Floyd sold its home care unit, effective Dec. 31, to LHC Group, a LaFayette, La., company that specializes in home care services.
For the six-month period that ended Dec. 31, service calls declined for Floyd Home Care, compared with the same period a year ago a trend that helped motivate the decision to sell the unit, said Rick Sheerin, CFO for Floyd Medical.
Home care is not our core service, he said in a presentation to the Floyd Healthcare Management board, which met Monday with the Hospital Authority of Floyd County and the Floyd Healthcare Resources board.
That $2.7 million gain will fluctuate as the year goes on, Sheerin added, as patient payments come in and outstanding staff expenses are paid out.
His report on the first half of fiscal year 2007 showed that Floyd Healthcare Managements profit from operations was $360,540, compared to an expected amount of $1.6 million.
The management board oversees Floyd Medical Center.
However, after adding in better-than-expected investment income and the gain from Floyd Home Cares sale, the bottomline profit for the period was $4.6 million, more than double the budgeted $2.2 million.
Sheerin also reported that average daily patient counts in the hospital and emergency room increased during the six-month period, compared with the same period a year ago, while the patient count was slightly down for Floyd Behavioral Health.
Also at Mondays meeting:
* David Johnson was sworn in as a new member of the Hospital Authority of Floyd County. Johnson is president of United Community Bank in Rome, and he also serves as a member of the Floyd County Board of Education.
* Mark Manis, chairman of Floyd Healthcare Resources, reported the Specialty Hospital is seeking to add two more beds for a total of 24 because of consistently high occupancy rates.
The hospital has applied to the state Department of Community Health for permission to add the beds, and Manis said he expects the request to be processed in about two weeks.