Archive for Wednesday, April 16, 2008

LMH revenue increases $5.6 million from 2006 to 2007

April 16, 2008

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Lawrence Memorial Hospital trustees this morning voiced confidence in the hospital's 2007 audit that included a $5.6 million increase in revenue from 2006 to $137.2 million.

"Financial strength allows LMH to continue to invest in new equipment, plan for future growth in services and facilities based on community needs, support quality and patient safety initiatives," said Joe Flannery, chairman of the LMH board.

The hospital also saw a $6.2 million increase in expenses in the last year to $127.6 million. With investment income and other earnings included, the hospital netted $14.1 million in revenue over expenses, compared to a $13.8 million net in 2006.

Hospital management attributed the revenue increase to growth in invasive cardiology services at the hospital and adding vascular surgery.

LMH officials also announced in 2007 the hospital had 211,832 outpatient visits, 6,612 inpatient admissions, 33,673 emergency room visits and 1,149 births. All were increases from 2006.

The not-for-profit hospital is self supported instead of using city or county tax funding. LMH is also in the final phase of a $45 million expansion project scheduled to finish in 2009.

LMH President and CEO Gene Meyer said the audit reflected efficiency and financial health during a tough time for some hospitals.

"It sends a message that we're able to reinvest back into the community with substantial dollars," Meyer said.

BKD LLP of Kansas City, Mo., presented the audit results to trustees at this morning's meeting at LMH, 325 Maine.

Comments

Puff_Dragon 7 years ago

Guess who paid the majority of this.....you. 33,673 emergency room visits and 1,149 births. All were increases from 2006.Rock Chalk ......BarackkkSure wish they'd fix the pot holios,,, so's I can get out of town to my crib in Cedar Creek.(houses are on sale in c.c., 34 foreclosures this month.)

notajayhawk 7 years ago

"With investment income and other earnings included, the hospital netted $14.1 million in revenue over expenses, compared to a $13.8 million net in 2006."Geez, they can't do anything right. A not-for-profit organization that makes about $14 million per year. Nice margin, too - 7.5% not even counting investment income (the money they made from investing previous years' profits).Good thing they're not trying to make a profit.

Sigmund 7 years ago

Three words, "Windfall Profits Tax." Well at least they are making profit while they still are allowed to,

twaldaisy 7 years ago

At least they are making money and not sucking it out of the taxpayers' pockets. There is no such thing as nonprofit, even the charities make a profit. LMH reinvests into the hospital. Maybe not what we the people think it should be, but truly overall LMH does a decent job of trying to care for all people. And they will not turn people out because of no insurance and more than likely will write it off at the end of the year. And as for the population that uses the ER as a clinic and not a true emergency room, yes we the taxpayer get to pay for the $300 doctor visit for a hang nail in the ER. But that is not LMH's or any other healthcare facilities' fault.

Sigmund 7 years ago

twaldaisy (Anonymous) says: "There is no such thing as nonprofit, even the charities make a profit. LMH reinvests into the hospital."Well in fact there are true "Non-Profits" and they are not taxed by the IRS. Non-profits generally are operated by either volunteers, paid staff or a combination of both, usually reserving the senior executive positions to paid personnel while the entry-level and field positions are populated by volunteers. 501(c)(3) non-profits "surpluses" are not taxed and contributions by individuals are tax deductible.So if you are Hillary and Bill Clinton and you form a 501(c)(3) non-profit called "The William Jefferson Clinton Presidential Library." Then when you make say $108 million giving talks to rich Arabs, you could contribute 10% of that money to your 501(c)(3) library and reduce your taxes by $3.3 million. Then you give yourself a paid position with the library and use your $10 million "charitable contribution" to pay yourself. Talk about having your cake AND eating it too, reduce your taxes by paying yourself and look charitable to boot! Pretty cool, no?I just wish I had thought of that one before I paid all that money yesterday in Federal Income Taxes.

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