At Wednesday's regularly scheduled meeting of the Sheridan Memorial Hospital Board of Trustees, they approved the budgets for fiscal year 2014-2015. Sheridan Media's Chris Foy was there and has the story.
After some brief discussion, the hospital board members unanimously approved both the capital and operational budgets for the next fiscal year. Sheridan Memorial Hospital CEO, Mike McCafferty, says across the board healthcare costs are increasing – but they'd rather cut spending than pass on a higher cost to patients.
In April, the hospital and the Big Horn Health Network suffered a net loss of $293,000 due primarily to bad debt and charity care - despite increasing revenues. Just in the past few months, the Big Horn Health Network itself has more than doubled the number of patient visits.
He says the hospital has budgeted a 3.1 percent decrease in expenses for the next fiscal year and that the hospital could still be looking at a $1.5 million loss during that same period.