About the Session
This session covers one medical center’s journey from near financial disaster to becoming a viable healthcare organization. Small and rural hospitals are often one of the largest employers in a small community and present a large financial benefit. If Midwest Medical Center had not succeeded in its turnaround efforts, nearly 225 well-paying jobs would have been at risk and healthcare would not have been available in the community served. This session will serve as a comprehensive turnaround lesson, touching on areas such as leadership and governance involvement; building a realistic strategic plan; recruitment of physicians and other caregivers; strategic partnerships and affiliations; creation of a transparent culture and a more engaged workforce; and managing the relationship with corporate bondholders whose investment was at great risk. The lessons are pertinent to most organizations, either as a whole or in part.
- Review a comprehensive approach to turning around a struggling hospital and apply and integrate some or all of the strategies.
- Discuss unique components of the process and apply it to other situations.