financial situation improves
Express Staff Writer
financial figures show St. Lukeís Wood River Medical Center to have
almost reached the break-even point in its day-to-day operations.
However, the hospitalís ledger remains $2.6 million in the red when
depreciation is taken into account.
situation is an improvement over last year, when the hospital was
operating on a negative 3.5 percent cash-flow basis. CEO Bruce Jensen
said the trend gives him hope for complete financial independence within
cover our day-to-day expenses, but for any investment in buildings and
technology, we have to rely on other sources, i.e. St. Lukeís in Boise
and the local community," he said. "Our goal is to be a
hospitalís fiscal year runs from Oct. 1 through Sept. 30. Jensen said
pre-audit figures show operating expenses for fiscal 2002 to have been
$20,174,000, while revenues were $19,926,000. An audit is scheduled to
be completed by February or March.
said that since it opened in November 2000, St. Lukeís Wood River
Medical Center has worked to reduce expenses and raise revenues through
providing more services. He said the hospital brought in almost $20
million in revenue last year. During the hospitalís first year in
existence, revenues were $14.6 million, though that was only a 10-month
said patients are able to obtain more services here that they previously
could get only by traveling to Twin Falls or Boise. As examples, he
pointed to the recently installed magnetic resonance imaging machine and
sleep lab. The $1.6 million MRI machine was funded by private donations,
while St. Lukeís in Boise paid $500,000 to build the specialized rooms
needed to house it.
said the hospital has also added a new orthopedic surgeon and back
surgeon, and will soon upgrade its urology equipment and physical
therapy and rehabilitation services. He said it recently negotiated a
better contract for medical insurance reimbursement from Blue Shield of
said expenses have been reduced through better inventory controls and by
recruiting more local nurses and technicians, rather than paying for