Niagara Falls (N.Y.) Memorial Medical Center started a community healthcare-based transition in 2008, and today, the hospital is reaping the benefits with increased outpatient admissions and revenues, Buffalo Business First reports.
What you should know:
1. Between collaborating with nearby health systems, adding cardiac and wound care services lines and growing existing specialties, Niagara Falls Memorial saw its outpatient revenues increase from $26 million a decade ago to $54 million today.
2. The outpatient-focused moves follow the industry consensus, reflected by the hospital's falling inpatient admissions. Ten years ago, the hospital saw admissions around 75 percent; today inpatient makes up only 40 percent of its revenue.
3. "Within our surgical profile, probably close to 75 percent to 80 percent of what we do in surgery is now done outpatient or one-day stays," Niagara Falls Memorial CEO Joseph Ruffolo said.
4. Despite the changing surgical profiles, the new customers help the hospital offset costs lost by CMS’ changing reimbursement rates.
5. Mr. Ruffalo said, "If it weren’t for the transformation to focus more and more heavily on outpatient care, we probably wouldn’t be here today."