Hospital chipping away at clarifying financials

During their monthly commission meeting on April 20, Eureka Springs Hospital CEO Tiffany Means explained with CFO Doug Hoban that they were unable to present financials. Means said with financials needing fixed from several years back, valid numbers could not be presented.

Hoban had more specifics telling the commission that they had completed reconciliations that Forvis had pointed out to the hospital during their audit presentation in Sept. of 2025. He said that preliminary financial statements presented to the commission on Dec. 31, 2024, showed a net income of just over $1 million. He said that auditor proposed recorded adjustments “totaled over $1,275,000 deductions” and an additional adjustment recorded another expense of $15,313 ending with a Dec. 31, 2024, net loss of $250,000 after those adjustments. Hoban said that $1.2 million swing from what was initially presented to the commission was why they couldn’t present financials yet.

Means, as in previous meetings, explained they must go month-by-month to fix the financials, and they are working to get the “true number.”

Hoban explained that adjustments for 2024 as suggested by Forvis were completed. He said he is working on fixing 2025 financial reports and working closely with Forvis on documentation and closing entries in preparation of their audit of 2025. 

Commissioner Vivian Smith asked if there were a way for the commission to know how the hospital was doing, “I’m not asking for numbers, I’m asking for a feel.” Means said the system is complicated and that “We are alive, we’re still working on the wellness part.”

Commissioner Bryan Beyler asked if the hospital is capturing more accounts receivables which led to a conversation about the hospital continuing negotiation with Oracle over repairing the hospital’s revenue cycle that was not configured correctly in February of last year. That failure meant the hospital has not been able to receive reimbursement for professional service fees, though Means said the hospital is working on fixing that with insurers. She said they are working through the most common insurance companies first to make sure providers are properly credentialed to charge those fees. It was clarified that credentialing is a catch-all term they were using to mean hospital providers were linked properly to the hospital, and insurance companies were aware they could charge fees for services at the hospital.

Commissioner Kate Dryer also asked if Means felt that the hospital had enough patients to offset expenses. While not directly answering, Means said they were working on lowering expenses and had received word on what may be a substantial annual saving, though didn’t want to give specifics before she had time to review it. She did say it could be up to $200,000 per year in reduction. She also mentioned that they had negotiated a new contract for equipment with new equipment coming in June and equipment from the last contract going to start being phased out.

Other Items

• Clinical Nurse Executive Velvet Shoults noted an increase of year-to-date volume with last year’s ambulance visits at 85 compared to this year’s 232 as well as patient volume up 370 year-to-date with an average of 13 patients per day. She said the hospital added 3 more beds to compensate for the increased patient volume.
• Means said the hospital had received approval for a 501(c)3 status establishing the Hospital Health Foundation. This gives access to grant funding and charitable donations, and the non-profit is seeking board members.
• New clinic flooring and shelving are expected to be completed in the week.
• May 18 will be a ribbon cutting for Survival Flight at the ES Hospital at 10 a.m. On April 22 from 3 – 5 p.m. the hospital will have its monthly open house to the public with staff of Survival Flight there to meet and speak.