LBJ Hospital finances have significantly improved since management retained the services of a private contractor, medHealth Solutions Consultants of Texas.
That’s the view of CEO Faumuina John Faumuina who told a cabinet meeting Monday that the company has helped the hospital improve its revenues to keep up with expenditures.
He said when he returned as CEO, hospital finances were unstable and vendors would only do business with LBJ on a payment upfront basis.
After MedHealth was retained things started to turn around.
Faumuina said this is why he’s hardly knocking on the Treasurer’s door for money.
The company has provided remediation training to improve quality of patient safety and care, increase financial accountability in staffing management, best practices and evidence based training for Finance and Information System staff.
It’s also conducted cost based and reimbursement training which builds financial accountability, improve the revenue cycle and enhance financial management in health care initiatives.
The company’s services are paid with technical assistance grants from the Department of Interior, Office of Insular Affairs.
A chart showing LBJ revenues and expenses from 2015 to 2020 shows that the hospital started to make a turn around the year after it retained the company’s services.
From 2015 to 2108, expenses outpaced revenues. But in 2019, a year after the company was retained revenues exceed expenses and this has continued for FY2020.
