CRMC Seeing Positive Trends In Finances

After a tumultuous period for Cookeville Regional Medical Center finances, CEO Paul Korth said the hospital is seeing positive change.

In September, the hospital laid off six upper-level management positions citing budgetary concerns. Korth said rising healthcare costs had been affecting hospitals nationwide, and was not unique to Cookeville Regional.

“We’ve made a lot of cuts recently to get in much better financial shape,” Korth said. “We’re starting to see some of those changes take place now so hopefully we’re trending in the right direction.”

Korth said those cuts came in the form of putting major capital projects on the back burner while financials stabilized.

“We’ll be holding on some of our capital purchases that we were planning on doing,” Korth said. “Just to make sure that we’ve got the adequate cash and the additive reserves that we need to make sure to do all the things clinically that we need to do.”

CFO Tommye Rena Wells has been putting efforts into cost-saving measures for several purchases presented to the hospital’s Board of Trustees Finance Committee. Wells said she had specifically been working to cut costs on agreements for various software the hospital utilizes.