Loring Hospital

Organization Overview

Loring Hospital is located in Sac City, IA. The organization was established in 1994. According to its NTEE Classification (E22) the organization is classified as: General Hospitals, under the broad grouping of Health Care and related organizations. As of 06/2023, Loring Hospital employed 142 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loring Hospital is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 06/2023, Loring Hospital generated $18.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $16.7m during the year ending 06/2023. While expenses have increased by 6.5% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

SEE FORM 990, PART III, LINE 1.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LORING HOSPITAL IS AN IMPORTANT ELEMENT OF THE HEALTH-CARE DELIVERY SYSTEM THAT THE SAC COUNTY COMMUNITY RELIES ON EVERY DAY. IT IS COMMITTED TO PROVIDING QUALITY HEALTHCARE AND TO USING ITS RESOURCES TO THE GREATEST COMMUNITY BENEFIT. THE HOSPITAL PROVIDES INPATIENT AND OUTPATIENT MEDICAL SERVICES TO TREAT INDIVIDUALS WITH DISEASES, ILLNESS, AND INJURIES WITH VARYING COMPLEXITIES. IT PROVIDES SERVICES TO IMPROVE THE HEALTH OF PATIENTS AND TO BETTER THEIR QUALITY OF LIFE. ALL SERVICES ARE PROVIDED REGARDLESS OF AN INDIVIDUAL'S RACE, CREED, SEX, NATIONALITY, HANDICAP, AGE, OR ABILITY TO COMPENSATE FOR SERVICES RENDERED. THESE INCLUDE, BUT ARE NOT LIMITED TO GENERAL ACUTE CARE, SURGERIES, CRITICAL CARE, CARDIOLOGY, ONCOLOGY, REHABILITATION, LABORATORY SERVICES, PHARMACEUTICAL DRUGS, RADIOLOGY, AND MANY OTHER ROUTINE AND ANCILLARY SERVICES. SOME OF THE SERVICES PROVIDED DO NOT GENERATE ENOUGH INCOME TO OFFSET THEIR COST IN THE FISCAL PERIOD ENDED JUNE 30, 2023. THE HOSPITAL ADMITTED 92 PATIENTS RESULTING IN A TOTAL OF 280 PATIENT DAYS. OUTPATIENT REGISTRATIONS TOTALED 24,244. THERE WERE ALSO 2,381 EMERGENCY ROOM VISITS.


LORING HOSPITAL PROVIDES CHARITY CARE AND OTHER MEANS-TESTED PROGRAMS WITH THE GOAL TO IMPROVE THE COMMUNITY'S OVERALL HEALTH AND ACCESS TO CARE. THIS INCLUDES HEALTHCARE SERVICES REGARDLESS OF THE PATIENT'S INSURANCE COVERAGE OR FINANCIAL STATUS. CHARITY CARE AND PARTIAL TO FULL FINANCIAL ASSISTANCE IS PROVIDED TO PATIENTS ON A CASE-BY-CASE BASIS. CHARITY CARE WAS MADE AVAILABLE TO PATIENTS AT A VALUE OF $16,134. OFTENTIMES, THE HOSPITAL RECEIVES PAYMENTS FROM PAYORS OR PATIENTS THAT ARE LESS THAN IT CHARGES FOR SERVICES. THE HOSPITAL PARTICIPATES IN MEDICAID AND OTHER GOVERNMENT-SPONSORED HEALTHCARE PROGRAMS. THE HOSPITAL'S NET COST OF PROVIDING CARE FOR WHICH IT RECEIVES PAYMENT BELOW ITS COST IS $632,240. TOTAL CHARITY CARE AND MEANS-TESTED PROGRAMS REPORTED VALUE $648,374. THE HOSPITAL PROVIDES SEVERAL OTHER BENEFITS THAT ASSIST THE COMMUNITY. PROGRAMS INCLUDE, BUT ARE NOT LIMITED TO, COMMUNITY HEALTH IMPROVEMENT SERVICES AND COMMUNITY BENEFIT OPERATIONS SUCH AS PREVENTION AND HEALTH SCREENINGS, HEALTH PROFESSIONAL'S EDUCATION, AND CASH AND IN KIND CONTRIBUTIONS TO COMMUNITY GROUPS. THE HOSPITAL COLLABORATES WITH OTHER HOSPITALS, CHURCHES, SCHOOLS, CHAMBERS OF COMMERCE, AND DAYCARE CENTERS TO IMPROVE COMMUNITY HEALTH AND EXPAND ACCESS TO HEALTH CARE. THE HOSPITAL HAS DEDICATED STAFF TO ASSIST COMMUNITY BENEFIT EFFORTS. TOTAL OTHER BENEFITS REPORTED VALUE $32,376.


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Board, Officers & Key Employees

Name (title)Compensation
Frank Richardson
Chair
$0
Andy Meredith
Vice-Chair
$0
Shelly Crump
Treasurer
$0
Tancy Becker
Secretary
$0
Kay Blessington
Director
$0
Russ Davis
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Wapiti Medical Group
Emergency Room Physician Services
$1,327,679
Buena Vista Anesthesia
Crna Services
$267,300
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $6,500
All other contributions, gifts, grants, and similar amounts not included above$23,266
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$29,766
Total Program Service Revenue$17,875,477
Investment income $226,637
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $18,436,674

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