Troubled Leadville, Colo.-based St. Vincent Health, which has hit the headlines recently as it struggles to make payroll, is fundamentally on sound financial footing and has a positive future, its interim CEO told Becker's.
"We have had some revenue cycle issues but we are improving our cash flow and, with the support from the commissioners and some state-advanced funds, we are in pretty good shape," John Gardner said.
Lake County commissioners, who accused the hospital's board of failing to do their job while struggling to meet payroll early December, came up with the almost half a million dollars worth of funds to do so.
There is no danger of the hospital not meeting payroll going forward, Mr. Gardner said.
"The hospital is absolutely a going concern," he said. "There is no reason at all that we should be in this basic financial position."
Many of the current problems are being put at the feet of the hospital's previous CEO, Brett Antczak. Mr. Gardner, a retired healthcare executive, was brought in to assess the financial and operational standing of the hospital in the summer and was then asked to stay on as interim CEO after Mr. Antczak left.
The health system, which operates an emergency room and eight inpatient beds, among other services, is currently looking for a permanent CEO, something Mr. Gardner says he is not interested in doing. Within the past few weeks, it also let go of former COO Cat Fry, whose position was eliminated.
St. Vincent made further headlines this week when it emerged that some of its equipment isn't reliable at high altitude. Leadville, which is located about 100 miles from Denver, at 10,152 feet is the highest incorporated city in the United States.