Hillcrest financials improved over year ago

Wednesday, June 26, 2013

McCOOK, Nebraska -- Hillcrest Nursing Home appears to be in better financial shape than a year ago.

To help with cash flow problems, in July 2012, Red Willow County Commissioners authorized a $1 million bank loan to Hillcrest, from McCook National Bank for five years at an interest rate of 3.55 percent. The nursing home will make annual payments to pay back the loan. The nursing home is owned by the county but is operated on its own revenue.

Hillcrest will make its first payment in September at $222,000.

The financial report for June 2013, released at the Board of Trustee meeting Tuesday, shows almost half of the $1 million, or $418,570.59, is still available.

Total cash flow estimated for June is $848,669. Cash on hand for the month is $637,688 and includes $128,021 in general checking; $45,592 in Phase II balance and $43,267 in EMI, left over from recent construction work; $2,236 in restricted and unrestricted gifts and $418,570 from the county loan.

Medicaid, Medicare and private insurance payments due the facility comes to $475,832.

Colinda Nappa, Hillcrest administrator, told the board Tuesday that payroll, at $120,000 and outstanding bills, at $144,000, still need to be paid.

Nappa also told the board that the Medicaid renewal application for the assisted living unit was not completed last year in August so a $90,000 payment is pending.

The census at the facility is also increasing, Nappa said, compared to last year at this time.

As of Tuesday, there are 87 residents, compared to 80 in 2012. Of the 87, 11 are skilled care, compared to five a year ago.

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