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Wellmont posts $6.5 million in income from operations
KINGSPORT — Wellmont Health System on Tuesday posted income from operations of $6.5 million for fiscal 2009.
“This was a year of accomplishment for our organization,” said Wellmont President and Chief Executive Officer Mike Snow. “Through the leadership of our board of directors and the hard work of our employees and physicians, we have overcome challenges both internal and external, emerging a stronger, more resilient institution.”
The fiscal year finances included one-time costs related to the examination of prior-year finances and the operations improvement effort. Without these expenses, Wellmont’s operating income would have been $15.7 million.
Both actual and normalized results were significantly better than the system’s budgeted operating income of $2.7 million for the fiscal year, the health system said.
Meanwhile, Wellmont posted net revenue growth of 2.8 percent for fiscal 2009; volume growth of 4.7 percent; and improvement in operating income for the last two quarters of the fiscal year, a result of the financial improvement plan implemented by the health system in January.
Wellmont also reported significant improvements in labor productivity; implementation of management tools to maintain high standards for efficiency and quality; and an outlook upgrade to “stable” by Standard & Poor’s Rating Services.
“Most importantly, we have achieved operational success while maintaining our commitment to quality,” Snow said. “Our communities — our patients — deserve the best healthcare we can deliver. While great effort was required to achieve this financial outcome, our organization has never wavered from its mission of delivering superior health care with compassion.”
The health system said that its annual audit was completed on time and with a clean opinion from auditors KPMG.
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Non-profit? Yeah right! LMAO
I don't think they have been a non-profit hospital for years. But I can see why our healthcare is so expensive.
I want to remind everyone that Wellmont is a "non-profit" healthcare provider. Providing superior healthcare is supposed to be non-profit but look at the organization's billing practices.