Winneshiek Medical Center was profitable in its 2010 fiscal year, but the hospital also continues to feel the impact of a sluggish economy.
Chief Financial Officer Lynn Luloff told WMC Trustees Wednesday night that the hospital had a net gain of $1.4 million on revenues of $70 million. That's a margin of 3 percent, but the hospital was aiming for a 4.24 percent margin.
Winneshiek Medical Center had to write off $26.5 million of the $70.4 million in gross patient revenues. Part of that came from a higher number of Medicare and Medicaid patients using the hospital. Another part came from $1,024,939 in charity care the hospital provided to patients who could not pay for their medical care.
Going forward, the hospital is making plans to cut $1 million in operating expenses.
Nevertheless, Winneshiek Medical Center still was able to make $1.5 million in capital improvements in the 2010 fiscal year, as well as paying off $1 million in debt.