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CMC finances remain strong despite COVID challenges

By John Nixon

04/13/2021

Community Medical Center CEO Ryan Larsen presents annual report

(KLZA)-- While patient service revenues declined, there were factors that made it a strong financial year for the hospital. The hospital utilized a strong cash reserve position and grant funds from the Federal Government and others to help offset financial losses due to COVID.

Patient revenue was down by $1.94-million. Expenses were down just under one million dollars. The other revenues which includes the government grants were more than $2.9-million, up from just $263,000 in 2019.

The hospital realized a profit of nearly $2.8-million for the Fiscal Year. Salaries and benefits accounted for just over $12-million of the total expenses.

CMC Community Benefits for the year included nearly $950-thousand in subsidized health service; more than $165-thousand in bad debts, more than $900-thousand in charity care. Combined with other categories, that total was just over $2-million.

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