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Tri-County Nursing Center reports historic financial reversal

NORTH CREEK It has been a year of change for the Adirondack Tri-County Nursing and Rehabilitation Center. After starting in January amid rumors of financial distress and an imminent closure - the facility has made significant efforts to correct the situation, including the possibility of ending 2008 with a slight budget surplus. News of the turn-around was announced this week by Administrator David Lovelace in a prepared statement. I accepted the leadership role last October, knowing the nursing home had compassionate and committed employees with a reputation of providing excellent care. As a budding new administrator, I welcomed the challenge of overcoming the financial hurdles and the privilege of leading passionate care givers. After posting a loss of $418,000 in 2007, concerns began to develop that a continued loss combined with recent cuts in Medicaid reimbursements would cripple an already struggling facility. Lovelaces solution centered on managing ATCNRC from the perspective of a business, while at the same time reaching out to the various stakeholders who could help remedy the situation. Based on last years performance, our budget planned losses exceeded $240,000 thru July 31st, Lovelace said. Both union and non-union employees have come together, focused on maintaining quality of care, giving benefit pay where they can, and reducing expenses. I am happy to announce we have reversed the downward trend and are approaching break-even year to date. While a detailed financial analysis is pending, Lovelace continues to focus on the hard decisions required to establish a $15 million endowment for the home. This endowment would provide $600,000 in residual income per year thereby securing the financial future of the facility. The administration has also focused on key staff positions, particularly those with the greatest influence on finance. A welcome new addition to the management team, Ann Woodard has accepted the position of Controller at Adirondack Tri-County Nursing and Rehabilitation Center, Lovelace said. Ann possesses the talents needed to secure our financial turnaround. With 24 years experience in setting up and directing accounting departments, extensive experience in system reviews, financial reporting, and analysis for public and private corporations, I have every confidence in Anns ability to excel in this role. I personally thank the employees and community in their steadfast commitment to preserving this precious gem of the Adirondacks as a home for the frail and elderly of the community.

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