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Archive for Thursday, November 29, 2007

LMH projects increase for 2008 budget

November 29, 2007

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Lawrence Memorial Hospital leaders on Wednesday approved a 2008 budget that projects another strong financial year for the hospital.

Members of the hospital's board of trustees approved a budget that anticipates $146 million in revenue for 2008, up 10.9 percent from 2007's budgeted revenue. Expenses are budgeted at $140 million, leaving the nonprofit hospital about $6 million to reinvest into the hospital.

The 2008 budget includes several major capital purchases. They include:

¢ $1.7 million for digital mammography services.

¢ $1.3 million for a portion of a new MRI machine at LMH South.

¢ $2.1 million for information technology software.

¢ $4.2 million for equipment purchases to fill space being built as part of a $40 million hospital expansion.

Gene Meyer, LMH president and chief executive officer, pointed to strong increases in the hospital's outpatient services as a key factor in the revenue growth.

The 2008 budget continues to include money to pay for patients who don't have the financial means to pay, and funding to provide services to Health Care Access. The hospital is budgeting $8 million for charity care and other similar expenses. That's up 12 percent from 2007.

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