“Now we’re taking decisive steps to boost revenue and address our costs to ensure we’re operating in a sustainable way for years to come,” CFO Dan Morissette said in a May 15 news release announcing quarterly and nine-month results.
Such steps include expense reduction that has included a number of job cuts at the nonclinical level. At the same time, CommonSpirit said it is investing in better retention of nurses, which includes expansion of its virtual nursing programs.
On the revenue side, the system is looking to volume growth and improved revenue cycle management with a specific focus on reducing clinical denials and underpayments. It is also expediting reimbursement of old patient accounts.
CommonSpirit is also hoping to generate significant revenue opportunities from recent mergers and acquisition transactions, which include the acquisition of Steward Health Care’s sites in Utah and the ending of its Centura Health joint venture with Altamonte Springs, Fla.-based AdventHealth.
Sheri Shapiro will join CommonSpirit as its chief strategy officer effective June 5.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
