Winneshiek Medical Center is still facing problems, but did better financially in 2013

Winneshiek Medical Center had $1,001,000 in net revenues from July 1st, 2012 through June 30th, 2013.  That $1.5 million better than the hospital did the previous fiscal year, when it had a net loss of $440,000.

But WMC Chief Financial Officer Lynn Luloff told hospital board members Wednesday that the hospital still faces several financial challenges.

The chief challenge is a sharp decline in inpatient traffic.  Financial statistics for September of 2013 show a decline of 93 patient days from September of 2012.  The decrease in inpatient care "is moving fairly quickly," says Luloff.  That is fueled in part by some insurance companies which now will pay hospital based on outpatient rates for some procedures.

Luloff says the decline in inpatient care is countered by a 21 percent increase in clinic revenues.  That has been fueled by the addition of six new physicians and three new associates over the last year.

The hospital also has improved its cash on hand, which is now enough to cover 58 days of expenses.