Perspectives in CFO Consulting – Monida Healthcare Network
I know that I am not alone in counting as a pleasure my ongoing and fruitful interaction with “world-class” professionals and organizations. As a CFO consultant and partner with B2B CFO Partners, LLC, I am privileged to have many such relationships as a trusted business advisor. One such example is my long-standing tenure with Monida Healthcare Network (Monida) in Missoula, Montana.
A Membership Organization Serving Healthcare Providers
Monida is a membership organization in Southwestern Montana that serves a provider network consisting of 8 local hospitals, 3 ancillary healthcare facilities and over 1,500 individual providers consisting of specialty and primary care physicians, nurse practitioners, physician’s assistants, physical therapists and mental health professionals. Monida’s mission statement says it all: Our Mission is to successfully navigate the complex world of healthcare, building collaborative relationships between providers and hospitals, and pursuing shared strategic programs and services.
A Physician Hospital Organization – PHO
Within the “alphabet soup” that is typical of the modern healthcare industry, Monida is a PHO, which stands for Physician Hospital Organization. PHOs exist to provide networks of healthcare providers within geographical regions centered around major medical centers. This purpose of such a network is to provide a broad range of healthcare services that allow for predictable healthcare rates for patients while retaining patients within the local healthcare community. Simply stated, the PHO’s focus is to provide affordable healthcare access to the local population by strengthening the local network of providers within the PHO.
Not Your Average PHO…
Although PHOs are historically controlled by major medical centers, Monida is different in that the mission of the organization is to evenly represent hospitals and individual providers to ensure a balanced perspective between the sometimes-varying interests of these two major types of providers. Monida’s commitment to this approach sets it apart from other PHOs in the healthcare industry.
Business Planning is Key to Monida’s Success
Monida’s hospital/individual provider prerogative was a founding principle from it’s creation in 1996. Frankly, they didn’t need my services for that. However, Monida Healthcare Network has gone way beyond the basic purpose of a PHO in order to better serve its membership and the local healthcare community and economy.
Under the leadership of Greg Drapes, Monida’s CEO, the PHO is in the constant pursuit of profitable activities to enhance the healthcare economy within its reach. This has been accomplished by moving forward with a myriad of healthcare business initiatives that benefit its members. Simply stated, Monida has embarked on several profitable AND strategic business strategies that improve the bottom-line of the business to reduce membership fees along with strategic healthcare service offerings that benefit the membership directly or the healthcare economy generally.
Here are the Specifics:
As a CFO consultant, I have been directly involved in the following business planning initiatives:
- Mobile MRI Service – Owned by member hospitals. Highly profitable with significant return on investment (ROI).
- Medical Billing Service – Provide medical billing services to members to support individual provider, clinic and hospital billing expertise.
- Medical Staffing Agency – Development and business planning resulting in significant profit and service offerings to member organizations.
- Credentialing Verification Organization (CVO) – Collaboration with 2 related PHOs in Montana to assist healthcare providers with essential credentialing functions that enhance revenue cycle efficiency and other hospital staff functions.
- Clinically Integrated Network (CIN) – This initiative is currently in development and represents changes to payer contracting based on share savings to keep up with changes in the complex healthcare contracting environment.
This is a short list of the most salient planning initiatives that I have participated in with Monida as a trusted business advisor. Although specific to the healthcare industry, my interactions with Monida are typical of the kind of initiatives that I have participated in with other clients based on their unique needs.
Other B2B CFO Partners…
This kind of narrative is not unique to my practice. I am honored to be part of an organization that provides the same kind of services to clients across every conceivable industry within our vast reservoir of talent and years of experience.
If you are intrigued by this small snapshot of my client, I am sure that you can count on similar stories told by our other talented consultants: See Our Professionals at: https://www.b2bcfo.com/our-professionals.html