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Hospital's 2020 financial audit shows the impact of COVID-19

Posted: Thu, Oct 8, 2020 12:35 PM

The 2020 fiscal year was one of challenges for Winneshiek Medical Center, largely due to the impact of COVID-19 on the medical center's operations.  But WMC Chief Financial Officer Lynn Luloff says there are signs of improvement heading into the next fiscal year.

The official audit of the medical center's financial record for July 1, 2019 through June 30, 2020 shows an operating loss of $4,157,000.  However, some relief funds from the federal government have softened the impact COVID-19 has had financially.  Winneshiek Medical Center ends the 2020 fiscal year with a $1,334,000 decrease in net position.  But Luloff pointed out the hospital still has cash reserves to cover almost 6 months of operating expenses without any revenue and that more COVID relief funds will be added to the medical center's 2021 financial report.  Even with an "unprecedented" year, the hospital still has a net position of $21,159,000.

As reported earlier, financial results from July and August have been positive, with expenses lower than budgeted and net positive income in both months.