Cascade Medical posts positive margin, successful audit

Hospitals across the state of Washington did not have it easy in 2022. According to data from the Washington State Hospital Association, hospitals in our state posted collective losses of $2.7 billion dollars.

Thankfully for the Upper Valley community, Cascade Medical was not one of them.

In 2022, audited financial statements showed Cascade Medical posted a small positive margin of $165,000 (.06%) and saw a modest increase in cash and cash equivalents.

“A good goal is to achieve a positive margin of around 3% annually, to be able to replace capital and meet market wage demands over the long term, but in a hard year for healthcare, Cascade Medical fared well,” said Chief Financial Officer Marianne Vincent.  “This helps us remain well positioned to meet our community’s needs into the future.” 

In addition to finishing out 2022 with a positive margin, Cascade Medical also had a clean audit.  “This is a credit to our entire finance team,” said Diane Blake, Chief Executive Officer.  “Our team has routinely produced clean audits, and to do so in a year which included both a major software conversion and complicated accounting for pandemic funds, is remarkable.” 

Like other organizations, Cascade Medical relies upon accurate, timely financial statements to help set and monitor strategy.  “The clean audit reinforces my confidence the board and management are working with accurate financial information, which is crucial for decision-making as we navigate into the future,” said Bruce Williams, Commissioner and Chair of the Finance Committee for Cascade Medical.  “I am proud of the successful audit and financial results for 2022.  They are a credit to our entire team.” 

This robust planning, strong cash position and comparatively solid financial returns in 2022 allowed Cascade Medical to plan for a small negative margin this year due to a commitment to retain their workforce. “Our greatest internal investment at Cascade Medical is our people,” Blake said. “Cascade Medical needs to remain financially competitive as an employer if we want to attract and retain the strong, talented staff that make us who we are. Our ability to offer wage increases to ensure our team is properly compensated is directly tied to our ability to be both forward-thinking and fiscally responsible.”

Continuing their forward-thinking focus, Cascade Medical just welcomed Reese Bradburn, PA-C, and Lauren Liebling, PA-C, who will offer provider support as hospitalists (caring for inpatients in our acute care departments), as well as providing support for our walk-in care services. In addition, our Cascade Medical Foundation is in the midst of a capital campaign to raise $87,000 for equipment and training to implement a Cardiac Rehabilitation program onsite.  All examples of how Cascade Medical and their friends are putting money to work for the patients and community they serve.