HELP WHERE HOSPITALS NEED IT ®
HELP WHERE HOSPITALS NEED IT ®
Community Hospital Blog
How CHC Provides Help Where Hospitals Need ItSM
CHC was instrumental in developing and implementing a multipronged approach and turnaround plan that improved revenue cycle, supply spending, financial forecasting and other areas of focus for Memorial Health System of East Texas, Lufkin, Texas. In turn, these improvements strengthened MHSET’s financial performance in FY 2012 and garnered a rating update by Moody's Investors Service. In their report released June 28, 2013, Moody’s affirmed their bond rating and stable outlook for MHSET under the direction of management by CHC, noting:
“CHC gives MHSET access to market and business data previously unavailable in order to better monitor its performance and benchmarks. With the continued assistance of CHC, management should continue to implement process improvement and growth strategies that will improve performance during the remainder of FY 2013.”
Read more about the Memorial system and a case study about their financial turnaround.
At a time when hospitals are under extreme pressure, only 66 percent of CEOs consider their boards strong or very strong and 11 percent consider them weak or very weak, as published in HealthLeaders Media Industry Survey 2013. Many boards simply aren’t up to speed on all the forces at work in the current healthcare climate, including the Patient Protection and Affordable Care Act. Boards require education to make sense of these challenges and assess the long-term viability of their organizations.
CHC Consulting, the management and consulting arm of CHC, works with hospital boards on education as well as strategic vision. CEO Mike Williams shared best practices for hospital boards in the May cover story of HealthLeaders magazine, “Building Better Boards,” including:
Learn about CHC’s Board Advisory Services here, and call us to assist your hospital board and management with strategic decisions that affect your hospital’s future.
First, assess market need. Second, assess the opportunity.
There is renewed interest in the benefits of LTACHs, especially since the sunset of a federal moratorium limiting new LTACHs and beds.
CHC helps hospitals evaluate their LTACH strategy and move LTACH operations and finances forward for competitive advantage. Often, we begin together with a comprehensive assessment, which identifies market need for LTACH services as well as organizational strengths and vulnerabilities.
CHC offers distinction – through our post-acute care organization, CHC ContinueCARE LLC, we offer a unique ownership model that provides:
A Jan. 30 Becker’s Hospital Review webinar presented by Mike Williams, president and CEO of Community Hospital Corporation (CHC), offered best practices and a case study for community hospitals looking for a partner. 2012 saw the most merger and acquisition activity among hospitals in two decades, Williams said, and the trend is expected to continue in 2013 as many community hospitals — faced with healthcare reform, decreasing reimbursements and other challenges — acknowledge the need for some type of partner.
The case study presented by Glenn Robinson, CEO of Hillcrest Health System in Waco, Texas, demonstrated how Hillcrest Baptist Medical Center saw significant improvements —including the strongest financial year in its history — after partnering with Scott & White, with guidance from CHC.
When considering a partnership, community hospitals first must assess their needs and potential gains in seven key areas:
A webinar on Jan. 30 will explore various partnership options as well as key factors to keep in mind when considering a partnership of any kind. Mike Williams, CHC’s president and CEO, is presenting the program on behalf of Becker’s Hospital Review.
Besides potential upsides and downsides, learn what to do first in order to negotiate from a position of strength:
Hear firsthand how Hillcrest Health System, Waco, Texas, was guided to partner with Scott & White, Temple, Texas.
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