An audit released Jan. 12 shows Nashville (Tenn.) General Hospital did not accurately track and review its finances during fiscal year 2016, according to The Tennessean.
Nashville General CFO Geoff Blomeley told The Tennessean that many of the shortcomings, including failing to consistently reconcile accounts, review financial activity and monitor transactions, were partially attributable to changes he put into place. He said management lost sight of its annual accounting practices after he instructed them to generate monthly reports and placed more focus on managing cash.
Mr. Blomeley made the changes due to the hospital's financial troubles. With expected collections from insurance companies falling $6 million short, the Metropolitan Hospital Authority, which operates Nashville General, voted in December to request $16 million in emergency funding from the Metro Council, the legislative authority of the Metropolitan Government of Nashville.
Due to the auditors' findings, Mr. Blomeley told The Tennessean the hospital is going to "get back to the basics," focusing more on annual accounting practices.
Although Nashville General is struggling, the audit revealed its finances improved in FY 2016. The hospital ended FY 2016 with a loss of $7.5 million, compared to a loss of $14.9 million the year prior, according to the report.
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