Fort Myers, Fla.-based Lee Memorial Health System posted a profit of $29 million in the fiscal year ended Sept. 30, 2011, an outcome hospital officials said was due to higher-than-expected patient volumes, according to a News-Press report.
Lee Memorial CFO Mike German said the earnings were $5 million more than they had budgeted for, according to the report. However, cuts in Medicare and Medicaid reimbursements are expected to dampen hospital finances, particularly in the 2013 budget.
The health system's investment portfolio, which saw a 1.4 percent return on the investment, was worth approximately $458 million at the end of FY 2011.
Lee Memorial CFO Mike German said the earnings were $5 million more than they had budgeted for, according to the report. However, cuts in Medicare and Medicaid reimbursements are expected to dampen hospital finances, particularly in the 2013 budget.
The health system's investment portfolio, which saw a 1.4 percent return on the investment, was worth approximately $458 million at the end of FY 2011.
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