Lancaster (Pa.) General Hospital had a surplus of $66.6 million at the end of fiscal year 2009-2010, compared to $136.8 million in fiscal year 2006-2007, according to a Sunday News report.
The past fiscal year's surplus is LGH's lowest since 2004-2005. The decrease in surplus was due to several factors, including higher expenses, fewer grants and other financial assistance and increased salaries and benefits. While revenues rose 2 percent from 2008-2009 to 2009-2010, expenses increased 3.5 percent. Compensation increased from $385.5 million to $412.6 million over the same time period. However, CEO Tom Beeman's total compensation decreased from $1.35 million in 2008-2009 to $1.32 million in 2009-2010.
Despite the reduced surplus, the Pennsylvania Health Care Cost Containment Council reported LGH had the highest annual revenues of any hospital in the 11-county region over the past four fiscal years.
Read the Sunday News report on Lancaster General Hospital.
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The past fiscal year's surplus is LGH's lowest since 2004-2005. The decrease in surplus was due to several factors, including higher expenses, fewer grants and other financial assistance and increased salaries and benefits. While revenues rose 2 percent from 2008-2009 to 2009-2010, expenses increased 3.5 percent. Compensation increased from $385.5 million to $412.6 million over the same time period. However, CEO Tom Beeman's total compensation decreased from $1.35 million in 2008-2009 to $1.32 million in 2009-2010.
Despite the reduced surplus, the Pennsylvania Health Care Cost Containment Council reported LGH had the highest annual revenues of any hospital in the 11-county region over the past four fiscal years.
Read the Sunday News report on Lancaster General Hospital.
Related Articles on Hospital Finance and Business News:
Top 10 States With the Highest Healthcare Employment
New Virtua Voorhees Hospital Now Open in New Jersey
Healthcare Cost Increases Almost Reached New Low in S&P Measurement