New surgeon joins Foundation staff

Dr. Vincent L. Grant, a 1985 graduate of the University of Alabama at Birmingham medical school will begin a new surgical practice in Franklin, according to Franklin Foundation Hospital CEO Craig Cudworth. He will occupy the offices on Northwest Boulevard that formerly housed Dr. John Osborne’s practice.
Cudworth, addressing FFH’s board of commissioners at their regular monthly meeting, said Grant would come on board with a two-year salary guarantee and will not be a hospital employee. In a companion three-year arrangement, Grant will have the opportunity to acquire the practice startup costs and capital equipment expenses, borne initially by FFH, in a non-cash arrangement based on continued service to the community. The amount that would normally be due to be reimbursed to FFH declines on a 36-month basis until it reaches zero if Grant stays five years. Grant is board certified and currently practices in Picayune, Mississippi.
Chief Financial Officer Ron Bailey told commissioners the hospital netted a profit of $142,123. Operationally, the hospital lost $69,422 in June but swung into the black based on a Physician Upper Payment Limit (UPL) payment received in the amount of $211,545. Net income for the year rose to $619,476 and total cash on hand is $10.4 million. Cash on hand includes a small amount of restricted cash for bond sinking funds, $7 million in unrestricted cash and roughly $3 million restricted by board action that can be unrestricted at any time by the board.
The unrestricted restricted funds are tentatively earmarked for capital and other improvements and were “restricted” to segregate it from operational needs.
Due to a political forum conflict in August, the next regular meeting of the FFH board of commissioners will be Wednesday, Aug. 26 at 5 p.m. in the hospital board room.