Northfield Hospital and Clinics recently presented its audit report for the past year. The report showed that there were no governance or financial issues. However, it also provided an opportunity to review the operations of the last several years. Eric Guth, the Chief Financial Officer of the Northfield Hospital, noted that 2024 was a better year than most years recently:
“You saw a lot of the financial ratios through 2022-2023 were tough, those were industry wide. We weren’t immune to that. Similar to the industry, we’ve been working our way back, and 2024 was an improved year, and we continue to work our way back. I’d say organizationally, we’re probably lagging a little bit on some of those other comparables in the industry.” – Eric Guth, CFO of the Northfield Hospital at the May 20th, 2025 City Council Meeting
The report noted that the Hospital maintains 122 days of cash on hand, a steady downward decline since 2021, which has been happening across many hospitals.
Charts from the Northfield Hospital & Clinics Report.
However, the hospital noted several factors they were continuing to monitor into the future, including strategic growth, AI Technology, and the impact of current proposals by the White House and Congress. Here’s Korey Boelter of Clifton Larson Allen, the Hospital’s Auditors:
“In Congress, there are a lot of challenges that could be out there as far as on some of the payment changes, potentially there could be lesser payments in the healthcare world, which would cause you know, reimbursement to be even more challenged.” – Korey Boelter of Clifton Larson Allen at the May 20th, 2025 City Council Meeting
Guth, noted the focus areas of the Hospital going forward:
“But focusing on strategic priorities, whether that’s revenue growth, operational efficiencies or adjusting our spending to match our strategic priorities.” – Eric Guth, CFO of the Northfield Hospital at the May 20th, 2025 City Council Meeting
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