September 2012 - Renfrew Victoria Hospital

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Board of Directors, September 27, 2012 FISCAL ADVISORY COMMITTEE Randy Penney, Chair Dr. Cathy MacDonald Nurse Manager Tammy Jessup, President ONA LeeAnn Sommerville, President CUPE Tim Sonnenburg, VP, Financial Services Julia Boudreau, VP, Corporate Services Christene Ferguson, VP, Patient Care Services ETHICS COMMITTEE Dr. George Hermanson, Chair Barb Symington Dr. Steve Radke Dr. Rob Duggan Don Goulet John Cooke Rev. Don Anderson Randy Penney, President and CEO Christene Ferguson, VP, Patient Care Services f) VP Finance Tim Sonnenburg, VP of Financial Services, has been accepted to the MHA Program at the University of Ottawa. The Board is very supportive. g) Other Business There was a discussion on brain storming on ways to recruit new board directors. It was suggested that we look at changing the definition of excluded person in the bylaw. It was moved by Bill Welsh, And seconded by Barb Westgarth, That the report of the Governance Committee be adopted. – Carried. 5. OTHER BUSINESS Financial Update – Tim Sonnenburg, Vice-President of Financial Services, provided a financial update for the five month period ending August 31, 2012. Overall hospital operations for RVH posted a surplus of $402,872 (2.6 %). This positive result is higher than budget expectations, mainly due a small positive revenue variance and a positive expenditure variance for the time period. Revenues h Overall revenues for the period were $86,082 higher than budget (1%). h The majority of this positive variance is due to receiving one time revenues from sales agreements for medical supplies early in the fiscal year as well as an increase in sleep product sales. 4
Board of Directors, September 27, 2012 h In addition oncology recoveries were up as we used more supplies for which we are reimbursed. h These positive variances were offset by lower than budgeted revenues from outpatient activities as patient volumes were down by 4%. h We have seen an upward trend in preferred accommodation and chronic and ALC co payment. This is due to fewer isolation cases this year than last year which means there are more rooms available for semi private accommodation. Expenses h Overall expenses for the 5 month period were $93,585 under budget (1%) mainly as a result of lower than budget results in the areas of staff compensation and medical staff fees h Salary and benefit expenses are trending slightly under budget (1%) with medical staff fees under budget by 7%. The medical staff fees are affected by the amount of outpatient testing in diagnostic imaging and as the test volumes are down we would expect the expense for reading them to be down as well. h Medical supply costs are running approximately 3% over budget due to increased OR costs associated with the new surgical program. It is anticipated that these costs will fall in line with budget as the program matures. Other Votes h This is made up of separately funded programs for palliative care, addiction treatment services and assisted living program. The combined programs are running a small surplus as of August 31 st . Forecast h Based on operations to-date RVH is expected to be in a surplus position at March 31, 2013. The Chair invited comments/discussions from around the table 6. ADJOURNMENT It was moved by Bill Welsh, And seconded by Sandi Heins, That the meeting adjourn. Time of Adjournment: 20:40 hours. 5
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September 2012 - Renfrew Victoria Hospital

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