Turnaround Advisory

Turnaround Advisory

Turnaround Advisory

Transforming the long-term financial viability of rural and small community hospitals requires a well-developed plan and a commitment to execution. The challenge many hospital leaders face is finding the time to develop and execute a transformational plan while running the day-to-day operations. In these situations, NewLight Healthcare can provide a turnaround advisory team to work as an extension of the executive leadership team of a hospital.

Aside from providing dedicated focus to helping a hospital grow to profitability, a turnaround advisory team offers additional advantages for hospital administrators:

  • Third Party Expert Voice
  • Political Security
  • Proven Approach and Skilled Professionals

Third Party Expert Voice

“The one with the microphone must be the expert”. There is a physiological belief among people that someone with a microphone speaking on a stage is an expert. Rational logic would argue against this; but nonetheless, people are willing to believe unknown third party professionals are experts when given a stage.

Without change, a hospital cannot turnaround its financial position. However, getting people to recognize and accept the need for change is a challenge. People fundamentally don’t want to change.

It is at these times, when change is needed, this physiological belief that a sage on a stage is an expert becomes a valuable tool for hospital administrators who need their nurses, doctors, technicians, and partners to hear and support change.

A turnaround advisory team from NewLight Healthcare provides the third party expert hospital administrators need to help their people support the changes needed to grow to profitability.

Political Security

Many long-term staff members and managers are reluctant to implement changes to operations because they are afraid of or do not want to deal with the pushback from the people they manage. People naturally do not want to be disliked or are not comfortable being the bad guy, which is often times why many organizations fail to internally implement change.

A distinct advantage of utilizing a turnaround team provides the political security for staff members and managers responsible for implementing change. Put simply, the staff members and managers have someone to blame for the change and remove themselves from having to play the role of the bad guy that people may come to resent after the changes are implemented.

NewLight Healthcare is committed to helping rural and small communities retain their access to quality healthcare and has the resources available to support hospital administrators establish and sustain long-term profitability for the hospitals they manage.

Proven Approach and Skilled Professionals

NewLight Healthcare specializes in helping rural and small community hospitals return to profitability. As a result, NewLight Healthcare has a proven approach and can provide the skilled professionals hospital administrators can rely on to quickly identify the causes for financial distress and develop and implement a plan to correct the weakness and help the hospital grow to profitability without having to manage the team on a day-to-day basis.