The Cookeville Regional Board of Trustees approved a $448 million budget Thursday night for the new fiscal year.
CEO Buffy Key said the budget includes multiple expansion and renovation projects. Key said one of the projects is to increase the beds in their rehab hospital from 20 to 50.
“Right now, we have to turn a lot of patients away that we know want to be in our community just because we don’t have enough beds over here,” Key said. “I do think it is important that we expand that. We will also be able to take some higher acuity patients as well.”
Key said the hospital will be partnering with Encompass Health for this estimated $60 million expansion. Cookeville Regional’s part of the project, some 30 percent.
“It’s just being close to home, just being here,” Key said. “That’s why we love this hospital, it is because we can do everything for them here, except trauma, and transplants. We just want people to be close to home. Getting care close to home is important for their healing because their families are closer and all of their support is closer.”
During Thursday’s Finance Committee meeting, Board Member Daniel Rader asked about the hospital’s declining cash in hand number. CFO Tommye Rena Wells said it was due to several factors including paying off a renovation project. Wells said the medical center must now buy some medications at a higher cost after losing the ability to purchase drugs in a discount program.
“I would just like to reiterate that we’re still very financially sound institution,” Wells said. “Our balance sheet is very strong. We have very little debt, and I think you’ll find that rare out there for other hospital facilities.”
The budget also includes $9.1 million to add four more suites to the endoscopy center.
