3. Increasing Outpatient Volume
In addition to cutting expenses, Firelands is also exploring opportunities for top-line growth and has identified expanding its outpatient market share as one major area of focus. To accomplish this, the organization has recently moved into the urgent care space, Moncher says.
"The most important strategy we've implemented to grow our outpatient business is [that] we purchased from a local physicians group a small urgent care center. That got us into the urgent care business in July 2012," he says.
"Since then, we've opened two more urgent cares in small outlying communities, which have given us a presence in those communities even though we are not the closest hospital. Whether or not we are getting new patients directly from that is hard to say. However, if those patients develop primary care relationships with physicians who are Firelands-friendly and are supportive of our organization, then that will also help drive growth."