(Spencer)– Spencer Hospital is in a good position financially. That’s the conclusion of a recent audit into the facility’s finances.
The report says Spencer Hospital concluded the fiscal year with a positive operating margin of four percent, with net income coming in at a positive 9.1 percent. That factors in investment gains and other non-operating revenues, including capital contributions.
The audit also notes an increase in patient revenues; receipt of supplemental payments from CMS including Medicaid Direct Payments and prior year Volume Discount Adjustment Payments; improved cost management; a reduction in accounts receivable days; strong performance in the hospital’s investment portfolio and continued investment in infrastructure, including Spencer Hospital’s new Emergency Department that opened in August of this year.
A copy of the report can be found at the State Auditor’s website and the hospital’s administration office.
