Winneshiek Medical Center reports net losses

Winneshiek Medical Center's financial audit for its 2012 fiscal year showed the hospital had a net operating loss of $440,248.

Gwen Moser from the accounting firm of EideBailly CPAs presented the results of the audit to hospital board members on Wednesday evening.  She noted that the hospital had 2012 revenues of just over $42 million--an increase of not quite $98,000 from the previous fiscal year.

But an increase in expenses resulted in a net loss of one percent of revenues, whereas the hospital had shown a two percent positive yield the year before.  "Winneshiek Medical Center has been having some challenges maintaining those margins," noted Moser.  However, she said similar hospitals in Iowa also struggled in 2012 and Winneshiek Medical Center overall is "faring relatively well, compared with its peer group."

Meanwhile, the hospital reported a net operating loss of $186,657 in September on total patient service revenues of $5,850,454.  That represented a margin of --2.94 percent.