The ultimate goal was - and continues to be - to ensure the hospital district's viability
Brentwood, Tenn. (PRWEB) October 7, 2008
QHR, the nation's largest hospital management company and one of the leading healthcare consulting firms in the United States, announced recently that, under board and QHR leadership, Valley Health System (VHS) in Hemet, California, is experiencing consistent financial improvements. In fact, in June, the hospital operated in the black for the first time in three years. VHS, which filed for Chapter 9 bankruptcy in December 2007, is also anticipating a profit of $3.6 million in the coming year, according to its approved, FY2009 budget.
QHR and VHS began their hospital management relationship in November 2007.
"QHR's first step in the hospital district's turnaround was to recruit CEO Fred Harder and CFO
Hugh King, both of whom have contributed to Valley Health System's success in tremendous ways," said QHR Vice President Kenneth Venuto. "Other efforts included the renegotiation of managed care contracts, a reduction in the use of per diem nurses and technicians, the implementation of improved billing and collections processes, and a restructuring of employee dependents' health insurance coverage.
"The ultimate goal was - and continues to be - to ensure the hospital district's viability," he added. "In 2009, such viability should translate into raises for the district's dedicated employees, and capital improvements, such as the purchase of new equipment and upgrading of existing facilities."
According to VHS CEO Fred Harder, the Chapter 9 reorganization, under QHR's guidance, is working.
"The actions called for in the Plan of Adjustment restore us to financial stability," he says. "Our most visible milestone will be our emergence from bankruptcy, which we anticipate will take place in February 2009. Ultimately, everything we are doing is designed to advance our healing mission and provide healthcare for the residents of our District, now and well into the future."
QHR is a family of brands that has provided consulting, management and education resources to hospitals and health systems for three decades. QHR Management Services is the dominant market leader in hospital management resources, with nearly 170 current multi-year clients across the United States. QHR Consulting Services is among the 15 largest healthcare management consulting firms in the United States, with more than 150 consultants providing financial, operational and strategic support to hospitals. Each year, the QHR Learning Institute trains more than 8,000 healthcare professionals to achieve business goals by improving their leadership and management capabilities. For more information, go to http://www.qhr.com.
# # #