Spencer, Iowa (NorthwestIowaNow.com) — Spencer Hospital’s latest audit shows significant financial progress, despite ongoing challenges like workforce shortages and supply chain costs.
The annual report reveals the hospital finished its fiscal year with a 4.0 percent positive operating margin. When factoring in investment gains and other non-operating revenues, the net income was 9.1 percent.
The audit, conducted by Winther Stave and Company, highlighted several reasons for the strong performance. These include an increase in patient revenues , improved cost management , and supplemental payments from Medicaid and Medicare.
Hospital President Brenda Tiefenthaler says the positive results are a testament to the team’s strategic decisions and dedication. She noted the hospital continues to reinvest in the region, pointing to the new Emergency Department that opened in August.
