“Last year, we had an income from operations of about $2.1 million. This year, it was $3.8 million. That was a combination of primarily increased activity in the hospital and an increase in our gifts from donors,” says Wynn. “We received about $1.5 million in gifts this year, whereas last year, we only received about $200,000.”
The stock market’s success was a win for Passavant. Wynn says income from the hospital’s investments was $7 million last year compared to $500,000 the previous year.
“So all told, our bottom-bottom line ended up being this year about $10.8 million versus last year’s total of $2.6 million. So, last year was a good year. This year was even better,” he says.
As recently as 2010, Passavant was facing a seven-figure deficit and was forced to reduce staff.
“The year that we had the big loss was the year that we lost three of our surgeons, and so our activity was down,” Wynn says. “So this year, we’re back to pretty much full compliment, and our activity’s up. Income of operations is up, and we’re just all-around running much better.”
Wynn says a new medical office that will consolidate office locations for Memorial Health Systems and Springfield Clinic should open in June.
He says the biggest obstacle coming up this year will be how the Affordable Care Act affects the hospital.
“I think we’re just going to have to wait and see how that all shakes out, and it’s kind of scary not to know exactly what’s going to happen- we’re talking about in less than a year, some of these things are going to hit,” he says. “I think in the beginning of 2014, some of the more onerous regulations are going to hit, and we don’t know exactly how Obamacare is going to affect anything.”
Also last night, Dr. Steve Lillpop and Nancy Spangenberg were re-elected to four year terms on the Board of Directors. Two new faces joined them Arends-Awe owner and general manager Doug Awe and Farmers State Bank vice president and CFO Kelly Staake were elected to fill two spots vacated by retiring members Richard Johnson and Greg May.