WMC bottom line solid
Monday, January 07, 2013 3:23 AM
Financial results for November at Winneshiek Medical Center were positive and above budget.
At last week's meeting of the WMC Board of Trustees, Chief Financial Officer Lynn Luloff told the Board the Medical Center's gain from operations for November was $242, 210, bringing the total for the year to $467,867.
Luloff said, in general, WMC was able to manage its operating expenses in line with revenues. Although patient revenues came in under budget by 4.4 percent, expenses were under budget by 4.6 percent.
Luloff credited a number of factors for November's positive bottom line:
November births totaled 21, up from 12 during November last year
Home Health and Hospice visits were more than double the amount from November last year (692 vs. 340).
Clinic revenues were up by 5. 1 percent
Outpatient physical therapy visits were up by 10 percent
Outpatient physical therapy visits were up by 10 percent in November and 20 percent year-to-date
Inpatient respiratory therapy visits were up by 87 percent for the month and 33 percent year-to-date.
"We also have a special factor in November: an entry to record an additional receivable from Medicare of $425,767, which decreased contractual adjustments," said Luloff.
(Contractual adjustment is a phrase commonly used in health insurance when an insured person is covered by an individual or group health plan that involves a network of providers contracted by the insurer. Contractual adjustments generally reduce the amount of the service charge, thus reducing the amount owed on the claim.)
Luloff added this entry was then offset by recording a Medicare payable of $275,000 for FY2013. Together, these two entries produced a net reduction of $150,000 to the contractual adjustment lines.
Luloff said the Medical Center's financial condition continues to make slow progress forward, with the above-budget operating margin for this month. She noted the improvement in clinic days in accounts receivable (the amount of time it takes patients to pay) from 57.5 days last month to 55.7 days this month.
Finally, Luloff said non-operating revenues came in $40,000 over budget and included a $12,058 donation from the WMC Auxiliary for automated external defibrillators, $3,000 from the WMC Foundation for diabetes education and $7,300 from the small rural hospital improvement grant program.
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