Socialize

Facebook

National ranking service likes what it sees in local hospital’s financial operations

Ray County Memorial Hospital Administrator Earl Sheehy doesn’t take credit for the hospital’s ranking in the top quarter of hospital financial health. Sheehy said the hospital has long had a conservative approach to its finances. (Photo by David Knopf/Richmond News)

Ray County Memorial Hospital Administrator Earl Sheehy doesn’t take credit for the hospital’s ranking in the top quarter of hospital financial health. Sheehy said the hospital has long had a conservative approach to its finances. (Photo by David Knopf/Richmond News)

By David Knopf-News Editor

An organization you’ve probably never knew existed – and one you’ll never need to – knows all about Ray County Memorial Hospital. And it likes what it sees.

iVantage Health Analytics, a Portland, Maine-based organization that studies the financial strength of hospitals nationwide, recently recognized  RCMH for overall excellence and “Performance Leadership in Financial Stability.”

The award is given to institutions of all sizes nationwide that rank in the top quarter in Medicare Cost Reports – an annual statement of finances that RCMH Administrator Earl Sheehy equates to an individual’s tax return.

“Based on our financial performance, we’re in the upper quartile of all the hospitals (iVantage Health Analytics studies),” said Sheehy, who joined the hospital’s administration in June. “To hospitals, our performance cost reports are like our personal income tax returns, but they’re public record.”

What’s significant is, that as part of the public record, the reports are available to and analyzed by iVantage. Further, the Medicare Cost Reports are required of all hospitals receiving Medicare reimbursement from the government.

The current top-quarter ranking is based on figures for fiscal year 2013, which ended Oct. 31.

Sheehy said hospital employees were notified of the honor and treated to complimentary dessert in the cafeteria.

“It’s everybody working together, the board, the employees, the doctors, the community, myself,” he said.

The complete story is in the Thursday, Dec. 4, 2014 Richmond News.

Click here for our E-edition and read the rest of the story.

You must be logged in to post a comment Login