News File Photo MyMichigan Medical Center Alpena is seen in March in this News archive photo.

ALPENA — The Alpena hospital has made more money each year every year since at least 2018 and its profits last year were quadruple the profit made five years ago, publicly available tax forms show.

The hospital made $254.7 million in the fiscal year that ended June 30, 2023, according to its most recent tax form released this week by the hospital. That’s $10 million more than the hospital made in 2022 and $113.7 million more than the hospital made in 2018, according to tax forms publicly available through the nonprofit tracking website Guidestar.

The hospital’s profits stood at about $21 million last year, down from $45.5 million in 2022 but up significantly from the $4.8 million profit made in 2018, the tax forms show.

As a nonprofit, all of the hospital’s excess revenue is invested back into its programming.

Check out the chart below showing MyMichigan Medical Center Alpena’s finances over the last five years. Viewing on mobile? Turn your device horizontally for the best viewing experience. Story continues below graphic.

The hospital’s expenses have climbed most years, too, standing at $233.8 million last year, compared to $136.3 million in 2018.

Still, the hospital’s net assets have boomed, recorded last year at $198.6 million, up from about $74.7 million in 2018.

The biggest driver of the hospital’s increased revenue is the fact that the Alpena facility has taken on all of the infusion treatment centers for the entire MyMichigan Health system, Victor Morgan, MyMichigan Medical Center Alpena’s director of finance, said.

The Midland-based MyMichigan Health owns the Alpena hospital and several others throughout the state.

The Alpena hospital has also recorded increases in emergency room visits, surgeries, and admissions in recent years, Morgan said.

“As the population ages, they’re requiring more health care,” he said. “That’s what we’re seeing in Alpena. The more volumes grow, the more revenue increases.”

The hospital also received federal money to help it provide care during the COVID-19 pandemic and has seen decent returns on its investments, Morgan said.

The increased revenue has allowed the hospital to grow its staff 9% since 2019, according to the tax forms, with 1,081 people employed by the hospital last year.

“As the volume goes up, the number of employees required to provide that care goes up,” Morgan said.

That employee count does not include contracted nurses the hospital has been forced to use as it struggles to recruit and retain its own nurses.

The hospital also has struggled with higher expenses because inflation has driven up the cost of supplies, Morgan said.

“The finances locally here in Alpena are strong, and, for MyMichigan Health as a whole, are strong,” Morgan said. “That’s not to say there aren’t challenges.”

The tax records indicate that, like other groups throughout the region, the Alpena hospital has struggled to find volunteers. In 2019, the hospital counted 150 volunteers. Last year, it counted 50 fewer.

Check out MyMichigan Medical Center Alpena’s latest tax form below.

MyMichigan Medical Center Alpena 2023 990 by JustinHinkley on Scribd