(ACUTE CARE Partner) Redwood Area Hospital Remains Strong

From Redwood Area Hospital:

Annual financial report presented to City Council

Redwood Area Hospital’s audited financial statements were presented to the City Council by representatives of CliftonLarsonAllen, LLP, on Tuesday, April 5.

The financial reports show 2015 was another strong year. Numbers fluctuated downward in some areas over the previous year with a net operating income of 8 percent at $1,924,814. However, compared to other Critical Access Hospitals with an average 3 percent net margin, the local hospital still holds a very healthy financial position.

“Going into 2015, we budgeted for an 8 percent margin knowing we continue to face fiscal pressures and insurance reimbursement rates decreases,” explains Bryan Lydick, Redwood Area Hospital CEO. “That said, our patients continue to be our top priority. We managed our resources wisely, navigated the fiscal pressures of insurance reimbursements and continued to invest in the overall health of our community.”

In 2015 Redwood Area Hospital invested $500,000 in hospital equipment and services directly impacting patient-care.

2015 accomplishments:

  • Opened the Health Pavilion in March 2015 to expand the hospital’s hospice, home care and adult day services as well as additional space for Davita’s dialysis services contracted through the hospital
  • A full year of total joint replacement surgeries with expanded orthopedic specialists on site 3 days per week.
  • MRI permanently parked on site
  • Opened a Wound Care Clinic in September 2015
  • Expanded Hospitalist coverage with ACI
  • Donated Certified Athletic Trainer services to Redwood Valley High School for all sports teams and sports medicine classes
  • Expanded preventative care models such as free “I Can Prevent Diabetes” programming and multiple community blood sugar screenings throughout the year
  • Received Mission: Lifeline grant to install equipment to read EKGs from local ambulance services to recognize the most deadly heart attacks faster

“The hospital maintains the practice of positioning itself financially for the future,” explains Dan Koster, Redwood Area Hospital Commission Chair. “This includes anticipating changes in reimbursements for services as well as achieving ambitious strategic goals such as major investments in technology and equipment to meet the ever-changing demands of healthcare, as well as future renovations of the facility. This financial planning and stability allows us to grow when others are not and, ultimately, continue to provide exceptional healthcare to our community.”

Last year the Redwood Area Hospital Foundation raised more than $61,000 to enhance patient care.

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