Auditors say Myrtue Medical in good financial position
HARLAN -- Chris Nelson of Gronewold, Bell, Kyhnn & Co. P.C. CPA, Atlantic outlined the annual audit report for the 2016-2017 fiscal year for Myrtue Medical Center at the October board meeting. Following his presentation the MMC Board of Trustees approved the audit report.
The audit indicated a higher operating cash position, improved collections of patient receivables and continued decrease of long term debt as a few of the positive indicators that show the medical center in a stronger financial position at the end of the year. A copy of the audit report will be available soon for review in the office of the Auditor of State and in the office of MMC CEO Barry Jacobsen.
Revenues totaled $40,663,300 for the year ended June 30, 2017, a 5.4 percent increase from 2016. The revenues included $38,999,600 in net patient revenue, $340,300 in other operating revenue, $1,033,000 from county taxes and $133,800 in interest on investments. Capital grants and contributions totaled $127,300. The auditors reported total assets and deferred outflows of resources were $60,260,206 for 2017.
Nelson said basically all of MMC’s increase in current assets is in cash which is a very positive start to this financial statement. The ratio for days revenue in accounts receivable has decreased over the last three years.
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