Lakeland (Fla.) Regional Medical Center saw its operating and net surplus tumble on higher revenue during its fiscal 2015 ended Sept. 30.
The Lakeland, Fla.-based not-for-profit posted annual operating surplus of $31 million, a decline of 20% from the $38.8 million reported last year, according to Lakeland's unaudited year-end financial statement.
The center's net surplus plunged this year to $27.7 million compared with $65 million last year. The bulk of the change was due to a collapse in investment income. This year, the system lost $4.7 million on investment income while it posted an investment gain last year of $25.6 million.
This year's revenue rose to $732.4 million from $687.1 million last year.
Last month, the Lakeland Regional Health Foundation announced a $5 million gift from the Hollis family to help pay for expansion of the system's cancer center at the complex.
The gift, the largest received by the system, is in honor of Mark Hollis, the late president of Publix Super Markets and a Lakeland trustee who succumbed to complications from pancreatic cancer in 2012.
The new Hollis Cancer Center, as it is now known, is undergoing an expansion that will add 34,000 square feet, 40 chemotherapy stations, advanced radiology equipment and a chapel.