WMC's fiscal year
profit at $1.45 million
Friday, April 05, 2013 9:15 AM
February resulted in a positive bottom line for Winneshiek Medical Center.
At last week's meeting of the WMC Board of Trustees, Chief Financial Officer Lynn Luloff explained WMC had a net gain of $170,840, bringing profits for the current fiscal year to $1.45 million.
Luloff said February's operating expenses of $3.6 million were about 2 percent under estimates, and year-to-date expenses remain 1 percent under projections.
Home Health and Hospice patient days remain above last year and above budget. Acute patient days for February were 65 percent above budget and are 34 percent above budget for the fiscal year.
Luloff said another positive for the Medical Center is its substantial increase in cash on hand over the past few years.
"Our current days of cash on hand of 58, when compared to other critical access hospitals, is not the greatest, but when looking at where we have been, it shows considerable improved financial performance," said Luloff.
The Board approved $63,000 in capital equipment requests, including $35,00 for the rehab department and $28,000 for the information technology department.
Rehab will receive additional space vacated by health information management for supplemental space and expanded service lines. The majority of the funds will support facility infrastructure improvement for long-term utilization of the area by patients and the community. The space will also provide much-needed roomfor large-group activities.
The IT department will begin phase two of a network improvement project to bring high availability of the electronic network to patient care areas. With the advent of electronic medical records, the upgrade will ensure consistent availability for bandwidth growth in the medical record processes.