BRENTWOOD, Tenn., Feb. 5 /PRNewswire/ -- As the strain of the economic crisis bears down on America's healthcare industry, Quorum Health Resources (QHR) has announced the launch of Intensive Resource Group (IRG), LLC, a wholly owned QHR subsidiary that provides hospitals and health systems with short-term, high-intensity engagements to address the challenges they face.
The challenges are great, according to the American Hospital Association's (AHA) January 2009 "Report on the Capital Crisis: Impact on Hospitals." The study reveals that nine out of 10 hospitals are finding it difficult or impossible to access tax-exempt bonds and half of all hospitals have put capital projects on hold. Hospitals nationwide are at risk of defaulting on their bond covenants and/or declaring bankruptcy. Many hospitals do not have the ability to address such situations internally.
"Addressing unfavorable events such as bond covenant default and bankruptcy requires leadership, innovation, and a level of intensity that many hospitals in crisis cannot produce themselves," says IRG President Kenneth Venuto. "We partner with bond professionals, financial and legal advisors, hospital executives, governing bodies and other stakeholders to assess and stabilize crisis situations. We then transfer the necessary knowledge and methodologies to the hospital so that it can achieve sustainable success."
In addition to offering finance-specific services like bond covenant studies and sale/merger transaction assistance, IRG offers interim and turnaround management, sustainable process improvement, new hospital development services and overall management advisory.
The company's suite of services has been developed by its industry-leading executive team, led by Venuto. He has more than 30 years of financial management and operations experience that spans public and private healthcare systems of varying complexities in both urban and rural markets. His team is comprised of hospital finance and operations experts from across the country.
Already hard at work, IRG's most recent engagements with facilities in California, Pennsylvania and Washington, D.C, include turnaround situations in which the company has improved operating margins, decreased accounts receivable days, boosted net patient service revenues and successfully renegotiated managed care contracts. All of this has been done against the backdrop of an ailing economy and decreasing Medicare and Medicaid reimbursement rates.
"When a hospital works with IRG, they can trust in our unsurpassed ability to quickly analyze their operating and financial reality and develop customized strategies tailored to meet the hospital's immediate needs, growth plans and patient care objectives," says Venuto. "Our intensive approach encompasses both immediate and long-term sustainable improvement, not just a 'quick fix.'"
Because of its affiliation with QHR, IRG is able to draw on the resources of the nation's largest hospital management company. IRG clients can tap into the experiences and best practices of approximately 300 CEOs and CFOs and 150 healthcare consultants across the country. They can also call upon the QHR Learning Institute, QHR's training and education resource, and American Health Facilities Development, the company's partner in healthcare facility planning and construction program management.
About Intensive Resource Group (IRG)
IRG provides intensive short-term support to hospitals and health systems facing high-level challenges such as bond covenant default, loss of accreditation, sale/merger issues and bankruptcy. IRG is a wholly owned subsidiary of Quorum Health Resources (QHR) which has provided consulting, management, construction, and education resources to hospitals and health systems for three decades. QHR is the market leader in hospital management, with approximately 150 current multi-year clients across the U.S. As a consulting resource, QHR is among the 15 largest healthcare management consulting firms in the U.S. AHFD has completed 570+ planning and program management engagements. The QHR Learning Institute trains over 8,000 healthcare professionals each year. For more information, go to www.qhr.com.
|SOURCE Intensive Resource Group (IRG)|
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