(Spirit Lake)– Lakes Regional Healthcare has received the audit of its finances for the fiscal year that ended June 30th, 2019. It shows the facility ended the year with a net income of $1.25 million, 2.9 percent margin from operations.
The hospital posted net operating revenue of slightly more than $43 million, a six percent increase from the prior year. That includes a little more than $42.1 million in net patient service revenue and $882,000 in other operating revenue. Net non-operating revenues were slightly more than a million dollars which included a little more than $558,000 in investment income, $730,000 in county tax revenues and slightly more than $277,000 in interest expense. Operating expenses totaled slight less than $43 million…a 7.2% increase from the prior year. It included a little more than $17.2 million for salaries and employee benefits; nearly $10.6 million for supplies and other expenses; $11.87 million for purchased services and professional fees and slightly more than three million dollars for depreciation.
A copy of the audit report is available at LRH’s administrative office or at the Auditor of State’s website at www.auditor.iowa.gov/reports/audit-reports/.
