In the land o' lakes (or Florida, as it's more commonly known), Lakeland Regional Medical Center (LRMC) cares for residents' high cholesterol -- and other physical ailments. LRMC serves Florida's Polk County (roughly between Kissimmee and Tampa) through an acute care hospital with more than 825 beds. Among its specialty services are cardiac care, cancer treatment, senior care, emergency medicine, orthopedics, women's and children's health care, and surgery. Its LRMC Foundation offers financial support for indigent patients facing ongoing treatment. Its emergency department treats more than 150,000 patients each year.
In addition to its 823 bed acute care hospital, Lakeland Regional Medical Center (LRMC) also operates a school to train radiology specialists. It also operates general care and specialty outpatient clinics.
LRMC recently expanded its intensive care department. It has also improved its facility's technology in areas including radiology, orthopedics, and chemotherapy.
LRMC funds its activities through charges to patients for inpatient and outpatient services, as well as from non-hospital activities, such as its cafeteria, gift and uniform shops, and physicians' answering service. Although the hospital also receives payment from federal agencies, such as Medicaid and Medicare, they, along with other managed care entities, have cut their reimbursement levels causing LRMC's charity care levels to increase to nearly $150 million in 2011.
Reductions in Medicaid spending resulted in a net $12 million loss of revenue in 2011, which, along with other expenditures, left the company with a net operating income of $9 million for the year. LRHS implemented an 8% overall rate increase for fiscal year 2012.
In response to continued pressure on its finances from low reimbursement rates and increased charity care levels, LRMC renegotiated with suppliers to achieve savings of more than $9 million over two years in 2011 and eliminated more than 275 positions from its workforce. Of the positions, 133 were actual job cuts, while the remainder were vacant positions that won't be filled.
Fiscal 2011 brought the company's organizational structure into focus. Key elements to LRMC's strategic direction included improving quality, performance, and patient safety. The company consolidated its teams dedicated to performance improvement and strategic informatics, aligning them to its CIO; it also moved to improve quality by creating better alignment with its clinicians. LRMC began implementing its Electronic Medication Administration Record that year with plans to have a complete electronic health record system in place by mid-2012. – less
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