Despite a challenging economy, Lehigh Valley Health Network finished fiscal year 2011 in robust health and an $80 million surplus, the company said in a news release.
With $1.5 billion in revenue and $1.4 expenses, LVHN produced an operating margin of $80 million, or 5.3 percent of total revenue ---double from the previous year--- The Morning Call said.
“Experts in health care say we need an operating margin of 5 percent of revenues to successfully reinvest,” said LVHN CEO and President Ronald W. Swinfard, who presented the information at the Dec. 7 annual meeting.
LVHN's ended the fiscal year $28.4 million under budget in expenses. Swinfard gave credit to LVHN’s employees and projects they have implemented to increase efficiency while maintaining or improving the quality of care, the news release said.
- More than 67,000 patients were admitted to LVHN's three hospitals, a 2.4 percent increase over the previous year.
- Emergency department visits remained steady at nearly 163,000 patients.
- Outpatient registrations increased 1.6 percent to more than 492,000 visits.
- Visits to the health network-owned physicians of the Lehigh Valley Physician Group grew by 7.6 percent to almost 1.5 million.
- LVHN provided a record $215 million in community benefit during fiscal year 2011, a 12.7 percent increase over fiscal year 2010. The total includes activities, services and materials for which the not-for-profit charity receives no payments.
- LVHN provided 12,000 free flu shots during drive-thru sessions at Dorney Park and Coca-Cola Park.
- LVHN provided more than 7,000 free dental procedures for children on the “Miles for Smiles” dental van.
- LVHN provided more than 600 mammograms and more than 120 pap tests for women without health insurance.
- LVHN created the Community Health and Wellness Center at Lehigh Valley Hospital—17th Street in Allentown.
LVHN includes three hospitals, including Lehigh Valley Hospital-Cedar Crest in Salisbury Township, nine health centers and numerous physician practices and other healthcare services. It employs 10,324 people, making it the area's largest employer.