Today, at Leadership 2023, we proudly announced our rebrand to Ovation Healthcare. In short, this change is emblematic of our growth in revenue, clients, service lines and employees and represents our status as a premier provider of shared services to independent hospitals and health systems.
What Hasn’t Changed: Our Commitment to Strengthening Independent Healthcare is Stronger than Ever
At Ovation Healthcare, we remain committed to strengthening independent hospitals and health
systems. We are laser-focused on delivering the results and value that keep healthcare local. For 45 years, we have served thousands of hospitals and healthcare executives through our wealth of experience, a powerful sense of purpose, and innovation. By delivering this value now through shared services, we minimize expense and maximize return to our clients.
What Hasn’t Changed: Our Commitment to Delivering Value and Results to Our Clients
Among the many results that make me most proud of our work and extraordinarily grateful to the many Ovation Healthcare employees that make it possible are:
Revenue Cycle and Financial Services
- Cody Regional Health decreased AR greater than 90 days by 56 percent, decreasing the volume of AR over 90 days by 75 percent.
- In one year, Lawrence County Memorial Hospital, a 25-bed critical access hospital in Illinois, increased collections by $3.1 million when adjusted for revenue—an increase of 16.5 percent in the gross collection rate.
- A hospital in the southwest improved current payer contract performance yielding $4 million in additional revenue.
- A 240+ bed system consisting of two hospitals and multiple outpatient facilities increased the self-pay cash collection rate by 155 percent, improving annual cash flow by $4+ million.
- By the end of fiscal year 2021, Springfield Hospital in Vermont went from being within days of closing its doors and having one day of cash on hand to having $6 million in reserves, 42 days cash on hand, $1.6 million in operating income (per audited financials) and $18 million in net income – a $17 million overall increase due to removing the debt from Chapter 11.
Strategy, Workforce and Clinical Advisory Services
- Gritman Medical Center launched a general surgery program, which received 775 patient visits in the first four months after opening the practice.
- Wooster Hospital identified the need to improve patient outreach within a specific community, and they substantially increased engagement, revenue by 3+ percent and overall patient satisfaction.
- Through labor benchmarking and staffing-to-demand analysis, a 12 percent reduction in annual labor expense was identified and implemented in radiology across two hospitals.
- In one year, Huron Regional Medical Center‘s safety event reporting has increased by 265 percent and good catches/ near misses have increased by 1700 percent.
- Performed a mock survey for Newberry County Memorial Hospital and, in less than six months, readied the organization for a successful Joint Commission survey.
Just as powerful are the testimonials from satisfied CEOs, CFOs and hospital leaders. To read some, visit OvationHC.com and scroll down.
What’s Changed: Simplified and Right-Sized Solutions for All Sizes of Independent Healthcare
We know from our work with thousands of hospitals that the challenges the CEOs, CFOs and Boards of Directors of independent hospitals and health systems face are often similar, but independent healthcare comes in all sizes.
Rather than one-size-fits-all, we tailor our services with an experienced operator’s lens to solve the unique needs of nonprofit, independent hospitals and health systems. Ovation Healthcare serves everyone from critical access hospitals to multi-hospital health systems with a broad portfolio that ranges from advisory services to a narrow solution to solve self-pay or early-out billing.
Ovation Healthcare’s portfolio of shared services includes:
Through our five pillars of business and shared services, Ovation Healthcare simplifies the job of running a hospital by providing scale and efficiency to business operations so hospital leaders can focus on their patients and community.
To learn more about how our portfolio of shared services are helping independent hospitals, visit: OvationHC.com.