CommonSpirit taking 'decisive steps' to boost revenue, cut costs, CFO says

Chicago-based CommonSpirit posted $1.1 billion in operating losses for the nine months ending March 31. The 143-hospital system said it is taking measures to help turn the losses around.

"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.

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