(Spirit Lake)– A report by the State Auditor’s Office into finances at Lakes Regional Healthcare show the facility ended the fiscal year on June 30th, 2022, with net income of $4.1 million…a 7.2% margin from operations.
Operating revenue totaled a little more than $58 million, a 5.2% increase from the prior year. That included $56.6 million in net patient service revenue and $1.39 million in other operating revenue. Net non-operating revenues were $2.47 million, which was comprised of $1.88 million in CARES Act Provider Relief Funds, $92,397 in investment income, $815,767 in county tax revenues and $320,646 in interest expense.
Operating expenses for the year totaled a little more than $56.3 million, a 3.3% increase from the prior year.
A copy of the report is available at the LRH administrative office and the State Auditor’s website.
