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A-R-M-C Preparing For New Budget Year Wed, 30 Apr 2008 15:20:25 
The fiscal year ends June 30th, and there's lots of work to do. Management and Finance staff have been reviewing numbers for a couple months now. A budget workshop with the board of trustees is planned for June, with a working document expected to come before the board shortly after. The hospital typically works with a 110-million dollar budget, but as with most organizations, there are challenges. A-R-M-C Chief Financial Officer Damone Sorenson says, "The spending is growing twice as much as the revenue." He expects a deficit next fiscal year due to an ongoing health information technology project... and indicated the biggest challenges in dealing with finances are decreases in patient volumes and physician shortages. As for latest financial figures, the hospital saw a loss of over 74-hundred dollars for March, with a decrease of outpatient and inpatient revenue for the month. Sorenson indicates numbers are behind last years projections. He says, "We planned for about a break even. We're fairly close to that. We're close to our budget, but we're about a million dollars year to date behind where we want to be." |
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