The Rest of the Story

In its January 4th article, the El Paso Times reported that El Paso Children’s lost more than $13 million while in bankruptcy (June 2015 – November 2015).  We thought it would be interesting to see  who was the major creditor in that $13.2 million bucket.

First of all, we’re not sure where the $13.2 million number came from.  We went and got a copy of the most recent filing (document 542) and this is what we found:

EPCH Income

According to EPCH’s filing with the court they calculate their operating loss at the highlighted number above:  $12,820,469, so $12.8 million dollars.  Now let’s look at the payments made to UMC, on page 12 of the document:

Payments

If you add up all of the payments made to UMC on line 2, the total is $10,312,076.   Then there are the payments that are still outstanding:

Accrued EPCH

That is another $2,420,503 that is recorded for the month of November.  If we add all of that together, we get $12,732,579 (that’s almost 13 million dollars).  Subtracting $12,732,589 from $12,820,469 we get $87,880.  What do all of these numbers mean?  That means that only $87,880 of the $12.8 million loss is attributable to other creditors.  $12,732,679 ($12.7 million or 99.3% of the loss) is attributable to UMC.  Should UMC be paid for the services it provides?  Absolutely!  Is it fair to blame the consultants that were running EPCH during the bankruptcy for the loses?  We’ll leave that for you to decide.  It just seems that UMC and the County Commissioners have complete control over MANY of these loses that they are blaming on the current EPCH consultants.

We can’t wait for the MIRACULOUS turn around that is about to occur at El Paso Children’s Hospital – UMC and the County Commissioners are going to find all of these amazing ways to cut costs!

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