b'82Financial StrengthFinancially, Fiscal Year 2021 was betterSince late February, patient volumeIn response, the Concord Hospital health than expected for the Hospital, thankshas been strong, said Scott Sloane,system invested in traveling nurses to to prudent planning for fi nances and aSenior Vice President & Chief Financialsupplement staffand give employees dramatic increase in patients.Officer. Its more than pent-up demandtime off . It raised the minimum wage to Despite a challenging yearfrom people who delayed care during$15 per hour, pushing some employees responding to the pandemic,COVID-19. The Hospital is bursting atalready at that level to $20. It also tackling stang shortagesthe seams. committed to loyalty payments for and acquiring the assets ofThe Hospitals pandemic response instaffdedicated to remaining with the LRGHealthcare, two credit rating2020 focused on how to keep staffandorganization for a period of time.services armed their confi dencepatients safe. That approach paved[ see Our People story, page 14 ]by maintaining theThe LRGHealthcare Hospitals high bondacquisition was a year-long rating, the highestchallenge. The Finance for a hospital in NewDepartment developed the Hampshire.successful plan to acquire To have that outcome,the organizations assets in even after acquiring abankruptcy and the detailed fibankrupt organization, nancial strategy to stabilize is a testament to ourits operations. execution and our plan,We were not looking to said Vice President ofgrow just to grow, to get Finance Allyson Hicks. bigger just to get bigger, The Hospital endedSloane said. We didnt want the year with a normalthat system to fail and close. operating margin (or profi t) of 3.2the way for a strong 2021 becauseThe Hospitals creative plan was based percent. That result was nearly twicewhen COVID-19 cases spiked in the fi rston its strong fi nancial health, existing what was projected in the cautiousquarter, the Hospital was able to remainpartnerships, proximity to the region budget developed after 2020, whenopen to care for all patients.covered by LRGHealthcare and a expenses rose to respond to COVID-19commitment to local care and the as revenue dropped because mostThe Hospital also received $5 millionsystems employees. services were suspended forin federal funds in 2021 to help off set 2020 COVID-19 expenses.The Hospital expects Concord several months. Hospital - Laconia and Concord COVID-19 continued to aff ect staffandHospital - Franklin operations to lose Hospital fi nances because throughoutmoney for the next 18 months. But, health care, many exhausted employeesby late summer, the number of patients moved on, just as the number ofin the Three Rivers and Lakes Regions patients grew.was increasing more quickly than expected, helping reduce losses and driving the Hospitals positive fi nancial performance.'