Mark Runyon joined Tampa (Fla.) Basic Hospital as govt vice chairman and CFO in March, simply because the COVID-19 pandemic first made waves within the U.S.
In his first 12 months, not solely was Mr. Runyon tasked with studying the ins and outs of a brand new well being system, he additionally needed to navigate the monetary challenges introduced by an unprecedented disaster.
Mr. Runyon has greater than 30 years of monetary management expertise. Previous to becoming a member of Tampa Basic, he was vice chairman of operational finance at Salt Lake Metropolis-based Intermountain Healthcare.
Right here, he discusses how the resurgence of COVID-19 could have an effect on Tampa Basic, the accomplishment he’s most happy with in his first 12 months and his high two priorities for 2021.
Editor’s Be aware: Responses have been frivolously edited for size and readability.
Query: Florida is seeing a resurgence in COVID-19 instances and hospitalizations. Do you count on the rise in instances to have an effect on funds at Tampa Basic Hospital?
Mark Runyon: We’re beginning to see a rise in COVID sufferers. Because the important supplier of upper acuity providers in our market, with fixed sturdy demand for intensive care unit beds, the first monetary impression of COVID stems from limiting our capability to simply accept increased acuity admissions throughout occasions of elevated COVID census and the incremental prices of treating COVID sufferers.
Q: What’s going to monetary restoration appear to be for Tampa Basic?
MR: Monetary restoration will depend on many issues. Will the sample of softer emergency and elective process volumes proceed? Will the provision and value for PPE enhance? How will COVID impression the native economic system, our payer combine and governmental budgets? There are a variety of transferring components to handle, however our staff has demonstrated the flexibility to rapidly react to altering market dynamics throughout 2020 by working with physicians for a fast restart of elective procedures, bettering top-line yield by means of elevated deal with numerous income cycle initiatives, tightening labor administration all through the group, successfully controlling nonlabor prices, and taking different steps to handle working cash-flow.
Q: In your first 12 months as CFO of Tampa Basic, what would you say is the accomplishment you’re most happy with?
MR: 2020 was actually a baptism by fireplace. Whereas a number of issues come to thoughts, serving to our management staff to rapidly assess, navigate and execute the course corrections required to stabilize our funds given the shutdown of elective procedures can be crucial one.
Q: What are your high two priorities as CFO heading into 2021?
MR: Our development in recent times has created a number of excessive acuity service capability constraints. In 2021 we plan to start a serious capital enlargement that may, amongst different issues, enhance our variety of working room suites and ICU capability. A second precedence will contain bettering administration agility by means of implementation and enhancement of assorted monetary administration instruments.
Q: If you happen to may move alongside one piece of recommendation to a different hospital CFO, what wouldn’t it be?
MR: Efficient monetary management in healthcare or any trade requires a relentless pursuit of course of enchancment, serving up efficiency information that’s simply understood and actionable, and at all times and most significantly maintaining the perfect curiosity of the sufferers in thoughts when making choices. Doing the precise factor for the affected person most of the time is the precise factor to do financially.
Extra articles on healthcare finance:
‘COVID’ fee showing up on medical bills across the country
Hospitals lose billions in hit to medical tourism
Healthcare stocks jump amid hope of returning surgical volumes
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