The Office of Public Accountability released its report on GMH’s finances.
Guam -The Guam Memorial Hospital’s finances continue to be a concern for the Office of Public Accountability, which released its latest audit on the agency today.
“GMH has incurred recurring losses and negative cash flow from operations that raise substantial doubt about its ability to continue as a going concern,” the OPA emphasized, which is the second fiscal year in a row that this emphasis has been made.
Another concern the OPA raised was on the hospital’s inability to retain top level management. Within the last 12 years, GMH has had six administrators and seven CFOs.
In fact, just last October CFO Alan Ulrich stepped down and Administrator Joe Verga also resigned in March this year, citing personal reasons.
“The ever revolving heads have contributed to GMH’s inability to follow through on addressing past audit findings and implementing recommendations,” the financial highlights also state.
Past audits on GMH have been identical, in that GMH’s expenses continue to outweigh its revenues, the hospital’s has poor collections methods and a low reimbursement rate from the Centers for Medicaid and Medicare.
You can read the financial highlights by clicking on the file below.