Maggie Gill’s Attempts To Save Money At Memorial Health
Memorial Health has been losing money. This was the message that Maggie Gill told the board of the health care system. The CEO of Memorial Health added that she predicted the losses in her previous assessment. It is for this reason that she launched the Pathway to Excellence Initiative. The cause of this loss is the changing healthcare environment in the United States. Memorial Health owns the Memorial University Medical Center and Premier Inc., a Charlotte-based healthcare improvement firm.
Maggie Gill launched Pathway to Excellence in July 2016. The initiative hopes to cut the company’s losses through implementing realistic saving plans. This strategy is expected to save the company over $20 million. As per late last year, Memorial health had already saved $12.6 million. Premier Inc. contributed most of the savings with a total of $7.6 million. According to Gill, the savings will allow the company to remain financially stable, as they continue to re-strategize on their future endeavors.
Gill and the board have also raised concerns about the financial future of Memorial Health. The team says that the company’s problems will continue despite the increasing number of clients visiting the hospital. Gill pointed out that only two-thirds of these customers could pay their bills. This leaves the company with a financial gap. The government’s decision to reduce its reimbursements for medical care has worsened the situation.
Unlike other safety net hospitals in Georgia, Memorial does not receive any special or local funding. The hospital is appealing to local leaders to intervene and allocate sufficient funding that will enhance its operations. The funding will cater for the shortages caused by patients who are unable to pay their bills.
Although the hospital can reduce its losses by turning away patients, its board believes in catering to every American regardless of their financial ability. Presently, the health care provider is expected to make an operating loss of about $28.7 million this year.
Speaking during the event, Memorial Health’s CFO, Laura Dow, echoed Gill’s statements. According to her, the company has been experiencing financial problems in the last five years. She noted that the changing healthcare environment had worsened the company’s liquidity problems.
Maggie Gill is the president and CEO at Memorial Health. The executive leader joined the company in 2004, as the vice president of finance. Maggie rose to the summit of the company’s management in 2011. Previously, she worked for Tenet South Florida Health, Palmetto General Hospital, and North Shore Medical Center. Gill is a graduate of Florida State University.