BAR HARBOR — Mount Desert Island Hospital officials, staff and board members celebrated a successful year at the group’s annual meeting Monday at the Bar Harbor Club, announcing a year-end gain of nearly $300,000.
While operating revenues were $1.4 million in the red, investment activities and annual giving more than made up for the deficit.
The hospital’s positive financial statement marks a substantial improvement over last year, when the organization posted a $2.3-million loss. The group continues to face financial challenges from cuts in Medicare and Medicaid programs, hospital CEO Art Blank said, but, “despite these challenges, I’m also please to tell you we’re holding our own.”
About 150 people gathered for the event, which included speeches from Mr. Blank and community member Brian Reilly, as well as a video covering the hospital’s diabetes prevention program on Swan’s Island. The keynote speaker was Dr. Mark Shutta, the medical director of the Penn Rodenbaugh Diabetes Center at the University of Pennsylvania.
Operating expenses this year at MDIH totaled $55,462,230, with revenues coming in at $54,462,230. The operating loss of $1.4 million was more than made up for by investment activity gains of $658,667 and non-operating revenue in the form of gifts and donations totaling $1,048,324.