It may sound counterintuitive, but hospitals that reduce the number of healthcare services they provide are better able to sustain long-term success. This doesn’t mean these hospitals don’t add new services, which are imperative to support the community needs. What it means is these hospitals constantly evaluate the profitability of the services they offer against…
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An annual checkup is a common and recommended practice for everyone. By keeping track of the health of patients each and every year, doctors and medical professionals are able to quickly identify possible problems and implement preventative measures to ensure the long-term health of their patients. Although a common practice for patients within the healthcare…
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As community and rural hospitals continue to struggle to remain profitable due to the continuing changes in healthcare regulations and reimbursements, steps need to be taken to turn around hospitals and set them on a path to long-term profitability. The path to long-term profitability typically requires more than simple cost cutting steps and includes the…
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It starts with community commitment. It starts with the men and women, mothers and fathers, and grandparents living within a community. If a community does not support its local hospital, there is very little chance the hospital will survive when it begins to struggle; and every hospital will struggle at some point. Community support is…
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There is nothing magical or mystical about turning around a struggling organization, which is a good thing because it means the process can be repeated, studied, and improved. This does not mean every turnaround will be a success; but it does mean that best practices and prior experiences can be utilized to improve an organization’s…
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A top priority among Critical Access Hospitals is to maintain financial stability so they can continue to provide desperately needed services in rural areas. Federal budget constraints and other economic pressures are jeopardizing the ability of hospitals, federally qualified health centers, rural health clinics, and traditional fee-for-service (Part B) clinics to provide services. Given the…
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Even after revenue collections, staffing optimizations, and other operational improvements begin to transform the financial position of struggling rural and small community hospitals, a cash infusion is often necessary to improve facilities. New and updated facilities are critical to sustaining the long-term profitability because they reinvigorate the community’s investment in the hospital and provide the…
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There comes a time when the leadership within a hospital needs to be replaced in order to transform the financial viability of a struggling hospital. A change in hospital leadership is often needed to symbolize the need for change and communicate to the community that their civic leaders are committed to preserving their quality of…
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Transforming the long-term financial viability of rural and small community hospitals requires a well-developed plan and a commitment to execution. The challenge many hospital leaders face is finding the time to develop and execute a transformational plan while running the day-to-day operations. In these situations, NewLight Healthcare can provide a turnaround advisory team to work…
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In medicine, a clear and accurate diagnosis of an illness is essential to curing the ailment. The same is true for helping a struggling rural or small community hospital return to financial profitability. In many cases, hospital administrators are capable of helping a hospital grow to profitability when they have a clear understanding of the…
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