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At a time when Cape Cod Healthcare’s financial situation has been generating a great deal of attention, I want to update you on some of the steps we have taken to address this situation, and outline a vision for the future of Cape Cod Healthcare.
We remain sharply focused on patient care and building on our reputation for clinical excellence. That focus was recognized again recently when Falmouth Hospital was named one of the 100 Most Improved Hospitals in the nation, out of almost 3,000 hospitals surveyed over a five year period by Thomson Reuters, a global health care information company. This recognition comes on the heels of Cape Cod Hospital being named one of the Top 100 Hospitals in the nation five times in the past ten years. These are excellent accomplishments and they reinforce the fact that we will never waver from your care and safety being our top priority. There are many areas in which Cape Cod Healthcare excels and we will continue to strive for clinical excellence and patient care above all else. In fact, we will expand our surveillance on safety by joining the Safest Hospital Alliance, a national group designed to identify best practices and use measurable goals in making process improvements.
Cape Cod Healthcare does have a serious financial challenge on its hands, but it can be fixed and it is being fixed. The Board, medical staff leadership, hospital administration and staff, working together, have developed and are implementing a plan to address the system’s $25 million operating shortfall and $15 million net income deficit. Our plan will improve the healthcare system’s bottom line over the next 16 months by $30 – $40 million. It calls for $15 - $25 million in additional revenues and $16 million in expense reductions.
Every component of this plan was carefully considered and vetted among the Board, medical staff leadership and administration. In addition to aligning us with national benchmarks in terms of staffing levels, this plan also makes us more consistent and efficient in how we code and bill and perform other business functions. Our plan is well-thought out and compelling and it will in time, restore Cape Cod Healthcare to financial health. In addition to addressing our financial situation, we are taking strong steps to strengthen our organization over the long term.
We ask for your continued support and patience as we work through this challenging time. Please contact us with any questions or concerns.
Sincerely,
Richard F. Salluzzo, M.D.
President and CEO, Cape Cod Healthcare
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