About The Study
- Management Services
Interfaith Medical Center (“IMC”) is a 287-bed acute care teaching hospital that provides a wide range of critical medical, surgical, gynecological, dental, psychiatric, detoxification, pediatric, and other services. After years of financial difficulty, including the inheritance of substantial legacy debt, IMC filed a Chapter 11 bankruptcy case. IMC’s financial difficulties continued during the Chapter 11 case. IMC exited its Chapter 11 case and as part of the Plan of Reorganization to exit bankruptcy, a Temporary Operator was appointed by the New York DOH, and Steven Korf, Senior Managing Director of ToneyKorf, was asked to serve as IMC’s Interim President and Chief Executive Officer.
Summary of Execution and Results
- Strategic Plan Design
- Formulated an application to participate with other strategic partners in the Delivery System Reform Incentive Payment (“DSRIP”) program to improve delivery of healthcare and financial stability.
- Reinvigorated the institution for growth through prioritized and phased IMC-specific initiatives developed to enhance access to care and efficiency of existing fiscal practices.
- Developed a five-step Transformation Plan to effectuate a successful turnaround of the institution. The implementation of the Transformation Plan provided increased access to medical care for the local community, while improving financial and operational performance, and providing jobs and long-term opportunities for key stakeholders, and a potential new direction for IMC.
- Financial Performance Improvement
- Negotiated new payor contracts with insurance providers, such as Aetna, Cigna, and others.
- Developed and implemented a program to streamline and improve the revenue cycle process.
- Clinical Quality Improvements
- Improved the quality and delivery of health services and addressed deficiencies in practice and policy.
- Increased capitated revenue and quality bonuses through better management of patient rosters and quality monitoring to achieve bonus and full capitated returns.
- Awarded CMS’s Hospital Compare second star, the second best performing hospital in all of Brooklyn based on Total Performance Scores and the second best performing hospital in all of New York City for Hospital Acquired Conditions.
- Employee and Medical Staff
- Re-engaged with the community and employees in order to improve relationships in support of addressing employment, DSRIP, and regulatory issues confronting the hospital.
- Developed and implemented a Physician Compensation Program, which created a larger physician pool, with the ability to participate/achieve better quality bonus rewards, and more Part B billings.
- Expanded residency programs, including dental, general practice, pediatric, ophthalmology, anesthesia, surgery, and psychiatry.
- Stabilized operations and finances by replenishing key leadership roles lost during potential hospital closure, tending to facility maintenance, enhancing patient experience, and controlling costs.
- Collaborated with another local hospital to be designated as a Stroke Center.
- Increased unavoidable admits through Emergency Department by seeking and gaining approval from FDNY for IMC branded ambulance to show presence in community and increase runs.
- Increased Ambulatory Surgery through expansion of orthopedic and general surgery services.
- Increased Catheterization Lab cases through commitments from affiliated physicians.
- Expanded Outpatient Services
- Increased Dental Program revenue due to growth in services at new site, increased surgical procedures, and additional associated revenue from residents.
- Restarted and grew Urgent Care service line through relocation to border of catchment area and redesign of marketing to attract the community.
- Increased outpatient clinic volume and services through redesigned clinic times and physician alignment, as well as better integrated delivery of care with hospital.