Friday, October 7, 2022
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CRMC Budgets Almost $7M More For Staff Wage Increase

Cookeville Regional to increase its budget for salaries, wages, and benefits for fiscal year 2023 by almost $7 million.

Chief Financial Officer Tommye Rena Wells said that brings that budget item up to some $155 million.

“During the current fiscal year, the facility increased our wages by almost $7 million for various market adjustments,” Wells said. “In an effort to retain and invest in one of the facility’s greatest assets, which is the staff.”

Wells said that salaries, wages, benefits and supplies make up about 74 percent of the hospital’s budget. She said that the facility is currently budgeting some $359 million in operational expenses compared to this year’s projected $351 million.

Wells said that the hospital is also seeing an increase in its supply budget. She said they are budgeting some $112 million, which is about four percent above the projected $108 million for FY 22. She said that one of the primary contributors for this is pharmaceuticals.

“Which are $1.4 million or 3.5 percent over the projected pharm cost for FY 22,” Wells said. “This is primarily due to inflation and the increases in volume.”

CEO Paul Korth said that he believes the hospital is working with a very healthy budget for the next fiscal year. He said that the current plan involves the hospital borrowing no money to cover costs.