Rice Hospital notches up a good financial year, but faces challenges ahead

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By Anne Polta, West Central Tribune, Monday April 15, 2013 — WILLMAR —Rice Memorial Hospital has seen steady improvement in its balance sheet and overall fiscal strength in the past five years, putting it in a favorable position to weather the future, auditors told the hospital board’s finance committee on Friday.

Rice ended 2012 with a net profit of about 2 percent on total operating revenue of $100 million, according to the annual audit. The Rice organization includes the hospital, the Rice Care Center, Rice Home Medical and the Rice Health Foundation. Dan Vandenberghe of McGladrey said the city-owned hospital’s financial performance last year was “pretty remarkable.” “It’s a strong position to be in today as we look at all the uncertainties in health care… It shows a lot of good operations and restraint on the spending side,” he said. In spite of a continuing decline in patient volume, Rice has been producing cash on its operations, Vandenberghe said. “Those are all signs of a healthy organization.”  Read the full story at wctrib.com

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