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Parkway hospital to open in mid-April

By Bob Buckel | Published Wednesday, February 26, 2014

It looks like Wise Regional Health System will open its new Parkway Surgical Hospital around mid-April.

That was the latest word to the hospital’s board of directors at their Monday evening meeting. The facility, located on North Tarrant Parkway just off Interstate 35 North in Tarrant County, will be the system’s first venture outside Wise County.

Wise Regional CEO Steve Summers said the facility passed a state inspection and could be turned over to the new owners any day. The first patient services should be offered around mid-April after the staff is in place and all the new equipment is up and running.

“There’s another inspection by the state once we start services,” he said.

At a cost of $12.8 million, the nearly 30,000-square-foot facility is expected to employ 35 full-time people and account for more than 800 outpatient surgical procedures in its first nine months of operation.

Parkway Surgical and Cardiovascular Hospital will offer surgical services in spine, orthopedics, cardiology, vascular, podiatry, plastic surgery, pain, bariatrics and gastroenterology. Wise Regional is leasing the building, with an option to buy it within three years.

While most of the equipment is in place, the board Monday voted to purchase required ancillary equipment – a table and navigation components – for the previously-approved Neurologica Body Tom CT unit for the Parkway hospital.

Summers said they had originally planned to wait to purchase the additional equipment – at a price tag of $250,890 – to go with the $800,000 CT scanner. But, he said, the pricing was contingent on the entire unit being purchased.

The board also approved purchasing a new bio-hazard sterilization system for the Decatur hospital at a cost of $68,895. The old one is rusting and needs to be replaced as quickly as possible, Summers said.

The board also approved five new appointments to the medical staff, 11 bi-annual reappointment reviews, and nine first-year reviews.

FINANCIAL REPORTS IMPROVING

Chief financial officer Jim Eaton gave the board a financial overview, painting an encouraging picture with the hospital system’s January numbers looking strong.

Net assets for the Decatur hospital increased by $930,000 in January on gross revenues of $43 million. Eaton said inpatient volume was up 20 percent, with an average daily patient census of 78 compared to 62 in December and 63 the previous January.

Outpatient services were up 7 percent, mostly due to physical therapy and imaging services.

The Bridgeport campus, which stopped offering inpatient services at the end of November, lost only $92,000 in January – covering all of its variable costs and more than half of its fixed costs. The loss was the lowest since Wise Regional began operating the facility last May.

Including subsidiaries Wise Clinical Care Associates and Wise Health Services, WRHS had consolidated revenues in excess of expenses of approximately $706,000 for January.

Eaton also presented a report on the system’s compliance program.

The board met in closed session to discuss the annual performance evaluation and compensation for the CEO.

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