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Alameda Hospital Continues to Lose Money

At tonight’s meeting of the Alameda Health Care District Board of Directors, the Board will hear a financial report showing that the hospital lost $309,000 in July, compared to an expected loss of only $172,000. The management report also reveals an error in the fiscal year 2013 operating budget. The “temporary agency expense” category of expenditures was understated by an estimated $480,000 for the fiscal year.

The Hospital expects the understatement to be offset somewhat by higher Medi-Cal reimbursement rates that went into effect on August 1st.

The loss for July is attributed to lower revenue for the month.

The Hospital continues to operate in violation of loan covenants with the Bank of Alameda, however, the bank’s loan committee has waived the covenants until December 31, 2012. The Hospital needs to get its current ratio above 1.0 by then to be in compliance. The current ratio is a measure of liquidity, and reports the number of dollars in current assets per liabilities. A ratio below 1.0 means the Hospital has less in current assets than owed in liabilities.

Alameda Hospital has just $3 million in cash and cash equivalents on-hand.

4 comments to Alameda Hospital Continues to Lose Money

  • Barb

    That would be our tax money it is continuing to lose. The Hospital already lost of its money long ago. With complaints of substandard medical care, and a policy of being last on board with medical practices and techniques, is there a way to stop this bleeding?

  • Barbara

    From Bonta’s web:
    “Prior to being elected to the City Council, Rob was an elected member of the Alameda Health Care District Board of Directors, where he played a key role in stabilizing the finances of Alameda Hospital.”

    Did we forget the $25K +/- party celebration by Hospital enthusiasts after taxing homeowners in Alameda?

    Are more taxes a solution? As we see over and over again the more taxes, the more wasteful spending. Another example is the relocation of school administrators who manage our tax money.

    Solution? VOTE THEM OUT! I will!

  • Pat Berton

    The hospital could be sold to Kaiser as it should have been in the first place. But instead Kaiser spent millions of dollars to expand the Oakland facility and is under construction of a new state of the art campus in San Leandro. Way to go Alameda.

  • Barbara

    If I recall correctly the sale of Alameda Hospital to Kaiser was in escrow subject to taxes on property owners. One of the leading opponents of sale was right hand of Mr. Ron Cowan, Mr. Dennis Pagones. He was working hard to make sure that the deal would not go through. He also worked tirelessly for property taxes for schools, and land swap for Mr. Cowan.
    Alameda lost…