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Lakeland Healthcare reports $2.8 million return to fund balance for 2024
Summary
Lakeland Healthcare Center closed 2024 with higher revenues driven largely by Medicaid and investment earnings, payroll savings from vacancies and a projected $2.8 million return to fund balance; staff cautioned budget planners on federal Medicaid uncertainty.
Lakeland Healthcare Center reported a stronger-than-expected financial result for 2024, with total revenues up about $1.7 million and an estimated $2.8 million return to fund balance, presenters told the Lakeland Healthcare Center Board of Trustees on April 23.
The increase in revenue was concentrated in Medicaid, which rose significantly in 2024, while Medicare revenue declined. “Most notably was in the Medicaid pay source,” Patty Mohorick, business office manager at Lakeland Healthcare Center, said during the trustees’ meeting. She and Alicia Van Dyke, LHCC and HHS administrative services manager, presented the year-end summaries.
Why it matters: the net gain gives the facility additional funds for capital projects already underway, but budget planners…
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