4 Success Stories of Rural Hospitals Solving Modern Challenges

Rural areas of America tend to have older populations than urban areas. This increases challenges for rural hospitals.It’s hard enough running a small, rural hospital. These challenges increase with older populations who have larger, more complicated healthcare needs – and who also tend to be Medicare patients.Despite these challenges, a small hospital in Beatrice, Nebraska is thriving by implementing a seemingly obvious solution: they’ve invested in aging healthcare, allowing them to specialize in the specific areas where older adults need them most.The average age in Beatrice, Nebraska is 6 years older than the average age in Nebraska. It’s an older, rural town with a population of 12,200 people.To address these challenges, the Beatrice Community Hospital and Health Center (BCHHC) has implemented a range of solutions. BCHHC has continued to grow, opening a new building while doubling patient numbers since 2009.What did BCCHC do differently? The hospital made significant investments in treating and serving the area’s aging residents. As the town’s population gets increasingly older, several nursing homes have opened in town, with BCCHC being the primary medical hub for these residents.Today, BCHHC is the second largest employer in Beatrice. It has a 25-bed hospital employing 512 people with a payroll of $28 million. The hospital earned $100 million in revenue last year – even as other businesses are leaving Beatrice en masse.Because of their foresight, the Beatrice Community Hospital and Health Center continues to thrive amid uncertain times for small, rural hospitals.

Small Hospital Thrives in 6,500 Person Town in Indiana
Similar to the BCHHC success story, Margaret Mary Community Hospital has succeeded in Batesville, Indiana by specializing in caring for older adults.Batesville, Indiana is home to 6,500 people. To address their needs, Margaret Mary Community Hospital has built a rheumatology program specifically catered to the town’s aging population.Like Beatrice, Batesville has an older than average population. By focusing on what they do well, and addressing the town’s healthcare needs, Margaret Mary Community Hospital has achieved success.All of this healthcare investment attracts older retirees to the area. Residents can buy a three-bedroom home in Beatrice for around $70,000. With good healthcare and a low cost of living, Batesville’s future – and the future of Margaret Mary Community Hospital – looks bright.

Childress, Texas Hospital Grows in One of America’s Toughest Markets
Texas has been hit particularly hard by the rural health crisis in the United States. Small hospitals across the state have closed over the past two decades.Despite these challenges, the hospital in Childress, Texas remains a success story. The 39-bed non-profit Childress Regional Medical Center is one of he few Texas hospitals operating profitably in these times.What has Childress Regional Medical Center done differently? Some of the strategies implemented by the hospital include:• The hospital offers expanded services, which means local residents no longer have to drive two hours to reach the nearest hospital; this approach led to nearly 1,000 new patient visits in the most recent fiscal year• ¬Childress Regional Medical Center has invested in telemedicine units while also increasing the number of doctors and hours at its primary care clinic – all while competing hospitals have taken an opposite approach by cutting hours and serviceBy expanding staff and hours, Childress Regional Medical Center has become the go-to hospital for patients throughout the region.Locals no longer have to travel hours to visit neighboring medical centers, for example, because the hospital hired an orthopedic surgeon in 2013. The hospital also hired an oncologist who visits the hospital once per month, with specialists in urology and cardiology visiting Childress Regional Medical Center on a similar schedule.The hospital has also received a boost with telemedicine. Telemedicine allows physicians at Childress Regional Medical Center to consult with specialists at Children’s Medical Center in Dallas, making it easier to handle complex cases.For all of these reasons, Childress Regional Medical Center continues to be a notable success story in a state where rural hospitals face increasing challenges.

Haleyville, Alabama Hospital Reverses Closure After Community Funding Effort
Rural hospitals exist because of their communities. Sometimes, the community needs to save the hospital – not the other away around.Such was the case in Haleyville, Alabama. In 2017, Lakeland Community Hospital in Haleyville, a town of around 4,000 people, announced it was closing down due to declining profits. After the closure, the closest emergency room would have been a 45-minute drive away.The community banded together in response. Haleyville’s mayor, Ken Sunseri, began making calls to other hospitals in the region to explore how other legislators handled similar situations.Mayor Sunseri repeatedly received similar advice: take ownership of the hospital and fight to keep it open – so that’s exactly what Haleyville did. Hospital employees worked extra shifts as the city worked to acquire the hospital from Tennessee-based Curae Health, which had recently filed for bankruptcy. Local authorities approved a 1% sales tax and an increase in county property tax to help fund the hospital.Like rural Texas, rural Alabama has faced significant issues with hospital closures. The success story of Haleyville’s Lakeland Community Hospital shows it can take a community effort to save a rural hospital – but the effort is often worth it.

What’s Next for Rural Hospitals?
The success stories above show that rural hospitals can thrive even in uncertain times. While rural hospitals face challenges across the country, many hospitals continue to thrive, grow, and expand.Request a free consultation with HMI, LLC today and get leading healthcare consultation from an organization with 30+ years of experience in revenue cycle management, medical coding services, physician services, chargemaster services, compliance, and more for all sizes of healthcare organizations.

Why will Professional Services Organizations (PSOs) be in demand in 2020?

As more and more industries are adopting disruptive technologies in their business model, the demand for professional services has risen significantly in the tech domain. Moreover, as businesses are flourishing at an unprecedented pace and grabbing projects across the globe, it is imperative to experience a crunch for appropriate tech experts who can handle project management with utmost diligence.

This is precisely where, PSOs, Professional Services Organizations come into the picture. They are experts who act like staffing consultants for firms by aligning their staffing needs with professionals in different domains. PSOs leverage technology to hone their networking skills and offer customized professional services in the B2B segment. PSOs facilitate the client’s business by procuring IT specialists, on-site business analysts, and digital tech professionals for end-to-end project execution at clients’ sites. The most significant advantage of taking services from Professional Services firms is that the client can focus on his core business while generating revenue from off-stream projects with the help of key specialists acquired through PSOs.

Benefits of taking services from Professional Services Organizations

It is crucial to understand that we are living in an economy where Tech-as-a-Service (TaaS) is the trending model. It is a highly flexible solution where customers leverage technology solutions and services on a subscription basis that remains scalable to match business needs. So, for example, if you need a tech expert to be deployed at the client’s site to handle overseas business requirements and you lack the necessary expertise in-house, you can take services of professional services consultants who will find suitable applicants matching your needs within a short timeframe.

Let’s see how professional services consultants can benefit your company.

Cost-effective: Professional consulting solution is a profitable strategy that helps you to gain access to an immense pool of expertise at affordable pricing models. Permanent recruitment is an expensive affair as it involves costs right from recruitment, onboarding, training, and retention of the employees. However, PSOs allow you to harness the expertise of specialists without worrying about additional costs.

Practical expertise: Another advantage of signing up for PSO services is that you gain access to an advanced tech environment that only professionals can deliver. These experts are masters of their field with enough industry experience and strong tech understanding, thus minimizing the likelihood of failures in any project.

Easy adoption of disruptive tech: In the era of technological breakthroughs, your business can’t afford to stay behind by turning its back on disruptive technologies, whereas at the same time, it is straightway challenging to commit resources to take the business ahead on these lines. PSOs offer you a mid-way where you can strike a balance by taking services from professional consultants who can help your business to implement artificial intelligence, machine learning, cloud, and significant data capabilities.

Sustainable approach: Sustainability is a new goal for modern businesses. PSOs ensure that their clients can accomplish this goal while paying through an optimal pricing model. Taking assistance from professional services firms is a guarantee that the right type of talent is available when needed without delays, thus improving the bottom line of the business and making it viable for the coming years.

Scalable: Undoubtedly, scalability is the prime feature of subscription-based models. Businesses can any time upscale or downscale their workforce as per the strategic requirements. Many PSOs offer subscription-based pricing that involves paying till the point service is used, thus making it flexible and more straightforward than ever for clients.

Capabilities of Professional Services Organizations

The demand for technological upgrades in business has created a groundbreaking shake-up for PSOs. With a massive requirement of sophisticated professionals in multiple IT domains and also experts who specialize in SAP, Oracle, NetSuite products, PSOs are aggressively working to enhance their capabilities to meet ever-rising client expectations.

To meet the ends, professional services firms employ Project Management Professionals (PMP), who are certified to handle projects right from initiating to closing the project while adhering to standards. They build their capacity by employing strategies like talent management, flexible service models, rigorous networking, commitment to corporate guidelines, and professional consultation.

Professional services firms offer comprehensive consulting solutions under fixed service level agreements. The clients get support in determining the scope of the budget, project limitations, and resource deployment while ensuring that the project is completed within the stipulated time-frame.

Types of services offered/projects managed by Professional Services Organizations

PSOs are primarily tech experts who extend their support in IT and allied domains helping businesses to come in the mainstream by embedding emerging technologies in their strategic business model. Some of them are:

Oracle implementation

Hadoop and Big Data experts

Oracle (DBA) Database administration services

Software upgrades and implementation

Technology upgrades

End-to-end full-scale project implementation

Platform consultation

Cloud migration services

Big Data consulting

Customized solutions

Cross-functional teams of IT experts and consultants

Find the best Professional Services Organization in 2020

A professional services organization is your reliable partner that infuses technical competence and strategic value for the success of your turnkey projects. Katalyst Technologies is an IT solutions provider enabling clients to embrace advanced tech driven solutions in their business model. Along with, we are a professional services company with proficiency in providing experts in Oracle R12, 11g, and 11i implementations who handle end-to-end solutions, leveraging technologies like Hadoop, Hbase, Pig, and Presto. Our strategic recruiting team specializes in sourcing the right talent as per the clients’ project needs.

Connect with our experts to explore how you can stay ahead of the competition in 2020 while meeting stakeholders’ expectations and implementing rapid technology developments.

Choose The Type Of Mutual Funds That Suits You

Investment in mutual fund is one of the most preferable options for various reasons. The foremost reason is professionalism. You may receive lot of noise when you are buying other assets mentioned at the start of this article however they may not bring professional advice. In case of investment in mutual fund, investors are provided with the services of an experienced fund manager who handles the financial decisions based on the performance and prospects available in the market to achieve the objectives of the mutual fund scheme, the advice backed by a dedicated research team. Above all, mutual funds are required to register with SEBI (Securities Exchange Board of India) which bring transparency and regulation in investment decisions. There are different types of funds available and investor can choose the best one as per his/her financial goals.

Types of mutual funds

Mutual funds are a one-stop shop for all your investment needs. Needs can range from wanting to purchase a car in the next one or two years or saving towards your child’s future education in the next 10 years or saving up for your retirement, or saving tax on your regular income. Investors ideally look for diversification, low costs, ease and flexibility of withdrawal, better tax efficiency etc. Investors can achieve all their short term and long term financial goals through the following types of Mutual Funds.

1 Equity funds: One of the most popular types of mutual fund are equity funds, where the fund manager invests in equity markets. Though it seems like a simple job, it is challenging and difficult. When to buy and sell shares is the most difficult decision which is based on the fund manager’s knowledge and experience.

2 Liquid / Debt funds: Liquid funds are an integral part of the fixed income or debt investments plan, primarily investing your money in money market instruments like certificate of deposits, treasury bills, commercial paper and term deposits having maturity of up to 91 days. The lower maturity period of these underlying assets makes them liquid, which means they can be easily converted to cash at a short notice, with minimal risk on capital loss. Liquid funds are one of the most suitable investment options for investors who prefer liquidity (immediate availability of cash) over returns. While, return on investment is always an important factor, liquidity takes priority in the case of liquid funds. These instruments are not subject to interest rate volatility as against other debt funds with longer maturity periods. However, this does not entirely mean that they are immune to interest rate risks.

3 Fund of Funds: According to Investopedia, a Fund of Funds (FOF) – also referred to as a multi-manager investment – is an investment strategy in which a fund invests in other types of funds. This strategy invests in a portfolio that contains different underlying assets instead of investing directly in bonds, stocks and other types of securities. The versatility offered by this fund is akin to a cricketer who is an all-rounder and is able to bat anywhere in the order. A Fund of Funds helps ease risk to a large extent by distributing investment across different funds. A Fund of Funds lowers the risk level of investments by investing fund in different kind of mutual funds. The taxation treatment of the fund is admittedly less than ideal. Broadly, equity and debt are the two major areas of investments in the mutual fund industry and both of them are taxed differently. All equity funds are in one tax bracket and all non-equity funds are in another tax bracket. Surprisingly, an equity fund of funds even one which has equity funds as a part of its portfolio – is taxed as a non-equity fund!

4 Gold Funds: If you are thinking of making an investment in gold, then Gold ETF is the best option. Gold is also valuable as a bulwark against a falling currency. By investing in a gold fund, a retail or institutional investor can gain exposure to this asset without the hassle of taking delivery of physical gold assets, which is often required in the commodities market. Above all, gold has the highest liquidity after cash in hand.

As discussed in our earlier article, entry and exit from your investments should not depend on the market level. You can start investing in the market at any time and have patience till the time your financial goal is achieved. You need to spend time on selection of the right fund which will be based on your financial goal. Markets will remain volatile however there is no reason to worry if you are a long term investor.

Quantum Mutual Fund has 10 different funds in all categories including equity, gold, debt and fund of the funds. You can click here to know more about funds and click here to start investing in mutual funds.