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The Benefits of Strategic Outsourcing
By Ron Napiorski
(For The Garden State Focus)
Cash flow is the lifeline for hospitals. Chief financial officers,
who need significant and immediate improvements in cash flow, turn
to outsourcing as a practical solution in a variety of circumstances.
The specific triggering events depend on the unique issues of each
organization, but are likely to fall into one of several categories:
- Strategy driven reorganization or consolidation
- Systems conversion and process transition
- Unacceptable backlogs
- Staffing or management crises
- Financial turnaround
In this article, two chief financial officers who have experienced
these events share their stories in support of outsourcing as a
first option, rather than a last resort. They have concluded that
they’ll get better results if they act quickly and not let
their accounts receivable age. So, while they admit that very urgent
events triggered their first outsourcing contract, they don’t
advise others to wait for one. Deliberate, proactive action to improve
cash is the way to go. Outsourcers can deliver the best results
through the earliest possible application of their value adding
best practices.
Accomplishing a Turnaround and Pursuing a Strategy
Mr. George Popko is the Executive Vice President of Finance and
Administration of the Cathedral Healthcare System. The System consists
of St. Michael’s Medical Center, St. James Hospital, Hospital
Center at Orange, Columbus Hospital, St. Mary’s Life Center,
and the Center for Occupational Health. When he joined Cathedral
about eight years ago hospital deregulation had just started. At
Cathedral the immediate focus was on stabilizing and then turning
around the finances of the (then) two-hospital system serving the
Newark, NJ area.
As the turnaround became a reality, the organization set a steady
course to accomplish a strategy driven by two very simple and clear
principles -- designed to build a hospital system to better serve
the needs of its constituencies and raise its competitive profile:
1) integrate the various units clinically to raise quality and improve
finances, and 2) consolidate administrative functions to better
support clinical missions and maintain financial strength. The ability
to accomplish the former continues to depend on the ability to deliver
the financial results from the latter.
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