Grinnell Regional Medical Center released its annual report, “Recognized. Renowned. Remarkable. Why Choose GRMC?” that summarizes the hospital’s activities and finances during 2010. The annual report can be found online at www.grmc.us.
The past year welcomed several huge successes for the community hospital. Topping the list are the Leapfrog Group Top Hospital Award and the Bariatric Center of Excellence re-accreditation. Both awards earned GRMC national recognition for quality care.
“Success came in different forms this year. We welcomed seven healthcare providers and secured four others who began work in 2011. These providers filled specialty areas such as OB/GYN and internal medicine and increased our capabilities in anesthesia, family practice, general surgery urology, and orthopedics,” says Ed Hatcher, president of the GRMC Board of Directors. “We also enjoyed two TV news segments on Des Moines area stations.”
Another significant advancement was the installation of a new MRI inside the radiology department. GRMC also added high definition endoscopes and monitors, a Turis urology laser for stones, new beds in intensive care and the medical/surgical units, upgraded wireless network and IT security, and new testing units for advanced lab tests.
“Community support is so critical to the medical center’s success and in 2010 we’re very pleased to report broad community support for GRMC and our many programs,” Hatcher says. “I’m amazed and proud of the community we live and work in because of the commitment to support GRMC. The economy was difficult in 2010 and yet giving to support GRMC increased. We see perseverance to support our local non-profit hospital. We try to be transparent about what is happening financially and where donated money goes. I think our supporters appreciate that and understand the difficult situation we face.”
GRMC’s 2010 annual fund drive raised almost $264,000 from 765 donors. Simultaneously, 430 donors contributed $322,000 to upgrade the hospital’s magnetic resonance imaging unit (MRI) services. Giving to both efforts totaled $586,113—topping last year’s annual fund drive.
This support helps fund the operations of GRMC. In 2010, GRMC reduced its costs significantly over 2009. Total operating revenue from all sources totaled more than $70 million – this includes patient charges, grants, and other revenue. However, the medical center is not able to collect all the patient charges, primarily due to Medicare and Medicaid policy. Because of the size and location of the hospital, GRMC is severely disadvantaged compared to other rural hospitals. In 2010, GRMC had total deductions of $33.5 million, which allowed GRMC to end the year with a net revenue of $36.7 million. Total expenses were $39 million, leaving a total operating loss of $2.2 million. GRMC received other contributions and gain on investments so the overall loss in 2010 was slightly more than $1 million.
“In 2010, GRMC reduced its costs significantly over 2009, through expanded group purchasing, shifts in costs for services using our Mercy Health Network relationship, and personal sacrifices by staff with the hopes that a short-term forfeit of benefits provides a long-term benefit of the hospital,” says Todd C. Linden, GRMC president and CEO. “These cost reductions of nearly $1.4 million helped in reducing the expenses over revenues and the overall loss for the year.
“The past several years have been financially difficult primarily due to poor government reimbursement and patient volume decline resulting from the economic downturn and fewer physicians in a couple specialties. Fortunately, the future looks much better given the improvements to GRMC Medicare payment starting in 2012 as part of the healthcare reform legislation and our wonderful success recruiting physicians and mid-level providers. With more than a 20 percent reduction in our expenses the past several years and these improvements which will enhance revenues, I am confident we have turned the corner financially,” Linden says.
For the complete financial report, the lists of donors, and all the successes in 2010, go to www.grmc.us. Click on the “About Us” link, then the “Annual Reports” link.
For more information or a list of donors, please contact Jan Veach, GRMC office of communications and development, at jveach@grmc.us or 641-236-2946.
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