After months of pandemic losses, Olmsted Medical Center started tallying some positive numbers again in June.
Rochester-based OMC posted its year-to-date financial results last week on the Electronic Municipal Market Access website.
Unsurprisingly, the numbers showed losses in March, April and May.
After starting the year with a monthly operating income of $1 million in January and $292,001 in February, Olmsted Medical Center’s numbers plummeted as the COVID-19 pandemic deepened.
In March, the medical center posted a $1.02 million loss under operating income followed by a $5.21 million loss in April and a $3.29 million loss in May.
These numbers track with OMC’s statements in April, when OMC CEO Tim Weir reported patient visits had dropped 60 to 70 percent due to elective procedures being put on hold. OMC instituted furloughs and wage reductions for many of its staff to help mitigate the losses.
With national incremental movements toward recovery, OMC reported a $62,065 operating income for June. While dramatically lower than January and February, it seems to signal a positive turn.
The net profit margin for OMC was 6.9 percent in January. By April, the profit margin had bottomed out at -34.56 percent. That number ticked up to 2.39 percent in June.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to email@example.com or via Twitter to @whereskiger. You can call him at 507-285-7798.