You turn to Accordion.
As interim CEO, we immediately implement a strategic plan designed to stabilize operations and improve the quality and delivery of health services. With the goal of ultimately transitioning leadership to a permanent team, we begin to reinvigorate IMC for growth through prioritized and phased initiatives developed to enhance care access and fiscal practice efficiency. We:
- Develop a five-step Transformation Plan meant to provide increased access to medical care for the community, improve financial and operational performance, provide jobs and opportunities for key stakeholders, and signal a potential new direction for IMC.
- Negotiate new payor contracts with insurance providers and implement a program to streamline and improve the revenue cycle process.
- Create and institute a Physician Compensation Program, creating a larger physician pool to achieve better quality bonus rewards and more Part B billings.
- Conduct various staffing efficiency and benchmarking studies that result in actionable plans to increase productivity and reduce overtime.
- Initiate several cost savings programs, including contracting with suppliers to achieve approximately $2.3 million in annual reductions and kicking off a zero-based budgeting process with the goal of overall cost reduction.
Your value is enhanced.
Your financial difficulties ease after we secure $16.4 million for operational and capital needs through grant applications to various government and private entities. Outpatient clinic volume and services increase thanks to redesigned clinic times and physician alignment, as well as better integrated delivery of care with the hospital. Operations and finances are stable, and you’re even awarded CMS’s Hospital Compare second star, the second-best performing hospital in Brooklyn based on Total Performance Scores and the second-best hospital in all of New York City for Hospital Acquired Conditions.