(Spirit Lake)– The board of trustees of Lakes Regional Healthcare Monday reviewed a recently completed audit of the hospital’s finances by State Auditor David Vaudt.
The report shows the facility had total revenue of 20.8 million dollars for the year ended June 30th, 2004…an 8.3 percent increase from the prior year. The revenues included 20.3 million in net patient revenue; 492-thousand in other operating revenue and non-operating revenue of almost 334-thousand dollars, which includes gifts and bequests and interest on investments.
Expenses for the year totaled 19.5 million dollars…a 7.5 percent increase from the prior year. Of that, 9.4 million was for salaries and benefits; 7.5 million was for purchased services and 1.9 million went for depreciation and amortization. The increase in expenses was attributed to changes in patient volume and associated costs.
A copy of the audit report is available for review at the Lakes Regional Healthcare Administrative Office.
