Flexible Approach to Management Services Meet Hospitals’ Specific Needs
Hospitals grappling with financial and operational challenges are drawing from a range of management services that deliver flexible, customized solutions. Whether leverage is needed in a single area like supply purchasing, or a board calls for a complete financial and operational reset, experienced hospital consultants help rural and community hospitals achieve success.
Staffing, supply chain, information technology, and executive recruitment are among the hot-button issues facing rural and community hospitals. Capable consultants help navigate and solve these challenges by working collaboratively with the executive team or at a board-requested, full management level.
COVID continues to present fresh headaches for hospitals. Management services companies are helping them deal with pandemic-related problems in staffing, supply, and finance, including providing expertise to obtain, track and document stimulus dollars and other federal support that comes with requirements that change on a weekly or even a daily basis.
At the same time, some hospitals experiencing financial difficulty prior to the pandemic were able to get by, thanks to stimulus monies, without addressing the root causes. Today they’re taking a fresh look at how to solve deep seated issues and position themselves for future success. This includes considering management services that allow the hospital to maintain autonomy while enjoying economies of scale and umbrella corporate support.
Cortez, CO-based Southwest Health System began working with Community Hospital Corporation in 2018 following a financial crisis. The community hospital had violated bond covenants associated with a $30 million expansion-renovation project. Following a comprehensive Operational Assessment, and with CHC Consulting management services currently in place, SHS recently emerged from investor forbearance requirements and is operating in the black with profitability, growth, and stability.
Other institutions want help only in specific areas, such as supply purchasing, information technology, or executive recruitment.
Great Plains Health (GPHealth) in North Platte, Nebraska was in good financial condition, but leadership pinpointed specific areas for improvement, including planning and group purchasing. The result: measurable improvements in operations, supply chain, and market share growth.
Supply spending supported by a group purchasing partner provides smaller facilities the best pricing and delivery on needed materials via group buys and alternative sourcing of PPE and other items. With more than 100 hospitals as members, CHC Supply Trust exercises purchasing power with vendors when it comes to pricing or obtaining specific drugs or equipment.
Information technology (IT) systems are advancing quickly and becoming vital for modern healthcare delivery. Community hospitals can turn to a management services partner for confident recommendations on leveraging legacy IT while moving it into the future.
When it’s time for a change in the executive suite, management services can step in with proven executive recruitment solutions. Given staffing challenges exacerbated by COVID, leadership is key going forward.
The ultimate goal of a management services partner is to ensure a hospital achieves financial viability for future sustainability. Look for a partner like CHC Consulting who offers solutions both across the entire operation or in individual areas.