South Florida Hospital News
Wednesday November 20, 2019
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August 2015 - Volume 12 - Issue 2

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Prism Healthcare Partners’ Experience Benefits Hospitals Seeking Improved Performance

Every hospital or health care system has opportunities to improve performance, and the ones that take a proactive approach to issues such as revenue enhancement, cost management and clinical operations are the ones positioned to survive, and thrive, in this ever-changing industry.
 
“Only about 15 percent of our clients are in financial crisis: their organizations are losing money, and they are burning through cash faster than they can make it. They need a turnaround rapidly,” explained George W. Whetsell, FACHE, co-founder and managing partner of Prism Healthcare Partners. “The vast majority, about 85 percent, are concerned about the finan cial forecast and the fact that things are not going quite as well as they would like; they want to be proactive and preemptive, and make improvements before bigger problems occur.”
 
Many hospitals and health systems turn to Prism Healthcare Partners, a healthcare management consulting firm with offices in Fort Lauderdale and headquarters in Chicago, to help them assess their current state of operations and implement changes that will take them to the next level. Led by Florida-based partners Whetsell and Ramona Lacy, FACHE, Prism focuses on key areas within hospital operations, including physicians, clinical transformation, revenue, supply and workforce management.
 
“One of the advantages to our clients is that all of our consultants have been in the healthcare field for many years—the majority of us has more than 20 years in the industry,” said Lacy, adding that Prism is also a member of the South Florida Hospital and Healthcare Association (SFHHA). “Our team includes former hospital CEOs, COOs, and department directors who have years of hands-on experience and are comfortable working shoulder-to-shoulder with our clients. We also have a large clinical staff that includes nurses, pharmacists, physicians, lab technicians, and others, who have the expertise and understanding to come up with the right solutions.”
 
Prism’s clients range from freestanding community hospitals to healthcare systems that manage up to 40 hospitals. The firm also advises academic medical centers and physician networks. “There are many ways to improve a healthcare organization’s bottom line, from making clinical or operational improvements to redirecting the workforce or reducing supply chain costs,” said Lacy.
 
One of Prism’s strengths is that not only do they assess situations and make recommendations, but they also collaborate with clients to implement those changes. “Because we are implementation-oriented, the projects we recommend literally pay for themselves while they are in progress, delivering financial benefits three to six times our fee for our clients,” added Whetsell. As a privately owned company, Prism also has more flexibility than publicly owned companies to quickly customize solutions for clients.
 
Whetsell gives the example of a hospital where Prism was originally called to assess financial problems after its CEO unexpectedly retired. “We were engaged to assess the hospital’s performance and to recommend plans for improvement, but the financial situation was much worse than the hospital had realized—including the fact that a bond covenant had been broken. In the course of a year, we were able to take them from losing $1 million a month to making a small profit, which set them up to pursue an affiliation with a larger system—something that they could not do until they were stabilized.”

 To learn more about how taking a proactive approach to performance improvement can benefit your organization, contact Prism Healthcare at 954-200-7050, email results@prismhealthcare.com or visit www.prismhealthcare.com.

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