Treasure Coast Community Health’s leadership delivered a polished report about its finances and operations to the Indian River County Hospital District last week, but with $8.2 million in losses over the past two years, the group’s data did not convince district trustees that everything is fine.

Trustees of the hospital district, which is set to provide TCCH with $4.5 in funding this year, have been concerned since the abrupt and unexplained ouster of longtime CEO Vicki Soule in November, and insisted on the meeting to discover whether any tax dollars are at risk, and to understand recent board decisions.

On the recommendation of the district’s staff auditor Dawn Carbone, who probes the finances of all agencies funded by the district, trustees voted to monitor TCCH in several areas over the next year, keeping an eye on the agency’s cash on hand, internal financial oversight, and its search for a new CFO.

Carbone also recommended that trustees review TCCH’s most recent audit.

Carbone assigned a risk rating to TCCH in liquidity (high risk), operational stability (moderate risk), financial sustainability (concerning) and governance (moderate concern).

“While the current information does not indicate immediate financial distress, the organization appears financially vulnerable and requires close monitoring, transparency, and a credible plan to improve liquidity and long-term sustainability,” Carbone wrote in a preliminary assessment to trustees.

One big concern was that TCCH had monthly expenses of $2.8 million to $2.9 million but only 15 days of cash on hand in recent months.

Another was the fact that TCCH lost $4.7 million in 2024 followed by $3.5 million in 2025 and is projecting $878,000 in losses for 2026.

The nonprofit recently added 21 new providers, but demand has not kept up with the expansion. The agency saw a drop-off in funding after pandemic-era dollars dried up and then spent $800,000 deploying a new electronic records system. To consolidate services, TCCH will close its Sebastian offices next week, and move its administrative offices onto its new Oslo campus at the end of 2026.

TCCH is a Federally Qualified Health Center that currently operates in eight locations in the county and employes more than 400 people. It serves approximately 30,000 patients each year, including 9,000 children, of whom 54 percent live below the poverty level. The organization is considered critically important to ensuring healthcare access in Indian River County.

Despite its lack of cash and recent losses, TCCH Board Chair Mary Linterman and newly appointed CEO Heather Miranda said the agency’s financial picture was improving.

Trustee Dr. Charles Mackett, who works as a contract physician for TCCH, tried to infuse some optimism into the discussion saying, “I just want to commend [TCCH Interim CFO] Warren Fuller and the strategy team for what they’ve done for optimization and turning the organization around.”