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HealthTech was requested to assume operational management for a small, county-owned facility in the southwest U.S. during the summer of 2020. The county had recently re-assumed control of the hospital following many years of declining financial and management performance. In fact, the hospital had lost slightly more than $20 million in the prior completed fiscal year.
To make matters worse, the hospital had suffered for years from poor revenue cycle functions; patient access and scheduling was so disorganized that many community-based referring providers were choosing to send their patients out of town for routine services that should have been readily accessible at the local hospital.
Coding audits and contract compliance was left undone, and there was little denial management seen.
Upon arrival, HealthTech deployed a SWAT team of healthcare professionals who initiated several major initiatives to stabilize the hospital.
An interim CEO and CFO was placed at the facility.
The hospital’s affiliated clinics were moved into rural health clinic status,
An observation unit was opened and the establishment of swing beds was put underway.
A 340(b)-contract pharmacy program was started.
The supply chain was moved into a new GPO.
Further work was done to bring staff productivity levels more in line with similarly sized entities.
The HealthTech revenue cycle and financial teams implemented the entire Optimum Financial Performance Package including; financial statements, productivity, supply chain and business intelligence tools.
Soon after placing an interim CEO and CFO at the facility, HealthTech converted the hospital to critical access status, bringing in approximately $6 million in new annual revenues.
Attrition and the elimination of passport/traveler contracts resulted in a net reduction of almost 50 FTE’s over several months.
Now, one year later, under HealthTech’s management, the hospital is essentially at break even, and budgeting for a positive bottom line in the current fiscal year.
Cash on hand has been raised to approximately 40 days.
Clinically, the hospital is exceedingly sound; it maintains a 4-star rating from CMS, has strong employed and community providers, great clinical and nursing staff members, and a broad scope of services needed for its service area.
New contracts have been negotiated for radiology and cancer services, a new general surgeon has come aboard, cardiology outreach clinics started in conjunction with the local FQHC.
Grant funding for renovations to the obstetrics service and roof replacement has been secured, and the HVAC system is being updated.
Community perception is improving, and staff turnover and engagement has stabilized.
HealthTech and the onsite leadership have, with the great support of the county board and the medical staff, been able to drive a massive financial and operational turnaround and are now embarking on strategic growth and service line development.
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