(KLZA)--During the Community Medical Center's annual public meeting May 2, Hospital CEO Ryan Larsen defined the hospitals 2018 financial picture as strong, but with a significant decrease in the bottom line.
While revenues grew to $28.1-million, more than $1.5 million more than in 2017, the total expenses increased by more than $2.6-million to $27.545-million.
Larsen says the excess revenues of $948, 243 is excellent for a rural hospital, calling it a strong performance, but not to the extent CMC has realized in previous years.
In Fiscal Year 2017, CMC's revenues outpaced expenses by more than $1.9-million and in FY-2016 the hospital revenues were ahead of expenses by nearly $2.2-million.
Larsen says it is a challenging time for healthcare around the nation and rural hospitals in particular, including some in the area. 54 rural hospitals have now closed in the past decade.
While CMC is in a strong financial situation, Larsen said it is definitely something watched by administration and staff. He said it takes a lot of hard work by staff members and the support of the community to remain strong and robust.
CMC has more than $12.1-million in unrestricted and internally designated cash and cash equivalents which allow the hospital to weather downturns and to reinvest in necessary facilities and equipment.
Part of the reason for the drop in excess revenue is the high number of Medicare cases when the Congressionally-established rural reimbursement rate is currently set below the cost of care.
© Many Signals Communcations
MOST VIEWED STORIES
Holton man killed in Jackson Co crash
Morrill pair arrested on drug, child endangerment charges
Cold case investigation leads to Holton warrant
Horton City Clerk's resignation accepted Monday
Effingham owner regains truck following theft, arrest
Falls City man sentenced to Federal Prison
Ground Broken for new Sac and Fox Trad'n Post
Local residents avoid injury in chain reaction crash
Jackson Co traffic stop leads to arrest
One held for past Atchison shooting
90 mph+ downburst winds blamed for Thursday damage
Wamego man sentenced in second fentanyl-related death
Mayetta pair arrested on meth, child endangerment charges
Stolen trailer, 4-wheeler, recovered in Atchison
Early Thursday storms leave damage, outages, locally
Juveniles face charges following Atchison break-in
Atchison Co's Oswald named honorary bailiff for KS Court
LATEST STORIES
Atchison company earns energy grant; upgrades planned
Winchester native named as Amberwell CEO
April is Alcohol Awareness Month in Nebraska
MoDOT to discuss Holt County bridge projects
Sheriff's Office to take part in drug take back event
Council hears report from golf course
Commission approves agreement for budget help
Pawnee City School Board approves personnel changes
Hazard mitigation planning meeting set for Atchison County MO