Family Financial Connections archive
Date: December 2014
The most current numbers show Lawrence Memorial Health center is having a better-than-expected financial year in 2014, and hospital leaders are budgeting for a strong 2015 too.
The health center’s board of directors on Wednesday approved a 2015 budget that estimates the not-for-profit health center will take in about $7.8 million more in profits than expenditures. That’s on top of new numbers that approximate the healthcare facility will make about $8.6 million this year. That’s about $1.5 million much better than hospital officials had budgeted for at the beginning of the year.
Gene Meyer, president and CEO of LMH, stated the medical facility had actually not experienced the very same kind of stagnations some other hospitals had seen in client volumes.
“I believe we have actually had the ability to sustain some success since our volumes have actually held fairly stable,” Meyer stated. “Some health centers that are suffering have actually seen a 20 percent reduction in inpatient activity. We have not seen that, and we have actually also done a great job of controlling our expenses.”
Meyer stated the trend in the insurance coverage industry of offering more “high deductible” health care plans has hurt lots of health centers since individuals have actually been more unwilling to obtain healthcare treatment due to the fact that they are worried about paying the out-of-pocket costs linkedconnected with those health care plans.
Meyer said LMH has been able to stay clear of a few of that slowdown by reducing the variety of Douglas County residents who are traveling outside the neighborhood for healthcare services.
“We are serving more individuals,” Meyer stated. “We think we’re serving some individuals who were going elsewhere previously.”
LMH is budgeting to gather about $190 million in net client profits in 2015, up from a forecasted $182 million in 2014. The 2015 budget plan likewise includes funding for the equivalent of 18 new full-time positions at the health center. The brand-new positions are a mix of patient care and regulatory positions. Numerous of the positions aren’t totally new to the healthcare facility, but rather are rehab therapists who had actually been working at the healthcare facility for a professional butnow are being included to the LMH payroll.
As a not-for-profit, city-owned facility, the healthcare facility technically does not make a profit. Rather, it utilizes its incomes over expenditures to money enhancements at the healthcare facility and to develop up reserves to cushion against future slumps.
The 2015 budget plan includes about $7.8 million worth of capital enhancements at the hospital. The largest project will be a $3.1 million remodelling of the health center’s inpatient rehabilitation and proficient nursing system. Janice Early, LMH’s vice president of marketing and communications, said the rehabilitation will convert the shared client spaces into personal spaces, add a dining area for rehab clients, and even an area developed to duplicate an apartment so that stroke victims and other patients can deal with reclaiming a few of the abilities they’ll needhave to return house.
Copyright 2014 The
All rights reserved. This material might not be published, broadcast, rewritten or redistributed.
We strive to maintain our values for every story published.