Community Health Net Reports Record 2020-2021 Fiscal Year with $4.4m in Net Assets, Grows Cash Reserves by 50 Percent

The organization continues to show improvement in cash flow and liquidity. 

 

Erie, Pa. – October 26, 2021 – Community Health Net (CHN), the leading Federally Qualified Health Center (FQHC) serving the Lake Erie region, announced that it ended its fiscal year at its strongest financial position to date, with $4.4m in net assets. Additionally, CHN grew its cash reserves by 50% and implemented telehealth services while experiencing burdens generated by the pandemic.

“The pandemic years of 2020 and 2021 have thus far been very stressful on all of us and especially our community’s and nation’s healthcare system. At CHN, we have faced this challenging event head-on to improve the quality of life for the residents in our region,“ said Craig Ulmer, CEO of Community Health Net.  “We are committed to doing what needs to be done for our community’s health and well-being during these uncertain times. Although this has proven to be a difficult task, we have succeeded.“

Before the pandemic, CHN had significantly changed its culture, streamlined operations, and improved its patient services.  These efforts have resulted in many public successes, including Community Health Net being named “Best-in-Class Equity Performer” by the Pennsylvania Department of Health in 2021.  Additionally, the changes gave the organization the agility to successfully navigate the pandemic, provide quality health services, and remain financially strong.

“As reflected in the key performance indicators, CHN continues to show improvement in cash flow and liquidity. From a trending perspective, and due in part to a number of the [grant] awards, our cash reserves grew by 50%, and our ratio climbed to 4.05,” said Cindy DeDionisio, Chief Financial Officer at Community Health Net. “Even while dealing with the impact of the pandemic, we were able to maintain the days in accounts receivable at 30 days. This is a positive indication of our strengthening cash and is exceedingly better than the typical metric for most health centers. In addition, CHN continues to excel in financial compliance through numerous successful audits and fiscal site visit reviews.”

While the pandemic hindered some growth efforts, Community Health Net moved quickly to serve its community through COVID testing and vaccinations. As a result, the organization added over 1000 new patients, provided nearly 6000 vaccinations (including 1st doses, 2nd doses, and several boosters). In addition, through a diverse menu of healthcare services, including telehealth options, CHN provided more than 36,000 patient visits and nearly 30,000 pharmacy prescriptions.

 

About Community Health Net
Community Health Net is a Federally Qualified Health Center with seven locations and greater than 35 years of service. CHN is the preeminent, community-focused healthcare network advancing the wellness of the Lake Erie Region.  Its mission is to improve the region’s quality of life by providing professional healthcare services with compassion, respect, and dignity to all.

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