MHSC receives excellent rating on 2013 audit

MHSC receives excellent rating on 2013 audit

ROCK SPRINGS – As government agencies around Sweetwater County are receiving their financial audits, Memorial Hospital of Sweetwater County received an excellent rating on Wednesday night.

Darryn McGarvey of CliftonLarsonAllen, presented the MHSC Board of Trustees the fiscal year 2013 audit. At the beginning of the presentation he told the board they had received a clean, unqualified opinion which every agencies hopes to receive. McGarvey explained they also have to audit the internal controls at the hospital to make sure everything is running as it should.

“There were no weaknesses or deficiencies in the internal controls here at MHSC,” McGarvey said. “The whole process went very, very well.”

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The presentation then took a closer look at the numbers compared from the past few years at MHSC  and also  how MHSC stacked up against similar hospitals around the county.

The first category McGarvey spoke to was the operating margin. He said this year the margin was at 2.3 percent, down a little from 6 percent last year, but are way over other hospitals in the comparisons.

The revenue cycle, building evaluation and investment returns were all up from last year and were over the average for other like hospitals. McGarvey pointed to the investments returns and said that number will go way up after the sales tax starts to be collected.

Cash on hand which is the basic financials for day to day operations showed a big increase. McGarvey explained the cash on hand showed an increase of $3.5 million dollars over last year. This number was way above any hospitals in the comparison.

The debt services were up over the past years, as well. McGarvey said the department which collects debts has been doing a stellar job which has really created the increase.

“You always keep bringing us good news,” Board Trustee Bob Wallendorff said.

McGarvey responded saying that not all audits they do are this smooth and conducted this well and it was a pleasure to work with MHSC and its staff.

Another question from the board was how many hospital were done in the comparisons asking if it was five or 500. McGarvey said the database they do the study from would be about 100 hospitals that are similar in size, population and other aspects.

After all was said and done, the board unanimously accepted the audit.