Schoolcraft Memorial Hospital (SMH) had a successful year in the areas of finance, quality, people, service 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.
Based on the interim financial statements as of December 31 2018, SMH achieved a Net Income of approximately $1 million in 2018, which equates to a 3% margin for the year.
Our financial success over the last two years can be attributed to three primary factors:
(1) targeted expansion of services
(2) implementation of revenue cycle strategies to improve reimbursement for services provided
(3) targeted cost reductions, which have reduced inefficient spending thus lowering costs while maintaining quality patient service.
As a result of these efforts SMH has experienced a $2.5 million turn-around from 2016 to 2017 improving from a Net Loss of ($481,925) in 2016 to a Net Income of $2.1 million in 2017. As an independent non-profit critical access hospital, it is essential that we remain on the forefront of advancing technology, ever changing laws affecting health care and a commitment to excellence in our community.
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 the last few years we have added specialty services to the organization that offer expert care close to home. In addition to General Surgery, specialties such as Otolaryngology (ENT), Cardiology, Surgical Podiatry, Psychiatric Care, Physical Medicine and Rehabilitation and Orthopedic Surgery give our community options when choosing their care. We are expanding our primary care services and recruiting providers and families to our community.
Moving forward, the future is bright. We have outgrown the hospital space we opened in 2013 and are ready for Phase Two of our $10 million dollar expansion project. We have added over 70 jobs and have employees housed in three separate buildings to accommodate this growth. Uniting our clinical care team will improve continuity of care and coordination of services. The new building addition will bring all clinical services on site including: HomeCare & Hospice, Rehabilitative Services, Wound Care, Behavioral Health Services, and Physical Medicine and Rehabilitation. We will also be adding new infusion suites for outpatient services. The new Rehabilitative Services department will house state of the art equipment for Physical, Speech and Occupational Therapy Services and an impressive treadmill pool that will benefit patients across their lifespan. The Alan W. Ott Rural Health Clinic will undergo an impressive transformation allowing for new treatment space for additional primary care providers, and Behavioral Health and Psychiatric Services, and room for traveling specialists. Finally, a new Outpatient Specialty Clinic will house ENT, Surgical Podiatry, Physical Medicine and Rehabilitation as well as Wound Care.
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 2018 click on the link below.