Tandem Health will continue being responsible stewards of our financial resources to maintain our long-term program sustainability, while pursuing new revenue streams. Finance.
Strategy 1: We will diversify our payer mix to ensure the revenue necessary to support our mission to serve the under- and uninsured populations. Strategy 2: We will implement material cost reduction initiatives and improve controllable expenses throughout the organization.
2023 2024 2025 B=Begin C=Complete BY WHEN?
ACTION STEPS
MEASURES / INDICATORS
RESPONSIBILITY
2a Standardizing supply chain management: Centralized location for housing supplies. PAR level system for maintaining inventory.
1. Select new purchasing software from list of 3 potential vendors 2. Choose location for centralized inventory
Chief Financial Officer VP of Clinical Operations
BC
2b Implement revised purchasing process to ensure GPO contracts are utilized when possible: Reduce the number of vendors we do business with to improve services received and implement a clear and uniform inventory process at all locations.
Chief Financial Officer VP of Clinical Operations
1. Review current processes and implement applicable changes
B
C
1. Work with Elliot Davis & ELT team to finalize parameters for incentive plan 2. Implementation of Incentive plan
2c Improve Employee retention: Finalize incentive plan for all employee’s (Tier plan)
Chief Financial Officer Executive Leadership Team
B
C
Strategy 3: We will develop a fully integrated grants and contracts management process that utilizes a value based care approach to pre- and post award workflows and responsibilities.
MEASURES / INDICATORS
RESPONSIBILITY
2023 2024 2025 B=Begin C=Complete
ACTION STEPS
Chief Financial Officer Chief Executive Officer VP of Clinical Operations
3a Hire a grants & Insurance Contracts specialist. Work with the management team to create a job description.
1. Create and finalize job description
B
3b Review current grants and look at new grant opportunities: The grants manager will collaborate with Tandem Health's ELT team to review current and future grant opportunities to optimize current returns and future opportunities.
1. Collaborate with CEO on identifying new grant opportunities 2. Measure the ROI on procuring new grant opportunities 3. Increased cash flow 4. Analysis report on opportunity for current grant renewals 1. Revenue Cycle Reporting to identify top 3 opportunities for contract renegotiations 2. Collaborate with Revenue Cycle Director for other areas of improvement in payer reimbursement
Chief Financial Officer Chief Executive Officer VP of Clinical Operations
B
C
Review Commercial insurance, managed care and value based care contracts: Analyze reports from our EMR related to commercial insurance, managed care and value-based care agreements to identify the greatest opportunities for revenue maximization.
Chief Financial Officer Revenue Cycle Director
3c
B
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