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Ivinson Memorial Hospital's Transition to 501(c)(3)
Ivinson Memorial Hospital is proposing this transition to a 501(c)(3) Corporation from a position of organizational strength of both governance and management. The payor landscape in the state of Wyoming anticipates the transition to a value-based reimbursement structure that has occurred in other parts of the country which will require new approaches to healthcare delivery. Transitioning to a 501(c)(3) Corporation will allow Ivinson Memorial Hospital to better prepare itself for a future state where payments are focused on value, rather than fee-for-service. This change is inevitable and will require providers across the State, including Ivinson, to make strategic business decisions, focus on quality improvement, and provide population-based health interventions that span the continuum of care.
Improved Community Benefit: Ivinson Memorial Hospital is dedicated to service the people of its community and supporting the local economy. Transitioning to a 501(c)(3) structure will improve community benefit by facilitating the following:
Increase support of the Albany County community by stimulating economic growth
Service line development
Provide additional jobs within the community
Improved Quality: Ivinson Memorial Hospital is firmly dedicated to providing the highest quality of care for its patients. Transitioning to a 501(c)(3) structure will allow Ivinson to improve clinical quality by the following:
Increased engagement of physicians in clinical strategy and dialogue
Respond to the impending shift to value-based care by providing focus on quality measures to meet requirements set by CMS and other payors.
Allow for targeted clinical development to retain patients who can be treated locally
Improve ability to recruit and retain physicians in the community
Improved Business Position: Ivinson Memorial Hospital has a strong financial position, and will need to become adaptable and responsive to maintain financial strength in value-based future. Transitioning to a
501(c)(3) structure will permit Ivinson to improve its business position by allowing for the following:
Improve ability to develop strategic planning initiatives
Improve ability to remain competitive in the market place
Improve ability to retain and grow patient volumes in Albany County
Should We Change?
Healthcare reform will demand hospitals provide increased quality at the lowest possible cost. An organization that can think and act quickly will maximize both quality and cost.
Government-run healthcare is declining across the country; more county-run hospitals are failing financially and have had to partner/join another organization to remain viable to serve patients.
A 501(c)(3) entity can grow faster and more meaningfully than a district hospital. There will be an increased ability to improve operations, develop business strategy, recruit talent, manage assets and pursue potential partnerships.
Hospital benefits: enhanced competitive position and strategy, improved operational efficiency,healthcare-focused governance,increased physician participation, greater freedom for expansion and exploration, increased talent acquisition, and market share growth.
Community benefits: geographic coverage, service line development, and patient access will be improved.
Quality: IMH needs to be able to move rapidly to negotiate with payers and providers to find the right physicians, introduce the right services, and create the right strategies. Quality care will be provided by those who can quickly and firmly make such decisions.
Economic Impact: Having the latitude to make strategic decisions will allow IMH to keep services, and accordingly, provide more jobs in Albany County.
Hospital Finances: By being able to quickly and meaningfully negotiate with payers and providers IMH will be able to standardize care, eliminate variation, and drive cost out of our system.
Why Change Now?
The changing healthcare environment will soon begin to impact states with low population, such as Wyoming.
The IMH Board is strong, stable and cohesive. The Board understands the drive toward governing with best practices and believes this transition will pave the way toward an even stronger organization.
Ivinson Memorial Hospital is making this transition from a position of strength. This is a positive, proactive move that will build on the foundation laid and
enhance this valuable community asset.
This approach enables us to evaluate all options and undergo a deliberate exploratory process from both an organizational, clinical, and legal perspective.
What Does This Mean?
Elected, District Board will stay intact and the District will maintain ownership of the hospital.
The Hospital will be leased to local non-profit made up of local board members.
The founding 501(c)(3) Board will be diverse in age, sex, race, and occupation. Adding diversity and clinical expertise will make the board stronger and connected to the community and the organization.
The District Board will manage the provisions of the lease and assure the performance metrics for quality, safety, finance, and community benefits are maintained.
The District Board has the right to rescind the agreement for non-performance on any of the key performance metrics.
If you have any questions or concerns, please do not hesitate to reach out. Feel free to e-mail us at: firstname.lastname@example.org.