South Florida Hospital News
Monday August 10, 2020
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January 2010 - Volume 6 - Issue 7
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PNC Financial Services Group, Inc

Industry Focus on Health Care Financial Strategies

2010 Financial DRGs ... increased service demands, decreased reimbursement, burdensome paperwork and swelling waves of regulation accompanied by lack of standardization...

Unfortunately, financial and operational issues will continue to plague hospitals this year, however some unexpected therapy can provide So Florida hospitals relief. The PNC Financial Services Group, Inc (PNC) acquired National City Bank in 2008 and, as a result, is expanding its service profile in the area with innovative financial strategies for the health care industry. In partnership with health care CFO’s, CIO’s, account managers and controllers the PNC health care team of experts work to plot a course through a financial maze that will accelerate payments, maximize efficiency and improve access to financing for health care institutions in spite of some dire financial DRG predictions.

According to Jeff Troutman, Executive VP of PNC Healthcare, a division of The PNC Financial Services Group, Inc., PNC has historically recognized there were unique and complex financial needs for health care organizations and catered to them. In the past 5 years, however, PNC has formed a true industry vertical with experts in treasury management, operations and management information services to not only provide the traditional banking expertise, but to deploy strategic initiatives to maintain their health clients’ financial relevance in the South Florida communities.

As the fifth largest bank nationwide, PNC is the gold standard for medical banking and cash flow management. They provide reliable, secure data mining and collection and scaling of the work flow to accelerate payments and lower the cost of the business side of health care reimbursement.

"Our clients range from hospitals and home health agencies to large physician offices and tertiary care medical centers, so bringing a knowledgeable product development, financial administration and senior level management focus to the table can provide short and long term operational, financial and analytical modeling to help advance the client’s strategic plan," Troutman further explained.

Ralph Swanson, VP Health Care Relationship Manager in South Florida, noted that hospitals are important stakeholders in the community, and thus PNC’s vertical industry focus is purposely designed to pave the way for supporting the full continuum of customized financial support and counsel that health care institutions need to thrive.

Additionally with his focus on relationship management, Swanson makes a point of listening to clients first and then molding products & financial solutions to meet their needs.

"Even in the recent credit crisis, our clients have found we can provide access to capital by assisting with bond issues, equipment leases or purchases, and loans for buildings and renovations," he explained. "Overall, helping clients manage their cash flow will help them persevere during the market turmoil."

PNC offers a holistic approach to the unique business management challenges facing health care organizations. For example, taking advantage of opportunities to re-engineer the work flow to lower the cost of handling the claims process via installation of technology and automation is a natural step. However, PNC also offers solutions to help attract and retain valuable employees in new capacities, such as through the workplace banking program, which includes health spending accounts, on-site ATMs, direct deposit, on-line banking and other valuable personal banking support during economic uncertainty. Workplace banking can add further value for the organization by improving payroll processing efficiency.

Another wise investment is PNC’s matched commitment to social causes which mirrors health care interests. For example, PNC is a nationally recognized leader in green building efforts, and includes affiliations with vendors who identify and supply environmentally friendly goods and services, such as furniture and cleaning supplies.

Environmental experts suggest that not only do green efforts positively impact operating costs, but also enhance employee comfort, productivity, satisfaction and retention. In a PNC study, employees in the bank’s Green Branch ® locations rated lighting, air quality and overall satisfaction much higher than in a traditional branch. Two Green Branch locations are opened in South Florida in November 2010.

If you are looking for a thorough financial health check-up, PNC is now in your neighborhood to promote your clean bill of health.

For more information, e-mail Ralph Swanson at ralph.swanson@pnc.com or call (407) 245-2484. You can also visit www.pnc.com.
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