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Vidant Health Board approves 2019 Quality, Experience and Operational Plans

August 28, 2018 by Jason Lowry

Greenville, N.C. –  The Vidant Health Board of Directors approved the fiscal year 2019 quality, experience and operational plans today, providing strategic direction and financial resources needed to guide and fund the health system for the next fiscal year starting Oct. 1, 2018.

Bryant Kittrell, board chairman, said, “I want to thank the various board committees for their direction and contributions over the past several months in bringing together these operational plans and budget that focus on providing high quality care and exceptional experiences for the patients, families and communities Vidant Health serves.”

Vidant leaders will continue to focus on delivering in an effective and efficient manner the highest levels of excellence in health care in eastern North Carolina. This includes a focus on the Quadruple Aim: improving the overall experience of patients, the well-being of team members throughout the system and improving the health of populations we serve by providing a high value, low cost care delivery system.

“Vidant Health continues to be a financially healthy organization, quickly adapting to changes in state and federal programs as the health care industry continues its transition from a payment system that is based on volume to a payment system that is based on the value of the care that is provided,” added Kittrell.

This budget provides the funding necessary to continue Vidant’s position as the health care safety net for eastern North Carolina. However, there is still uncertainty regarding the proposed changes in reimbursement from the payors and how that may affect Vidant.

“We have worked hard to present the quality, experience and operational plans that align with our mission, vision and values while incorporating strategies to advance excellence in high quality care,” said David Hughes, chief financial officer, Vidant Health. “With seven community hospitals serving 29 counties and Vidant Medical Center in Greenville, more than 90 physician practices, home health, hospice and wellness centers, and numerous community partners across the region, we care for some of the most medically fragile and socioeconomically challenged people in the state.”

As a not-for-profit corporation, Vidant reinvests all of its income back into capital projects, equipment and access to services for the patients and communities it serves. In fiscal year 2019, the system will invest approximately $125 million in capital assets. In order to create a high value integrated health care delivery system, Vidant will continue to focus on strategic growth opportunities, team member experience, care transformation, and improving the health of the populations we serve.

The budget for the 2018-19 fiscal year projects total operating and non-operating revenues of $1.89 billion, operating and non-operating expenses of $1.83 billion, excess-of-revenues over expenses of $60.9 million and an operating margin of 1.75 percent.

The system estimates providing care to approximately 65,000 inpatients, supporting 620,000 combined emergency department and outpatient visits, performing 46,400 surgeries and delivering 6,000 babies during the next fiscal year.

Bynum Satterwhite, finance committee chairman, explained the budget emphasizes building on the high-quality patient care already provided throughout the system. The budget also recognizes the importance of the experience and well-being of the system’s nearly 12,500 team members, with resources earmarked toward funding salaries and benefits totaling $1.03 billion.

The Vidant system includes Vidant Medical Center, Vidant Beaufort Hospital in Washington, Vidant Bertie Hospital in Windsor, Vidant Chowan Hospital in Edenton, Vidant Duplin Hospital in Kenansville, Vidant Edgecombe Hospital in Tarboro, Vidant Roanoke-Chowan Hospital in Ahoskie, and The Outer Banks Hospital at Nags Head, where it is a 60 percent owner. The Outer Banks Hospital board will adopt its budget separately.

 

Media contact: Jason Lowry, 252-916-3115 or jason.lowry@vidanthealth.com

 

About Vidant Health

Vidant Health is a mission-driven, 1,512-bed health system that annually serves more than 1.4 million people in 29 eastern North Carolina counties. The not-for-profit system is made up of more than 12,500 employees, eight hospitals, home health, hospice, wellness centers, and Vidant Medical Group, a multi-specialty physician and provider group with more than 500 providers in more than 90 locations in eastern North Carolina. Vidant is affiliated with The Brody School of Medicine at East Carolina University. As a major resource for health services and education, Vidant has a mission to improve the health and well-being of eastern North Carolina. For more information, visit www.vidanthealth.com.
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