Winneshiek Medical Center in November saw a recovery from the previous two months of operating losses, according to hospital officials.
After five months of the fiscal year, gross patient revenues are right at budget and represent a 7.4 percent increase over the same period in FY2017. Deductions from revenue, which include managed care contractual adjustments, charity care and bad debt, were $20.9 million for the same five months. Even though these adjustments are favorable to budget, they represent a 13.2 percent increase over last year at this time.
Year-to-date Winneshiek Medical Center's net revenues of $24.6 million are favorable to budget and have increased 3.6 percent over last year at this time.
November's Operating Gain was $33,364. With non-operating revenues of $64,589, there was a Net Gain of $97,953 for November.
WMC Chief Financial Officer Lynn Luloff says the key to November's financial results was a decrease in November's monthly operating expenses. Operating expenses year-to-date are $25.6 million and have increased 8.8 percent over last year at this time.
After five months of the fiscal year, Winneshiek Medical Center is still showing an operating loss of $1,009,925. However, the medical center has traditionally done better in the second half of its fiscal year.