Preliminary financial results for Winneshiek Medical Center show an operating loss of over $2.2 million for 2018-2019
Posted: Thu, Aug 8, 2019 1:34 PM
The figures aren't final yet, but it would appear Winneshiek Medical Center lost $2.2 million on its operations in 2018-2019.
The preliminary financial report released this week shows the hospital had net patient revenues of $57,624,799 in 2018-2019. However, it had another $3,245.175 in other operating revenue, for total operating revenue of $60,869,974. That's an increase of just under two percent from the previous fiscal year. However, operating expenses were $63,100,328, which produced an operating loss of $2,230,354.
The medical center continues to feel the impact of more people using outpatient services instead of inpatient services. Revenues generated from outpatient services increased by 8 percent, while revenues from inpatient services declined 17 percent.
Even when $779,957 in non-operating revenues were added to the financial results, WMC ended the 2019 fiscal year with a preliminary net loss of $1,450,397. That's not a good result, of course, but medical center officials say it is a 51 percent improvement from last fiscal year.