1 2 3 4 5 6
Minutes of the
Louisiana State Medical Society
Board of Governors Meeting – August 11, 2020
Call to Order
7 Katherine Williams, MD, President, called the meeting to order, on Tuesday August 11, 2020 at 6:00 P.M.
8 9
Verification of Quorum
10 11 12
Dr. Paddock verified the presence of a quorum.
Group Purchasing Organization (GPO)
13 Dr. Williams, Mr. Williams, and Ms. Bailey reviewed a draft contract with the board for the LSMS to 14 partner with Live Oak Purchasing to start a group purchasing organization (GPO) together that would 15 provide a benefit to society members and also create a new revenue stream. The GPO would be managed 16 and financed by Live Oak and the LSMS would be the partner that brings initial customers to the GPO, 17 which would sell office supplies, medical supplies, vaccines, and insurance products along with a host of 18 other items. Mr. Williams stated that there is no financial commitment or risk to the LSMS. Ms. Baily 19 reviewed the terms of the contract and had no issues. After some discussion, the following motion was 20 made:
21 22 23 24 25 26 27
MOTION (APPROVED)
THE LSMS BOARD OF GOVERNORS APPROVES THE LSMS ENTERING INTO A 3-YEAR CONTRACT WITH LIVE OAK PURCHASING TO START A GROUP PURCHASING ORGANIZATION.
Membership Report
28 Mr. Williams went over the LSMS Income Statement for the month ending on June 30, 2020. Mr. 29 Williams reminded the board that they approved significant cuts to the budget back in April because of 30 the COVID-19 pandemic. Mr. Williams also reminded board members that the LSMS received a 31 $150,000 economic disaster injury loan from the Small Business Association due to the pandemic as well. 32 Lastly, Mr. Williams stated that he was going to present the June 2020 financials as compared to the same 33 time period in 2019 versus against the budget because it provided a clearer picture of where we are six 34 months into the fiscal year, as well as, the pandemic. Year to date income totaled $504,733 as compared 35 to $712,670 for 2019, which is a difference of $207,936. The loss is directly related to COVID-19 as the 36 LSMS did not send renewal statements to member between mid-March and mid-June. Additionally, the 37 income from our reserves is significantly down as the markets react to the pandemic. However, the LSMS 38 was able to replace $150,000 or 72% of the revenue loss through the economic disaster loan. Expenses 39 totaled $975,378, which was approximately $30,000 less than 2019. Mr. Williams explained this gap 40 would continue to grow as we progress through the remainder of the year. Lastly, Mr. Williams present 41 the June 30, 2020 balance sheet, which contained assets and liabilities totaling $2,167,435 as compared to 42 $2,234,972 for 2019. This represents a net loss in assets of 3.02%, which all things considered for 2020 43 is pretty good. Mr. Williams did state that there are some estimates in the figures presented tonight 44 because the 2019 financial audit has not been completed yet because of the pandemic. However, Williams 45 did state that the estimates were financially sound and reliable for any decision making.
46 47 48 49 50
Made with FlippingBook Digital Publishing Software