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Interim CFO for Large Southern Medical Center |
This medical center is comprised of a full service teaching hospital that also included; a Children’s Hospital, Behavioral Medicine, Rehab., Integrated Physician Network, Ambulance Service, Air Ambulance, Cancer Research, Home Health Service (purchased during our contract), as well as Several Primary Care Clinics. It is a primary teaching hospital and was building a full four year medical school on campus.
The Hospital captures almost 50% of the market, operates approximately 450 beds and produces approximately $500Million in net revenue annually. Outpatient activities consist of about 30% of total Net Revenue. It is an organization that is composed of several related corporations including; A Physicians practice group, Foundation, and Primary Care clinics, as well as separate corporations for various services such as ambulance, air ambulance, home health, medical office buildings and others.
Early in 2007, the hospital had begun a reduction in force by elimination of vacant positions. This was an initial step to reduce the prior year’s operation deficit. It was soon evident that the reduction would not be sufficient due to a 1-3% loss on market share, a shift in patient mix, and continuing cuts in Medicaid reimbursements and Medicaid eligibility. As a member of the senior management team, Norris FSG immediately began to construct a plan to improve the margin by $35-50 Million. Major items in the margin improvement plan were a reduction of approximately 150 FTE’s to right size the organization for current volume. Also, in the plan were reductions in the voluntary match of pension funds, aggressive renegotiations with managed care payers, reduction in subsidies to related corporations such as contracted physician specialists, and various revenue enhancements as well as other expense reductions.
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