For the fifth year in a row, Redwood Area Hospital has achieved Gold Standard designation for being in the top three percent of critical access hospitals nationwide for financial performance.
Gold Standard recognition is given by the audit firm Clifton/LarsonAllen, LLC, to the top 35 critical access hospitals in the nation, from an analysis of over 1,300 hospital reports. This year’s Gold Standard list recognizes financial performance in 2010. The hospital was also named to the Gold Standard list the previous four years.
“Having several years of financial success helps give the hospital strength to weather tough times and the ability to invest in additional services or equipment that directly benefit patient care,” says John Peyerl, RedwoodAreaHospitalchief financial officer. “A strong balance sheet with increasing net assets is the key for future investment in the hospital.”
In an initial report from a delayed project to compare and rank hospitals with peers, the Minnesota Department of Health identified Redwood Area Hospital as a critical access hospital with high quality and average cost.
“With a variety of inpatient and outpatient services, the hospital strives to provide the right level of care and services needed in our community,” says Jim Schulte, Redwood Area Hospital chief executive officer. “We are not just a financially strong hospital, but a strong healthcare organization that provides high quality care for our community.”
Gold Standard designation is based on numerous balance sheet and income statement ratios that assess a hospital’s financial viability. The financial strength of Redwood Area Hospital has allowed it to contribute over $2 million to city funds in recent years. This has helped hold down taxes for all city taxpayers and helps with special city projects.
“I am extremely proud of what everyone associated with Redwood Area Hospital has done to maintain a strong hospital for our community.” says Chico Jenson, hospital commission chair.