Synatschk stated that Cindy Klein’s annual review would be discussed in Executive Session.
With no further items on the agenda needing to be discussed, at 1:22 p.m. Synatschk made a motion to enter into executive session and it was seconded by Brunson. The motion passed unanimously.
The Board re-convienved from Executive Session at 2:45 p.m.
A motion was made by Booner Smith to excuse the absence of Jason Spangler and it was seconded by Rosemond. The motion passed unanimously.
With there being no further business to discuss, Brunson made a motion to adjourn and it was seconded by Brenda Alcaraz. The motion passed unanimously and the meeting was adjourned at 2:47 p.m.