Powell Valley Healthcare’s revenues were up to end fiscal year 2022-2023 over the year before, although a large chunk of that was due to a $500,000 payout in an insurance settlement.

New CEO Joy Coulston updated the Powell Valley Board of Directors on the hospital’s end of year financials at the July 24 board meeting.

The hospital posted a gain of $723,656 in revenue on a budgeted gain of $304,197. Coulston noted that, however, taking away the insurance claim the revenue gain was lower than anticipated.

That was due in part to fewer patient visits than the prior year. Coulston said the dip was lower than even she had accounted for by not expecting any COVID-19 patients after that had been a major factor in the last couple of years.

“We budgeted with Covid, and it was still down a whole lot,” she said.

Year to date net patient revenue was still up 6.4% over budget, however inpatient revenue was 23.1% below budget while outpatient revenue was 15.6% over budget. 

Coulston said a big expense for fiscal year 2022-2023 was in employee benefits, which were more than $1 million above budget due mostly to high insurance claims.

Supply chain issues have also continued to be an issue, she said.

“With contrast for radiology, we’ve had a hard time getting it [contrast] most of the fiscal year,” she said. “We’re driving to Billings to get it, we’re borrowing it.”