Hospital Turnaround

[toggle title=”Throckmorton County Memorial Hospital Sees Positive Financial Results With NewLight”]

Throckmorton County Memorial Hospital (TCMH), a 14-bed Critical Access Hospital, was experiencing significant fluctuation in cash flow and overall financial performance.

In May 2011, The TCMH Board of Directors engaged NewLight Healthcare to manage their hospital. Both the board and NewLight worked collaboratively to develop a plan that would produce positive financial results required for sustained viability and growth. TCMH Board President Bryan Key said, “It has been a pleasure working with the NewLight Healthcare team. Their expertise in managing critical access hospitals is very apparent. The new programs and revenue sources are having a tremendous positive effect on the financial stability of Throckmorton County Memorial Hospital.”

If you would like to read the entire case study please contact us today.

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[toggle title=”Cimarron Memorial Hospital Sees Turnaround With NewLight”]

Cimarron Memorial Hospital (CMH), a 25-bed Critical Access Hospital in Boise City, Oklahoma, was experiencing severe financial hardship due to an annual operating loss of approximately $700,000.

CMH engaged the team at NewLight Healthcare to manage their hospital in June, 2010 and is thrilled with the amazing turnaround that has occurred.  Ralph Warren, Board Member of CMH, said “Even though they have only been here a short time they have found us a CEO and a CFO who are not only helping us financially, but in relationships with employees and the general public as well.  I would highly recommend NewLight to any health facility.”

If you would like to read the entire case study please contact us today.

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[toggle title=”Revenue Cycle changes accelerate collections and increase days cash on hand at Cimarron Memorial Hospital”]

At Cimarron Memorial Hospital, in Boise City, OK, the Board and a new CEO brought in 3rd parties to provide hospital management and Central Business Office (CBO) services as part of the hospital turnaround.  In the process, cash on hand increased from 1.5 days to 75 days and all of this was done with no staff reductions.

Cimarron had suffered through years of declining results.  The rural hospital’s situation was dire – it was down to just 1.5 days of cash flow on hand with mounting accounts payable to vendors.  The Board engaged NewLight Healthcare, a rural hospital management and consulting firm, to lead the turnaround and recruit professional leadership.  NewLight recruited Lee Hughes as the new CEO in large part due to his Revenue Cycle Management expertise.

One of Lee’s first actions was to garner Board support for difficult changes in the Health Information Management (HIM) and CBO departments.  Lee realized that an entirely new direction was needed and proceeded to partner with EqualizeRCM, a Revenue Cycle Management firm.

After only seven months of overcoming cultural and work process changes, Cimarron has dramatically improved its revenue cycle management performance.  Outstanding insurance AR reduced by 62% and today the hospital is on much stronger financial footing with over 75 days of cash on hand.

If you would like to read the entire case study please contact us today.

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