During a regular meeting of the Board of County Commissioners Monday, Jan. 26, Teton Valley Health Care leaders presented a check for $19,537 for the county coffers. The payment comes as part of a lease agreement of the hospital facilities between the county and TVHC, Inc. and represents 5 percent of TVHC’s net operating profit for fiscal year 2014, which ended Sept. 30, 2014.
Commissioner Kelly Park noted the significance of the moment by reflecting that several years ago, our county was “at risk of losing our community hospital” due to serious financial challenges.
The irony of the situation was not lost on Bob Benedict who currently serves as Chair for the TVHC Board of Directors. Bob was a County Commissioner during the hospital crisis when the BOCC took over the governance of the facility and supervised the subsequent restructuring of hospital administration and the business model. Over two years ago, TVHC moved from a county-owned business to a private nonprofit healthcare organization, effectively protecting the county from hospital financial liabilities and removing the burden of tax support from residents.
Bob expressed gratitude for Teton County taxpayers who helped pass two supplemental levies in 2008 and 2010 to boost TVHC out of near bankruptcy, saying that TVHC has survived due to community support.
CEO Keith Gnagey provided updates on other contractual terms including the annual lease payment of $70,000 and an agreement that TVHC maintain and improve the county-owned plant each year by investing in repairs and new equipment. The amount required per that equation in FY 2014 was $416,149.25. Year-end audited financials showed that TVHC made over $751,000 in improvements or 180 percent of the requirement.
“It was absolutely my pleasure to give this check to our county and to have the opportunity to thank our taxpayers and everyone who worked so hard to make this possible,” said Bob Benedict after the BOCC meeting.
“Every year presents new challenges for rural hospitals, both anticipated and unanticipated,” adds Gnagey. “We hope that we’re in a position next year to again present a check to Teton County.”More