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Crookston, Minn. —
With RiverView Health's financial report for fiscal year 2011, Chief Financial Officer Bill Bennett brought some great news to the association's annual meeting Monday evening: There was a positive turnaround to the tune of $1.3 million from the previous year.
"In 2010, we reported a net loss of $548,722, but 2011 shows $772,927 in the black," he said. "That's a huge jump."
Increases in revenue from patients/residents/clients and patient services, along with non-operating revenue and contributions, were enough to help offset decreases in investments and other operating income and still bump up the net assets significantly for the year.
"Does this mean we can sit back and rest easy?" said Bennett. "No, maintaining a healthy financial picture is an ongoing job that takes work on the part of everyone involved with RiverView. But it is nice to see the numbers turn around."
He added that Medicaid reimbursements are currently the healthcare system's biggest challenge.
Some service statistics he provided from the last five years are worth noting: hospital discharges have inched up each year, from 906 in 2007 to 1,042 in 2011; the number of surgeries performed jumped in 2011 to 2,609, over 150 more than the previous year; the average length of a hospital stay was at a five-year high at 3.37 days; Crookston Care Center resident days have continued to decline, from 22,270 in 2007 to 18,935 in 2011; the number of home health/assisted living patients decreased last year, but have remained fairly steady, as have CT scans and radiology procedures; and the number of ultrasounds conducted continues to drop, with 2,316 last year compared to 3,492 in 2011.
As far as revenue goes, RiverView derived two-thirds of its revenue from outpatients and only a third from inpatients. Medicare was the largest single payer at 36 percent, with Blue Cross second at 28 percent, Medicaid at 13.5 percent and other sources 22.3 percent.
Ross Matlack, president and CEO of RiverView Health, informed meeting attendees that this was to be Bennett's last annual meeting, as he has announced plans to retire after 12 years on in the position later this year.
Awards
This year's Reaching Out to Serve award was presented to six members of Chapter AX P.E.O. who, in 2009, founded what's become affectionately known as Glen-Mart, which provides clothing and accessories for men and women who are patients at Glenmore Recovery Center. The women, three of whom were able to attend, are Audrey Eickhof, Linda Hanson, Mary Beth Sargeant, Jan Opgrand, Nancy Thomasson and the late Merle Miller. The award is given to a person, group or program that demonstrates innovativeness, voluntary or self-initiated efforts and works to improve the access, quality or cost effectiveness of healthcare.
Sarah Reese received the Alta Hermodson Heart and Soul award, which is selected and presented by the RiverView Health Auxiliary to a volunteer showing the greatest dedication to the Auxiliary’s mission. Reese was instrumental in getting the annual kickball tournament and junior auxiliary up and running, among other things. The award is given in honor and memory of Hermodson, a dedicated RiverView volunteer who exemplified the spirit of volunteerism by serving in various capacities throughout the community, even as she reached 90 years old.
With RiverView Health's financial report for fiscal year 2011, Chief Financial Officer Bill Bennett brought some great news to the association's annual meeting Monday evening: There was a positive turnaround to the tune of $1.3 million from the previous year.
"In 2010, we reported a net loss of $548,722, but 2011 shows $772,927 in the black," he said. "That's a huge jump."
Increases in revenue from patients/residents/clients and patient services, along with non-operating revenue and contributions, were enough to help offset decreases in investments and other operating income and still bump up the net assets significantly for the year.
"Does this mean we can sit back and rest easy?" said Bennett. "No, maintaining a healthy financial picture is an ongoing job that takes work on the part of everyone involved with RiverView. But it is nice to see the numbers turn around."
He added that Medicaid reimbursements are currently the healthcare system's biggest challenge.
Some service statistics he provided from the last five years are worth noting: hospital discharges have inched up each year, from 906 in 2007 to 1,042 in 2011; the number of surgeries performed jumped in 2011 to 2,609, over 150 more than the previous year; the average length of a hospital stay was at a five-year high at 3.37 days; Crookston Care Center resident days have continued to decline, from 22,270 in 2007 to 18,935 in 2011; the number of home health/assisted living patients decreased last year, but have remained fairly steady, as have CT scans and radiology procedures; and the number of ultrasounds conducted continues to drop, with 2,316 last year compared to 3,492 in 2011.
As far as revenue goes, RiverView derived two-thirds of its revenue from outpatients and only a third from inpatients. Medicare was the largest single payer at 36 percent, with Blue Cross second at 28 percent, Medicaid at 13.5 percent and other sources 22.3 percent.
Ross Matlack, president and CEO of RiverView Health, informed meeting attendees that this was to be Bennett's last annual meeting, as he has announced plans to retire after 12 years on in the position later this year.
Awards
This year's Reaching Out to Serve award was presented to six members of Chapter AX P.E.O. who, in 2009, founded what's become affectionately known as Glen-Mart, which provides clothing and accessories for men and women who are patients at Glenmore Recovery Center. The women, three of whom were able to attend, are Audrey Eickhof, Linda Hanson, Mary Beth Sargeant, Jan Opgrand, Nancy Thomasson and the late Merle Miller. The award is given to a person, group or program that demonstrates innovativeness, voluntary or self-initiated efforts and works to improve the access, quality or cost effectiveness of healthcare.
Sarah Reese received the Alta Hermodson Heart and Soul award, which is selected and presented by the RiverView Health Auxiliary to a volunteer showing the greatest dedication to the Auxiliary’s mission. Reese was instrumental in getting the annual kickball tournament and junior auxiliary up and running, among other things. The award is given in honor and memory of Hermodson, a dedicated RiverView volunteer who exemplified the spirit of volunteerism by serving in various capacities throughout the community, even as she reached 90 years old.
