Delta (Colo.) County Memorial Hospital is looking for ways to stabilize its financial situation after discovering that nearly all of its cash on hand was being used to pay off debts when CFO Larry Vincent unexpectedly resigned March 13, The Denver Post reported March 28.
One of the biggest stressors on the hospital was the $11 million in advance payments from CMS that the hospital paid back with at least $350,000 per month and payments sometimes exceeding $750,000.
An audit of the hospital's finances found that Delta County Memorial had $9.7 million in debt at the end of 2021.
The hospital will be able to pay employees, at least for the upcoming pay period.
"We have the money, it's just encumbered," Jean Ceriani, president of Delta's board of directors, said at a board meeting Monday. "We need to figure out a way to make it available."