Daily Newsletters
Account
Washington Evening Journal
111 North Marion Avenue
Washington, IA 52353
319-653-2191
Hospital audit shows 28% increase in revenue
Southeast Iowa Union offers audio versions of articles using Instaread. Some words may be mispronounced.
MARENGO — The accounting firm of Eide Bailly LLP released an audit report for Compass Memorial Healthcare in Marengo Sept. 27.
According to the audit, the hospital’s operating revenue totaled $49,532,566 for the year ended June 30, 2024, a 28.5% increase from the previous year.
Total revenue included $47,486,812 in net patient service revenue, $2,054,333 in other operating revenue, and a $8,579 loss on disposal of right to use leased assets.
Operating expenses for the year totaled $43,750,623, a 20.85 increase from the prior year, and included $25,364,017 for salaries and employee benefits; $5,312,101 for professional fees and purchased services; $10,127,644 for supplies and other expenses; $211,828 for insurance and $2,735,033 for depreciation and amortization.
Net non-operating revenue was $96,427, which was comprised of $716,275 in investment income; $674,529 in interest expense; and $54,681 in noncapital grants and contributions.
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 website: auditor.iowa.gov/audit-reports.
