CareArc had a bit of a slower month in July, meaning a net loss was reported during the monthly Board of Directors meeting Tuesday afternoon.
According to CareArc CFO Suresa Howe during the monthly financial report, the healthcare provider saw a net loss of $24,000, far larger than the budgeted loss of $2,000. On the positive side, the loss was not detrimental to the agency’s bottom line as it is still reporting a year-to-date net gain of $339,000.
Howe stated the cause was likely a reduction in patient traffic, which she says is common this time of year.
Reiterating that this is a common trend for the summer, Howe also stated that they keep a close eye on the “summer slump” each year to ensure it is not worsening or at risk of increasing past the summer season.
In other business Tuesday, CEO Renee Hively requested, and was granted permission, to apply for a capital investment grant which could bring anywhere from $10,000 to $100,000 for future projects with a 1 to 2 match. Hively says at this time, there is no specific project earmarked for the funds, should they be granted; however, she did note some of the projects which the grant has benefited in past years.
Hively says CareArc will have a “Technical assistance call” Thursday to learn about upcoming guideline changes to the grant program. Other items Tuesday included an “HR showcase” from CareArc HR staffers, which was a brief overview of their day-to-day work.
The CareArc Board of Directors will reconvene in September for their next regular business meeting.
