Winneshiek Medical Center revenues were up in FY 2014, but so were expenses

Winneshiek Medical Center Chief Financial Officer Lynn Luloff is sharing some tentative financial figures from the hospital's July 1, 2013 through June 30, 2014 fiscal year.

An audit of the figures is currently being done and will be presented next month.  But Luloff told WMC Board members Wednesday night that Winneshiek Medical Center brought in $85.2 million during FY 2013-14.

But insurance reimbursements are never at 100 percent of the figure billed.  Luloff says there were $37.4 million in deductions during FY 2013-14.  That gave the hospital a net income of $48.2 million.

Operating expenses increased during the year to $49.5 million.  But $1.9 million in other operating revenues and $589,781 in non-operating revenues produced a net gain for the year of $1,197,501.

Luloff says the hospital's financial performance was especially strong in the final months of the fiscal year, giving promise for the fiscal year ahead.