The Magnolia Regional Medical Center Board of Commissioners discussed a number of topics Monday.
Roxanne Stewart, chief financial officer, reported that gross revenue was over $4.2 million in May, and exceeded budgeted revenues by $120,000.
She said there was an increase in outpatient revenue from 59 to 63 percent.
The hospital is collecting approximately 42 percent of inpatient revenue and only 20 percent of outpatient, noting “the amount we collect is very different.”
MRMC had a positive earnings before interest depreciation amoritization (EBIDA) of $149,674 for May with a negative year-to-date EBIDA of $590,034.
Sales tax revenues for May were $49,877, and Stewart said there were no withdrawals from sales tax funds in May.
She said the BKD audit for 2015 is being finalized, and will be presented at the July board meeting.
“We’re also working on revenue cycle opportunities,” Stewart continued. “I’ve had a revenue cycle consultant come in and she’s offered a lot of really good recommendations.” She said the hospital is working toward “maximizing collections and working on revenue.”
The 2017 budget process is underway, Stewart said.
Margaret West, chief executive officer, updated the board on the strategic plan.
She said the hospital has taken several steps to provide health-related information to the public, including a kiosk in the hospital lobby which was purchased with donations by employees. In addition, MRMC will soon have a TV station — purchased with Hospital Auxiliary funds — which will have health-related information available.
West discussed strategies for decrease in inpatient and increase in outpatient census “This is the wave of the future,” she said. “We heard that from our consultants when they came.” She said hospital officials have looked at sites in Lafayette County for a possible satellite clinic. In addition, a feasibility study for in-house behavioral health has been completed and is on file; and MRMC was able to get all ICD-10 implementation in place and continues to monitor that.
In the area of financial health, West said the hospital is working on pricing, has updated the ChargeMaster and is still working on fully implementing that by the end of the fiscal year. Included in the strategic plan is maximizing the revenue cycle to capture all charges.
West said the hospital continues to research and write grants.
She said the hospital continues to work toward meeting quality standards, with a focus on documentation of quality.
In the area of telemedicine, West said “we continue to have the Baptist ICU and UAMS with the stroke program. We have been working with UAMS on developing a teleradiology program.”
UAMS residents are working closely with hospitalist Dr. Fred Murphy, West said.
She said the hospital continues to look for opportunities for other physicians, calling it “a very difficult time to get specialists to come into a rural area.”
West said she is “very pleased” with HHS who took over environmental services and food service in January.
She said the hospital is working with a consultant to improve the emergency room.
Molly Burns, board chairman, said work will begin in the next month on the new strategic plan.
In consulting reports update, West said since March and April several groups of consultants have come in and looked at the hospital. Among the suggestions included:
•She said a revenue cycle specialist has visited MRMC and reviewed several areas. A LEAN team has conducted training on waste control and more efficient processes.
•Recruitment of primary care physicians was among the top priorities suggested by consultants. Burns said she has served on the hospital board approximately 20 years, and “primary care recruitment has been the number one goal every year. We need doctors. We have gone to a lot of effort to work with the doctors that we have. Maybe it’s time to have a search for a new doctor to come on.”
West noted “the best tool we have is the UAMS residency program.”
•Improving the culture of quality and patient safety. “A lot of it is the documentation and understanding how quality plays a role in this new value based purchasing, where you get paid on quality. If your quality scores don’t reach what they should you don’t get paid as much. This has got to be a major focus of the future,” West said.
•Promote outpatient ancillary services and develop an efficient swingbed program.
•Improve ER patient experiences. West said it has been discussed to restructure the emergency department and have a walk-in urgent care clinic, and consultants have recommended this.
•Reevaluate a rural health care designation for Dr. Murphy’s clinic.
•Grow surgery volume, both outpatient and inpatient.
In other business, a strategic planning committee meeting was tentatively scheduled for Aug. 15. The next board meeting will be July 25.