The June financial audit of the Dallas County Hospital showed its solvency is rock solid, with assets of $41 million and liabilities of $4.5 million, according to the Omaha, Neb., accounting firm conducting the audit.
Roger Thompson, lead auditor with Omaha-based Seim Johnson, said Dallas County Hospital’s financial indicators put it at the top of the 82 facilities in the category of critical-access hospitals in Iowa. Thompson’s report also showed the DCH numbers exceed the averages of similarly sized hospitals in its peer group.
While the DCH continues to show operating losses — basically, the difference between what the hospital charges patients for services and what the services cost to provide — these losses were trimmed in 2015 to $292,000, well below the $1.8 million in operating losses shown in 2013 and the $1.2 million in 2014.
The $2.3 million in Dallas County property taxes flowing to the DCH in 2015 more than covered their operating losses. As a county hospital, public support of the DCH takes the form of property taxes paid by Dallas County property owners. Forty-two Iowa hospitals receive taxpayer support, at tax rates ranging from .27 percent to 4.47 percent. At .54 percent, Dallas County Hospital’s tax rate is the state’s seventh lowest.
“Results of the audit were positive,” said Mary Laborde, chairperson of the Dallas County Hospital Board of Trustees. “Compared to hospitals across Iowa and in the same peer group, Dallas County Hospital shows favorable financial indicators. While the hospital has shown revenue growth, expenses have continued to stay the same or decreased. This has allowed for a positive operating margin year after year. In addition, with no debt and a new facility, Dallas County Hospital is poised to continue growth in the upcoming years.”
The Trustees also hold more than $16 million in a fund for future capital improvements and equipment, according to the audit report, which said the “Board retains control over these funds and may, at its discretion, subsequently use them for other purposes.”
Laborde said the Trustees “are very pleased with the results of the review. The strong financial and quality performance of Dallas County Hospital in large part is credited to our engaged employees, who provide the best care for our patients each and every time.”
Founded in 1954, the Dallas County Hospital serves residents in Dallas, Green, Guthrie and Boone counties. For more information, call 515-465-3547 or visit www.dallascohospital.org.