The results are in on Elbert Memorial Hospital’s Fiscal Year 2012 audit report, and good news is aplenty in the report.
Sticking out the most is the hospital’s significant swing in income from FY 2011 to FY 2012.
In FY 2011 Elbert Memorial ended the year with an operating loss of over $950,000; compare that to FY 2012, where the year ended with an operating income of nearly $870,000.
Elbert Memorial CEO Jim Yarborough said a couple of things helped on that front.
“That’s a good swing, and of that number, slightly over two million dollars of that revenue came in from our electronic health records, property taxes, and a few other sources”, said Yarborough.
While the AnMed Health Affiliation did not factor into this particular report, Yarborough says the partnership should help Elbert Memorial keep expenses down moving forward.
“What we anticipate is by being able to tap into their purchasing power, is that we are going to be able to reduce some of our expenses for supplies and equipment”, said Yarborough. “We are also hoping that with their assistance on physician recruitment, that we will be able to do more services locally.”
He says the auditors from the Dixon Hughes Goodman group, said this audit was one of the cleanest audits they have done for the hospital in a long time.
“We were very pleased with this result; we’re very pleased with the financial performance, and we are also very pleased with this audit”, said Yarborough. “Our staff did such a good job of keeping our financials on track and clean.”
Another interesting note from the audit, the hospital reduced operating expenses from a FY 2011 mark of $12,329,000 to $11,961,000 in FY 2012.