For public record, the accounting firm of Seim Johnson, LLP released an audit report for Cass County Memorial Hospital, Atlantic, on Sept. 26, 2019.
The Hospital’s operating revenue totaled $52,065,763 for the year ended June 30, 2019, an 8.9 percent increase from the prior year. Total operating revenue included $47,749,368 in net patient service revenue and $4,316,395 in other operating revenue. Net nonoperating revenue was $1,837,723 which was comprised of $822,082 in investment income, $2,438,445 in property tax revenue, $399,183 federal interest subsidy, $5,744 net retail pharmacy loss, $273,698 provision for bad debt receivable, and $2,089,941 interest expense.
Operating expenses for the year totaled $51,792,356, a 6.5% increase from the prior year, and included $30,741,439 for salaries and employee benefits; $12,572,984 for supplies and other expenses; $4,715,609 for professional fees and purchased services; and $3,762,324 for depreciation and amortization.
A copy of the audit report is available for review in the Hospital Administrator’s Office, in the Office of the Auditor of State and on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports.