Schoolcraft Memorial Hospital (SMH) had a successful year in the areas of finance, quality, recruitment and community involvement.
SMH was recognized nationally as a top performing hospital in Patient Satisfaction, as noted by the National Organization of State Office and Rural Health. SMH currently has a 4 star rating with Hospital Compare, a CMS overall rating of patient quality.
SMH’s unaudited 2017 year end Income Statement ended with a Net Profit of $797,000 compared to a Net Loss of $768,000 in 2016. This 1.5 million dollar turnaround is primarily the result of increased volumes and net revenue in a number of service lines including, outpatient care, ancillary (lab, imaging) and surgery, as well as the RHC. One key driver of both volume and revenue growth in 2017 was the addition of a number of new specialty providers, including, podiatry, cardiology, and otolaryngology (ENT). In addition, the 340b drug program was also an important driver of net revenue.
New strategies were put into place to achieve a positive bottom line for 2017. During 2017 initiatives to identify and implement expense savings particularly in materials management and pharmaceuticals purchasing were implemented as was an initiative to improve revenue cycle performance, which includes improved charge capture, as well as charge analysis.
Schoolcraft Memorial Hospital continues with full participation with the Accountable Care Organization (ACO). ACOs are groups of physicians, hospitals, and other health care providers who come together to provide coordinated care to their patients. The goal of coordinated care is to ensure that patients get the right care at the right time while avoiding unnecessary duplication of services and preventing medical errors.
In addition to these recognitions in 2017, there were many improvements and changes at Schoolcraft Memorial Hospital, which are reflected throughout this report. The Community Health Needs Assessment was completed in December of 2016 has propelled new initiatives and partnerships. SMH participated in a UP wide Community Health Needs Assessment in 2017 which will allow for comparable data across counties.
The Schoolcraft Memorial Hospital (SMH) looks forward to another successful year with collaborative efforts between the Board of Trustees, Management, Physicians and employees.
To view the full Annual Report for 2017 click on the link below.