Livonia, Mich.-based Trinity Health is diving into 2024 with a "run, evolve and transform" framework to help mitigate the impact on operations from continued negative economic factors.
The system, which saw a slimmed operating loss of $58.6 million in the first quarter of the fiscal year, is dedicating its overall core focus areas to revenue growth and diversification opportunities, clinical optimization and access, recruitment, new care delivery models, cost reduction, and more.
With 300% growth seen during the pandemic, Trinity is continuing to prioritize its FirstChoice internal travel nursing program to increase labor stabilization. Various incorporations of Trinity's fiscal year 2023 acquisitions remain another top priority, with hopes to reach common platforms, efficiencies, and leverage the system's corporation resources.
A new care delivery mode, TogetherTeam Virtual Connected Care, which uses a three-person team with on-site and virtual nursing, is also being administered systemwide. Other key areas of attention include addressing the challenging healthcare payer environment, with the system also working to optimize revenue realizations while utilizing a multifaceted payer strategy.
Additionally, the system also saw a "historic" 2.44 debt service coverage ratio, which exceeded the 1.1 minimum threshold requirement for the rolling 12-month period ended Sept. 30, 2023.