After turnaround specialists from CHC Consulting met with hospital leaders, they completed an operational assessment that included the following five initiatives, according to a case study:
- Coding audit, pricing analysis and chargemaster review
- Renegotiated managed care contracts
- Optimized federal and state reimbursement
- Reduced supply chain spend by enrolling in a group purchasing organization
- Conducted IT platform cost-of-ownership analysis
As a result of the turnaround project, Memorial Health’s credit rating improved and helped the system gain $10 million in the first 12 months, in addition to an additional $15 million in IT and supply chain savings in two years.
