Regional Medical Center at Memphis closed its fiscal year at the end of June 2011 with a $17.7 million bottom line, improved operations, enhanced facilities, and well positioned for the future to continue providing compassionate care and exceptional services to the community.
“The operational and financial success of this year positions us to continue moving forward with the implementation of our strategic plan,” said Dr. Reginald Coopwood, President and CEO of Regional Medical Center at Memphis. “Our employees are working to create a Regional Medical Center poised to grow and become competitive in delivering health care to the residents of this community.”
Regional Medical Center’s net income before special appropriations for FY2011 is $17,658,000, far exceeding the budget expectation of $8,800,000. Several factors made the strong position possible, including positive changes in the payor mix; successful efforts to increase patient revenue while holding expenses steady; and creating an improved environment for patients to receive their care at Regional Medical Center. During FY2011, the organization had improvements in its commercial insurance, managed care and Medicare payor categories. The organization implemented several initiatives to strengthen the revenue cycle and improve the billing and collection process.
“Regional Medical Center is growing strong, and there is no doubt our commitment to creating a patient friendly environment, improving revenues, and holding down costs this year has paid off for the hospital and our patients,” said Rick Wagers, CFO, Regional Medical Center at Memphis.
Specific efforts to be more competitive in the marketplace, including campus enhancements, helped drive increased revenues during the year. The health system embarked on several initiatives in FY2011 to create a more patient friendly environment at the hospital and primary care network. At the hospital, inpatient rooms were renovated with new paint, flooring, furniture and artwork. The campus has also undergone an extensive streetscaping project which includes new landscaping, directional signage and improvements to the parking areas. Renovations were also completed at all Health Loop primary care locations.
Ongoing projects include extensive renovations to the Emergency Department and the addition of a new front lobby on Jefferson Avenue to provide better access to patients and guests visiting the hospital.