WMC shows net gain for August, year
Monday, October 08, 2012 10:50 AM
Winneshiek Medical Center showed a net gain of $419,180 in August.
For the year, the hospital has a net gain of $445,254, WMC Chief Financial Officer Lynn Luloff reported during last week's WMC Board of Trustees meeting.
She said the August gain was the result of two factors: The receipt of unbudgeted revenue of $145,600 from electronic health record hospital incentive money through the Iowa Medicaid program, and operational expenses of $3.7 million were 7 percent less than budgeted.
Luloff reported total patient revenue of $6.7 million was 1.4 percent under budget for the month due to lower than anticipated inpatient revenues.
"Eighty-two percent of August revenues were generated in an outpatient setting with home health, hospice, emergency department, clinic and outpatient ancillary service revenues recording above-budget numbers for the month," Luloff said.
She reported the balance sheet reflects a decrease in current assets of $260,000 from July and a decrease in current liabilities of $723,000.
"Many of the key financial ratios showed improved strength for the month - liquidity, capital and profitability," she reported.
When the capital budget was approved in March 2012, plans called for bringing in digital mammography services to WMC not as a capital purchase but under a leasing arrangement, Luloff told the Board.
WMC will be leasing the equipment for $85,740 per year.
"The planned conversion to digital mammography will provide WMC's patients with the highest quality of care using the latest technology," she said.
The new equipment is expected to be installed within the next four to five weeks.