by Mindy Aguon
Guam - The Guam Memorial Hospital has more than $23 million in accounts payable. That figure makes up employee and employer contributions, a debt to the Department of Revenue & Taxation as well as vendor payables. During Thursday's GMH board meeting, chief financial officer Siva Karuppan presented the financial situation at GMH.
Using collections, the hospital was able to chip away at the $7.3 million debt to the Government of Guam Retirement Fund, but money is extremely tight. "We are facing some significant challenges in terms of making sure that our vendors are being paid and making sure our supplies are getting here on time," Karuppan explained. "And so we are working very diligently with the vendors to make sure that we come through with a payment plan."
Karuppan also explained that the hospital identified a faulty water meter on the property and it appears GMH overpaid for water services by approximately $500,000 to the Guam Waterworks Authority. Once officials are able to identify what the monthly billing should be, Karuppan says the hospital will either seek reimbursement or credit for the overpayment.