Charles City, Iowa – The Floyd County Medical Center is losing money.
Hospital Administrator Rod Nordeng and Chief Financial Officer Ron Timpe presented the Floyd County Supervisors with their financial report for 2018 and it shows a loss of 114,000 dollars. Nordeng says despite the financial difficulties, the hospital is operating at its best.
Last year the hospital netted a 30,000 dollar profit. Timpe says the issue is medicaid M-C-Os don’t reimburse the hospital completely-only a percentage is paid. This year the hospital lost 742,000 dollars in medicaid expenses, part of the cost is from meals on wheels. Nordeng says the government healthcare programs sometimes can be an issue.
Nordeng says the numbers may change because this year’s audit is not finalized as the hospital is waiting for an outside firm to finish its independent audit.