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.