Huntington, West Virginia
400 acute beds
Rate regulated environment
Affiliation: Marshall University School of Medicine
Losing money from operations; dangerously thin cash position; current cash used to put long-term assets in place; financial management poor; very sophisticated medical staff; excellent quality of care; well-recognized cardiovascular, oncology, neurosurgical, and internal medicine programs; very little primary care capability; no strategic planning process.
After 4 years, income from operations up to $5.0 million; reserves at $20 million. After 10 years, reserves at $30 million.
- Developed primary care capabilities
- Undertook intensive CQI efforts in leading clinical programs, cutting costs and improving outcomes
- Integrated with service area’s leading internal medicine group
- Created significant ambulatory care capacity
- Re-tooled financial management to maintain access to capital
- Strategy, long-term positioning, and resource allocation
- Minimal Board involvement in operations
- Management team development
- Measurable performance standards
- Extensive concentration on physician relations