MALONE — The Alice Hyde Medical Center finished 2013 more than $7 million in the black, medical center officials said Tuesday — a far cry from some of the region’s other rural hospitals .
“When you include all sources of hospital revenue for 2013 (such as investment income, philanthropy, NY Pool Payments, grant money and Rural Access Development money), the total hospital revenue for 2013 actually totals $76.8 million, with total operating expenses of $69.4 million. As such, the hospital experienced net income in 2013 of $7.4 million,” said Douglas F. DiVello, Alice Hyde president and CEO.
Medicare, Medicaid and Blue Cross are the three largest sources of income for the medical center, accounting for nearly $21 million, nearly $14 million and nearly $15 million, respectively, according to the facility’s annual report.
The single biggest expenditure was salaries, at $33.5 million, with fringe benefits accounting for another nearly $8 million.
The hospital wrote off bad debts of about $2.3 million, the report said.
The surplus is in stark contrast to budget-ravaged hospitals in Massena and Lake Placid that are scrambling for ways to keep afloat, and even Alice Hyde’s own recent financial past.
“This represents a significant improvement in operating performance compared to 2012, when the hospital’s net income was a modest $959,000. In further contrast, our net income in 2011 was negative $1.8 million,” Mr. DiVello said.
Due to an accidental omission of data in its annual report, the medical center initially looked as though it finished in the red for 2013.
In a mailing sent out to 6,000 area residents last week, the hospital’s revenue appears to be $5.2 million less than its operating expense figures. Alice Hyde officials said they left out a few important revenue figures that would have given a clearer picture of the hospital’s true fiscal health.
Mr. DiVello said only patient care revenue was identified. To correct this oversight, the hospital has modified the financial page of the 2013 annual report and posted the revised version on its website, www.alicehyde.com.
According to Mr. DiVello, this is the first year that Alice Hyde has included revenue and expense figures as a component of its annual report. “The hospital is owned by the community, and I believe that it is important for us to be as transparent with important information like revenue and expense when we tell our story to the people of Malone and the surrounding communities that rely on us for their health care needs.”
In addition to strengthening its financial position, Alice Hyde officials said, the hospital has been successful in expanding access to primary care by recruiting several new providers and enhancing clinical service in areas such as cardiology, vascular surgery, pulmonology, urology and oncology, and is well on the way to completing the construction of a new 165-bed skilled nursing and assisted living facility that will open in early 2015.