Despite a projected loss of more than $1 million for the 2010 fiscal year, the Glen Rose Medical Center is in the black during the year’s first three months, GRMC Chief Financial Officer Ray Reynolds said Tuesday.

“We are in the black by $27,000 for the first of the year,” Reynolds reported to the Somervell County Hospital Authority. “Last year, at this time, was a loss of $200,000.”

Reynolds attributed the increase to an accounts payable dip of approximately $270,000 and a median collections total of 102 percent between the hospital and the nursing home. The hospital alone collected 109 percent of its “bad debt,” which are past due accounts from patients.

Reynolds also said the increase does not include payment from Medicare for the month of December. Medicare will not make payments to the hospital until the transition to the hospital authority is complete. Reynolds estimated that more than $80,000 would come from Medicare for December, an amount that should double in January.

“I don’t think it should be overlooked that we are $267,000 better than we thought,” board chairman Larry Shaw said. “For at least the first quarter of the year we are headed in a significantly better (financial situation). That’s the good news.”

Reynolds also presented a “cash position and funds request policy,” which was unanimously adopted by the board. The policy is an effort to inform the county when additional funds are needed by the hospital.

“There may reach a point where our fund balance is (good) and we do not need to ask the county,” Reynolds said. “Our goal is to never make a request but there should be a process in place should we ever need to make that request.”