The Gunnison Valley Hospital has recorded $3 million in revenue that is helping turn the tables for the hospital that threatened to close its doors a couple of years ago.
The revenue, recorded during the past fiscal year, compares to $2.4 million the previous year, less medicare and other adjustments. The net operating income stood at $436,231, it was reported at the board of directors meeting.Long-term indebtedness was reduced by 60 percent before the purchase of an ambulance and a computer system. Cost of the computer system was split with the Central Valley Medical Center in Nephi. The Gunnison hospital has an indebtedness of about $178,000 for equipment purchases.
Joint purchases and a joint administrator between the two hospitals have financially benefited both institutions. Much of the success of the financial reversal has been attributed to Mark Stoddard, who was administrator at Nephi prior to being appointed to the post at Gunnison. He now spends his time between the two hospitals in his dual administrative role.
Expenses at the Gunnison hospital also have been cut in other areas, and some of the long-standing past due patient accounts were cleared through special discount offerings.
An agreement was recently completed with the Central Utah Correctional Facility for the hospital to provide laboratory services. There is a hospital in the prison but it can't provide laboratory services. The prison also contracts radiology services with the hospital.