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Interim CFO for City Owned Medical Center |
Interim CFO provided as part of a turnaround team
In a heavily unionized northern city owned medical center, Norris FSG provided the interim CFO as part of a turnaround team that assisted the new CEO in restructuring management functions, updating the long term strategic plan, reviewing and updating all revenue cycle systems and putting in place an achievable budget that implemented $25 million in cost reductions and revenue enhancements.
The Hospital operates approximately 450 beds and produces approximately $550Million in net revenue annually, with outpatient activities consist of about 27% of total Net Rev. It is an organization that is composed of several related corporations that provide complementary support services including; some temporary staffing (nurses and others), Primary care clinics, and Managed care contracting. The hospital has seven separate unions, comprising over 90% of the work force. The hospital was attempting to gain status as a hospital District with both City and County representation and generate 15Million in tax base support.
The hospital had hired a new CEO who needed to rebuild the management team, as several members of senior management where retiring or leaving the organization for other reasons. I was brought in as Interim CFO along with an interim COO, CNO and vice president of Supply Chain. Our challenges included assisting to recruit permanent staff and reduce the current deficits that the hospital was incurring. We developed a Bottom Line improvement plan to reduce a projected $23 Million deficit in the coming fiscal year. The plan included updating the long range strategic plan, reducing costs, improving Revenue Cycle, a critical review of all service programs the hospital was involved in, and education of middle management in methods of budgeting and cost controls. The migration of union employees (approximately half) from City Pension plan into State Pension plan, a Bond rating downgrade were additional challenges for the management team and the new CEO.
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Services
Whether you are seeking an Interim CIO or support with Treasury Management services, Norris FSG has the experience and qualifications to meet your needs.
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Company Profile
Norris FSG, Inc. is a healthcare consulting company dedicated to... Read More...
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