CHARLESTON, W.Va. -- Although last month's polar vortex and chemical leak had a significant effect on Charleston Area Medical Center's revenue stream, officials expect to recoup losses by the end of the year.
Larry Hudson, CAMC's chief financial officer, told hospital board members Wednesday the two events led to fewer inpatient and outpatient admissions, longer length of stay and, of course, reduced revenue.
"January was an unusual month, in case you didn't notice," Hudson said.
He said the events caused a large budget shortfall for the month. The hospital's revenue was down $15 million in January, resulting in a $4.2 million operating loss for the month.
Looking at the big picture, Hudson said CAMC receives about $1 billion in revenue a year. He said although a $4 million monthly loss is significant, the hospital should recoup it by the end of the year.
Earlier this month, hospital spokesman Dale Witte estimated the total loss caused by the Freedom Industries chemical leak amounted to $2 million for CAMC's three hospitals. At least $500,000 of that total came from having to purchase linens.
The hospital system found and used 7,500 gallons of water from Jan. 9 to the morning of Jan. 13, when the hospitals were cleared to flush their water systems.
Board members on Wednesday also announced CAMC's plan to work with Princeton Community Hospital and finalize its merger with Teays Valley.