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Business

LMH reports revenue increase of $18.4 million in 2016

Lawrence Memorial Hospital

Lawrence Memorial Hospital

April 19, 2017

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Last year was another financially strong period for Lawrence Memorial Hospital, according to an annual audit released this week.

A report presented to the hospital’s board of trustees Wednesday noted a roughly $18.4 million increase in revenue from 2015, climbing to $221.8 million (before expenses) in 2016. The hospital's overall bottom line, however, was not quite as robust as 2015. The hospital produced operating income — revenues over expenses — of $13.7 million in 2016, which was down from $18.2 million in 2015. LMH is a nonprofit entity, and any revenues over expenses are reinvested back into the hospital.

Other highlights from the report include:

• Hospital inpatient revenue increased by 16 percent in 2016, with surgeries occurring at the hospital increasing at a particularly strong rate. Inpatient surgery cases increased by more than 17 percent in 2016, bringing additional revenue to the hospital. Adult and pediatric discharges increased by just more than 2.1 percent compared to 2015, and inpatient days for adults and pediatric patients increased by a half percent over the last year.

• Hospital outpatient services increased by more than 14 percent from 2015 to 2016. Pharmacy services contributed significantly to the growth, according to hospital data, because of increased use of chemotherapy and hematology drugs for LMH patients over the last year.

• Outpatient surgery cases increased by 7 percent from 2015 to 2016, contributing to a higher revenue generated by LMH’s surgery-related departments.

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