Other operating revenue of … Other operating revenue of $27.7 million exceeded the prior year by $10.8 million (64.1%). This misapplication of resources leads to suboptimal staffing and potentially more shortages. As of the quarter ended March 31, 2020, Ballad Health’s assets exceeded liabilities by $1.565 billion. While Ballad Health was not immune to the market fluctuations, the diversified approach to both the investment and debt programs complemented one another to assist in loss mitigation. Inpatient surgeries declined 2.7% to 20,948. In each state, less than 30% of all hospitals had any top-performing programs, according to US News. From a balance sheet perspective, total assets declined $134 million, and net assets decreased by $162 million as compared to Dec. 31, 2019. This is a deliberate strategy to ensure patient safety and protect nurses from being asked to routinely handle too many patients – something that can lead to patient harm and nurse burnout. Recognition by Forbes Magazine as one of the best employers in America for diversity. That quarter ended with patient revenue … 10 in Tennessee last year to No. This improvement has also allowed us to make additional investments in nursing resources, which we hope will help alleviate the stress of the nursing shortage on our staff.”. Ballad Health is not obligated to revise or publicly release revisions to these forward-looking statements in light of new information or future events. Ballad Health generated $17 million in profits in the fourth quarter of its fiscal year that ended on June 30, a 22% decline from the same period the year before. JOHNSON CITY — Ballad Health announced second quarter 2020 results noting a 2.4% revenue and a 2.2% expense increase, resulting in an operating margin of 1.5%. Beginning on or about March 17, Ballad Health began experiencing an organic and material slowing of elective procedures and diagnostic services. Revenues for the 12 months ended June 30, 2020, totaled $1.993 billion, compared to $2.104 billion in the same period of 2019. Ballad Health today announced second quarter results from its 2020 fiscal year. The company's line of business includes the retail sale of prescription drugs, proprietary drugs, and non-prescription medicines. Total expenses (prior to the incremental expenses associated with the implementation of a new electronic medical record and the COVID-19 pandemic) totaled $2.031 billion, as compared to the prior year of $2.060 billion. This investment represents 100% of Ballad Health’s operating income from the last fiscal year. Certain steps have been taken by Ballad Health to alleviate this issue, including: Speaking to Ballad Health’s results for the year, on behalf of the independent members of the board of directors, lead independent director David Lester said, “The board of directors of Ballad Health is composed of people who live here, employ people here and whose families rely on the services here. Export. In partnership with physicians and clinical staff, Ballad Health has seen a focused effort on quality improvement significantly benefit patients. The patients do not have medical conditions, but for a variety of reasons, they cannot be released. We strive to be a zero-harm, top-decile institution, and so far, the work of our unique clinical council in partnership with our administrative leadership is showing promise.”. And while Ballad’s board hasn’t even passed a budget for the year that started July 1, projections are even uglier this year. Ballad Health has received $200 million through the Medicare Accelerated and Advance Payment Program, provided to hospitals and health systems to assist with cash flow during the volume disruption caused by the required deferral of elective procedures. Senior Vice President, Revenue Cycle Ballad Health Jun 2018 - Jun 2020 2 years 1 month. The drivers for that are easy to see: Ballad Health was one of only two health systems in America chosen as a demonstration site for the worldwide Leipzig Interventional Conference in Germany, with Holston Valley Medical Center's Dr. Chris Metzger joining New York's Mount Sinai Hospital to demonstrate high-complexity interventional cardiovascular procedures. While this can be inconvenient for patients and their families, patient safety is always Ballad Health’s paramount concern. This is intended to help improve quality of care and nursing satisfaction. Excluding the impact of coronavirus disease 2019 (COVID-19), the results demonstrate significant reductions in the cost of healthcare for employers, patients and taxpayers; substantially higher quality that shows top-decile performance in certain measures; and improved patient satisfaction. Specific examples include: Investments by Ballad Health also are beginning to generate benefits for the region. With the rise in … According to Epic, despite deploying the system during a global pandemic, Ballad Health's successful conversion was among the best the electronic health record company's staff had observed, with Ballad Health achieving 100% of the key performance indicators for success. These advance payments result in an offsetting liability, with repayment required over a 12-month period beginning 120 days after disbursement. Ballad Health has organized a nursing leadership council and nursing advisory committee to advise leadership on steps and initiatives that can be taken to help improve nursing retention, satisfaction and recruitment. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Highlights of Ballad Health's contributions to the region. 7 this year. Ballad Health today announced first quarter results from its 2020 fiscal year. Vice President, Revenue Cycle Ballad Health Feb 2018 - Jun 2018 5 months. Ballad Health partners with the Appalachian School of Law and Virginia Tech’s Pamplin College of Business to help those in need get legal assistance ... read more about Ballad Health, Appalachian School of Law and Virginia Tech create Medical-Legal Partnership. Location. Expenses related to the implementation of a new electronic health record were $11.0 million, compared to $7.7 million in the prior year. Ballad Health carries underlying ratings that consist of Fitch Ratings: "A," Standard & Poor's: "A-" and Moody's Investor Service: "Baa1," with positive outlook. In the past year, Ballad Health also announced it was one of only 21 Accountable Care Organizations in the nation to help Medicare achieve cost savings in each of the first several years of the program – saving taxpayers more than $45 million. COVID-19 drove a large decline in Ballad Health’s volumes and revenue in the fourth quarter of fiscal 2020 (April-June) compared to the prior year. These surgeons add additional experience with trauma, complementing an already high-quality surgical program. Ratings showing improvement include: nurses treated the patient with courtesy and respect; patients who rated one of Ballad Health's hospitals a score of 10 out of 10; those who would "strongly" recommend the hospital to a friend or family member; and cleanliness of the hospital. Several of the real estate transactions made by Ballad Health after Feb. 1, 2018, were intended to reduce the lease liability through conversion to ownership. Email. Ballad Health's fourth-quarter financial results, and therefore, its year-to-date results, were materially impacted by the national outbreak, and response to, the global SARS-CoV-2 (COVID-19) pandemic. "We honor those we serve by focusing on their safety and providing the best possible care.". While Ballad Health has focused on improved financial performance, it has also continued to invest nearly $200 million in capital for new equipment, diagnostic technology, building improvements, information technology infrastructure and a common electronic health record. “Not only are we demonstrating that reducing lower acuity admissions is beneficial to patients and the payers, but we are also seeing improvement in measures of quality within our hospitals. This successful reduction, when combined with low population growth, reduces the overall volumes in the hospital setting. Learn about Ballad Health culture, salaries, benefits, work … By avoiding these admissions, Ballad Health has been successful in reducing demand for nurses. Prior to the merger, surgical cases were often transferred to Kingsport due to inconsistent staffing coverage and the inability to refer patients to a competing hospital in the same county. Hospital beds, patient monitors, … This phenomenon is not unique to Ballad Health and is experienced nationally. Among others, some examples of such initiatives include: Ballad Health's latest quality measures show 14 of the 17 targeted quality measures prioritized by the states and federal government have improved, relative to the period prior to the merger creating Ballad Health, with improvement being as high as 65%. Due to the unknown duration or extent of the outbreak, Ballad Health is unable to predict when patient volumes will return to historically normal levels or predict the amount of COVID-19 related care it might ultimately provide. Just a few examples of capital spending in the year included: 1. The report cites a “rising turnover and a retirement wave about to break,” with nursing turnover about to “set a new high-water mark for the decade.” Finally, the report states, “half of hospitals would like to decrease their reliance on supplemental staffing.”. Five new digital mammography systems 3. Ballad Health's CEOC is led by an incident commander appointed by the chief executive officer – in this instance, the chief operating officer. For the quarter ended June 30, 2020, Ballad Health's days cash on hand was 324, more than sufficient to meet the covenant requirements under the MTI. During the latter half of the fiscal year, Ballad Health's inpatient experience and emergency department ratings reached the highest level in more than six months, and the ratings continue to climb. At times, when volumes expand, if there is not enough staff to safely manage the volume fluctuation, the hospital may go on diversion for that particular service, or patients who need a certain type of bed might be required to wait in the emergency department until such beds are available. Ballad Health Revenue Est. The system reported spending $267.1 million on salaries, wages and benefits, an increase of $1.5 million from the same period of last year. Like most health systems, Ballad Health seeks to reduce the number of contract, or traveler, nurses. Creation of a new residential program for women who are pregnant and suffer from addiction. Ballad Health also announced plans to open a new rural hospital in Lee County, Virginia – an effort not required by the Certificate of Public Advantage (COPA) or Cooperative Agreement, but supported by the board of directors to improve access. While many health system mergers result in increases in pricing, Ballad Health remains an outlier by actually implementing a decrease in pricing, making these critical access points more accessible to consumers and reducing out-of-pocket costs. Ballad Health has been successful reducing the use of temporary traveler nurses by 50% over the last year, while at the same time continuing to utilize them in areas of significant need or during times of peak volumes. Ballad Health is experiencing a surge in cases throughout the Appalachian Highlands region of Northeast Tennessee and Southwest Virginia. Prior to the merger that created Ballad Health, it was estimated as many as 1,000 jobs would be eliminated had both legacy health systems been acquired by systems based elsewhere. A free inside look at company reviews and salaries posted anonymously by employees. Pursuant to the Master Trust Indenture (MTI), Ballad Health is required to maintain 100 days cash on hand. EBITDA margin improved from 9.9% in the prior 12-month period to 12.5% in the current 12-month period. Ballad Health today announced quality, investment and financial results from its first full fiscal year of operation as a combined system. The global investment markets and domestic debt capital markets encountered substantial volatility in the wake of the COVID‐19 pandemic. Operating Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) or operating cash flow remained relatively flat, generating $54.6 million compared to $54.7 million in the same quarter prior year. A daily collection of all things fintech, interesting developments and market updates. Forty percent of Ballad Health's revenue is attributable to inpatient services; of that revenue, 16% was attributed to commercially insured patients. This program is a best-practice model designed to provide less experienced nurses with mentorship and growth opportunity to expand their skills. During the quarter, Ballad Health reported it has successfully deployed the first phase of a more than $200 million technology conversion, bringing more than 80 care sites live on the new Epic electronic health record platform. "Our focus has been, and will always be, the best care for our patients," Dr. Vashist said. In Tennessee, all three of Ballad Health’s flagship hospitals were among the top-performing hospitals, while in Virginia, Johnston Memorial was among the top performers. Everything you need to know about the market - quick & easy. Additionally, in the US News rankings, Bristol Regional and Holston Valley moved up in overall rankings from No. Net operating income (prior to the expenses associated with the implementation of a new electronic medical record and the COVID-19 pandemic) was a $38.5 million loss compared to $44.1 million in the prior year. Since the closing of the merger, Ballad Health has recruited more than 150 new physicians and advanced practice providers to serve the region. Check here for the latest information, visitor restrictions & FAQs. The recovery team is also charged with identifying various provisions of federal and state support intended to provide relief to hospitals and health systems. We are pleased with these operating results, which demonstrate that, against serious headwinds for all hospitals in the nation, Ballad Health is taking the right steps to ensure patient safety, demonstrably higher quality and stable financial performance – all of which are necessary and important.”. On March 10, Ballad Health executed its disaster plan, which includes the activation of its Corporate Emergency Operations Center (CEOC) to coordinate efforts across the system and around the region to rapidly plan for, and execute, ongoing response to the issues resulting from the COVID-19 pandemic. Successes include the recruitment of cardiology in rural Wytheville and Norton, Virginia; nephrology in Abingdon, Virginia; and urology in Kingsport. 137 Ballad Health reviews. During the year, Ballad Health invested in several initiatives beneficial to the region, including furthering its partnership with East Tennessee State University (ETSU) and its Quillen College of Medicine. According to the state of Tennessee, fewer job losses resulted from the merger than what was originally anticipated. New major capital spending was limited in the fourth quarter, with the onset of the financial impact of the pandemic. A summary comparison and by the applicable Ballad Health provider, showing gross revenue and net revenue by Measured Payors 12 xxi. 2016-02, Leases, which requires balance sheet recognition of a liability and right-to-use asset for substantially all leases. Reviews from Ballad Health employees about working as a Revenue Cycle Specialist at Ballad Health. Ballad said the revenue boost and flat expenses resulted in an operating margin of 1.7 percent in fiscal year 2019, up from 0.5 percent in fiscal year 2018. Ballad Health also announced a new dental residency program in Southwest Virginia, the funding of a new master’s program in addiction counseling in partnership with Milligan College and an addiction medicine fellowship program at East Tennessee State University’s Quillen College of Medicine. Zero infections for abdominal hysterectomy cases across the system, 42% reduction in clostridium difficile infections, 39% reduction in iatrogenic pneumothorax rate, 13% reduction in central line blood stream infections. Forty percent of Ballad Health’s revenue is attributable to inpatient services; of that revenue, 16% was attributed to commercially insured patients. On many days, Ballad Health is holding more than 60 patients in emergency departments, while resources are identified in the community to provide assistance. As of June 30, 2020, Ballad Health had $1.375 billion in debt outstanding, an increase of $30.3 million over the prior year end. JOHNSON CITY, Tenn. (WJHL) – Ballad Health has announced that up to 500 new jobs will be coming to the region. Total cash flow (EBITDA) improved to $254.6 million versus $199.6 million in the same 12-month period prior year, a 27.5% increase. Lower lengths of stay, reduced rates of hospital-acquired conditions, reduced readmissions and better integration with physicians have helped reduce the cost of care and helped Ballad Health achieve success with the new value-based purchasing environment.”. The administrative consolidation of Wellmont Health System and Mountain States Health Alliance resulted in the elimination of approximately 200 administrative positions. Ballad Health and Ensemble Health Partners announced Thursday morning a partnership that will bring up to 500 new jobs to the region in the next five years. The recognition validates Ballad Health's commitment to social responsibility. ER visits declined 3.8% to 432,394 visits. Ballad Health has guidelines for nurse-to-patient ratios that are appropriate and within the standards of the industry. Significant capital investment related to information technology infrastructure and a common electronic health record, building improvements, new ventilators, laboratory and microbiology equipment, new diagnostic equipment and technology, 3D mammography upgrades, replacement of patient beds and navigational diagnostic systems totaled $116 million for the fiscal year. Operating EBITDA of $205.9 million was $22.2 million, or 9.7%, below the prior year. The policy establishing the CEOC is established and authorized by Ballad Health's Board of Directors, and it follows guidelines established by the Federal Emergency Management Agency (FEMA) and the Centers for Disease Control and Prevention (CDC). Don't have a Benzinga account? Reduction in pricing for physician practices and urgent care an average of 17%, plus an increase in the discounts for people without insurance to 77%. The creation of a new dental residency program in Southwest Virginia, and through a partnership with Mission of Mercy, the opening of the Appalachian Highlands Community Dental Center, which serves the needs of low-income, rural residents, A new partnership with Ensemble Health, leveraging Ballad Health's revenue cycle services to bring as many as 500 new jobs to the region, Investment in partnership with 15 other leading health systems in the United States to bring manufacturing of personal protective equipment back on-shore from China, with Ballad Health taking a position in an American manufacturer – cementing a supply line for Ballad Health and the region. The following commentary contains information that may be considered forward-looking. “Our improved financial performance is positive proof that by reducing lower acuity admissions and working with our payers across Medicare, Medicaid and commercial lines of services, we can reduce the cost of care for employers and consumers. Ballad Health reports annual results: high-ranking hospitals in quality, strong financial performance and significant investment in region, about With Changes in State of Tennessee Vaccination Program, Ballad Health to Cease New Vaccinations for the Public in Tennessee, about Ballad Health, Appalachian School of Law and Virginia Tech create Medical-Legal Partnership. Ballad Health has worked with physicians and payers to reduce the number of lower acuity admissions. “Ballad Health has so far been successful providing lower overall costs to consumers while also improving its own financial performance, proving that better quality should mean lower costs,” Levine said. “Our priority is exceptional patient care,” said Dr. Clay Runnels, chief physician executive of Ballad Health. A $10 million annual investment into increasing direct patient care nursing wages, affecting nearly one-third of Ballad Health’s workforce. Ballad Health recognized $82.5 million of income from the provider relief fund established by the CARES Act. “Ballad Health is facing a rapidly changing landscape where our financial success is no longer judged solely by volume, but increasingly, how we care for fewer people more efficiently, effectively and with better outcomes,” Levine said. The decline in hospital admissions in Ballad Health’s service area is driven in part by the efforts of Ballad Health and area physicians to utilize lower-cost alternatives to hospital stays as appropriate. The chief executive officer has appointed a recovery team, led by the chief administrative officer, to work in partnership with physicians, operations and clinical leadership for managing the resumption and capacity of services. View Ballad Health (www.balladhealth.org) location in Tennessee, United States , revenue, industry and description. And recently, Forbes Magazine named Johnson City Medical Center as one of the best employers in Tennessee, among all employers. Excluding stimulus funds, operating EBITDA was $123.4 million, and EBITDA was $163.8 million compared to a prior year of $228.1 million and $254.5 million respectively. During the fourth quarter, ending June 30, 2020, Ballad Health recognized $82.5 million in incremental federal funding provided through the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Virginia Department of Health agreed with the State of Tennessee's findings, citing, among other benefits, Ballad Health's increases in nursing salaries of more than $100 million over 10 years, "the implementation of multiple billing and charging policies to reduce the burden of health cost to the region's residents," Ballad Health's engagement in cost-reducing value-based programs, a majority of quality measures that demonstrate improvement and the likely financial jeopardy of several rural hospitals in Virginia existing prior to the creation of Ballad Health. Beyond the deferral of these procedures and diagnostic testing, Ballad Health experienced a decline in other types of medical treatment similar in effect to that experienced by most health systems and physician organizations – physician practice, urgent care and other routine medical service visits declined precipitously. Opened a new urgent care facility in Lee County, Virginia – a first step toward reopening a previously closed hospital, Major expansion of virtual health, creating lower cost and increased access for consumers. During the fiscal year, Ballad Health was named by Forbes magazine as the 29th best employer in America for diversity, making the health system the highest-ranked employer overall in Tennessee and Virginia, as well as ranking it with Disney as a company committed to the strength of diversity. The health system recognizes its nurses often care for a high volume of patients, and it continues to work with its colleagues in the healthcare industry to seek solutions to the shortages, which have disproportionally affected rural and non-urban communities across America. Copyright ©2019 Ballad Health. The numbers that drive the numbers The pandemic’s effects were about two weeks in when Ballad’s fourth quarter started April 1. Ballad Health cannot presently quantify or estimate the immediate or long-term cumulative impact of this pandemic. 2/13/2020 7:00 PM. According to the United States government, there is a projected national shortfall of 800,000 nurses by the year 2020. Data released from the National Council of State Boards of Nursing provides a sobering reminder of the looming challenges for meeting nursing workforce demands. Manager, Revenue Cycle at Ballad Health. Better integration in staffing models has led to more patients being treated in lower-cost settings in their home communities. Ballad Health invested $259.4 million into the region’s labor force. Privacy Policy / Do Not Sell My Personal Data, The establishment of the Ballad Health Strong BRAIN Institute/Center for Trauma Informed Care at ETSU for the study of childhood trauma, making ETSU one of the leading organizations in the nation for this emerging area of science, The funding and establishment of the Center for Rural Health and Research at ETSU, making ETSU one of the nation's leaders in the study of rural healthcare. “Many of the quality metrics that we’ve seen improve have led to lower costs. This initiative, led by Chief Clinical Officer Dr. Amit Vashist, has created a physician/team member/administrative partnership that is demonstrating results. Revenue for the year grew 1.3%, while expenses remained flat, leading to an improvement in the operating margin to 1.7% from 0.5% in the prior year. 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