The drivers for that are easy to see: 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. The recognition validates Ballad Health's commitment to social responsibility. Highlights of Ballad Health's contributions to the region. Effective March 23, Ballad Health complied with the federal and state guidance to cease all non-emergent, elective procedures. 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. 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 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. Ballad Health today announced quality, investment and financial results from its first full fiscal year of operation as a combined system. Ballad Health’s investment into the region’s labor force is extremely powerful, with Ballad Health spending $1.043 billion on salaries, wages and benefits for the year. Operating EBITDA of $205.9 million was $22.2 million, or 9.7%, below the prior year. 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. In each hospital, nurse leaders determine during each shift the acuity and volumes of patients and take into consideration the available staffing based on volume, which fluctuates throughout the day. 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. Access Tim's Contact Information . “This is attributable to the incredible work of our doctors, nurses and support team members who focus every day on better quality and lower cost. A summary comparison and by the applicable Ballad Health provider, showing gross revenue and net revenue by Measured Payors 12 xxi. This year, Ballad Health had 5,085 fewer admissions, with approximately 4,290 of those admissions being lower acuity medical admissions. A free inside look at company reviews and salaries posted anonymously by employees. And recently, Forbes Magazine named Johnson City Medical Center as one of the best employers in Tennessee, among all employers. Clinical quality and operational and financial results continued a positive trend. The company's line of business includes the retail sale of prescription drugs, proprietary drugs, and non-prescription medicines. Find related and similar companies as … Ballad Health is unable to quantify changes in revenues due to declining patient volumes; changes in payer mix and deteriorating macroeconomic conditions; potential increased expenses related to labor, supply chain or other expenditures; and the timing and availability of effective medical treatments and vaccines. Find related and similar companies as … 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. All rights reserved. 7 this year. A single failure is a 100% failure rate for that patient, and that will never be acceptable to us. 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. JOHNSON CITY, Tenn. (WJHL) – Ballad Health has announced that up to 500 new jobs will be coming to the region. Ballad Health today announced first quarter results from its 2020 fiscal year. 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. Our system was created in 2018 to improve the health of people in these regions, and we have committed investments totaling $308 million over 10 years to preserve access, expand health research and graduate medical education, and … Manager, Revenue Cycle at Ballad Health. This data supports the finding by the NSI Nursing Solutions survey that indicated a breaking retirement wave, and it might also help explain why national nursing turnover is increasing to its highest levels in recent history. Total debt outstanding consisted of fixed-rate serial, term, capital appreciation and revenue bonds; variable rate term bonds; variable rate equipment leasing; and capital lease obligations. During the year, Ballad Health, with the support of its Board of Directors and Medical Staff Clinical Council (composed of nearly 40 physicians from throughout the region), implemented a national best-practice safety huddle process, which engages team members at every level of the organization each morning to focus on patient and team member safety. The National Rural Health Association has called the nursing shortage “a plague throughout the United States, and rural communities are hit harder than their urban counterparts.”  In a comprehensive report released by the NSI Nursing Solutions, Inc., titled “2019 National Health Care Retention and RN Staffing Report," the shortage of registered nurses will reach 1.13 million by 2024. Additional recognized expenses resulting from the COVID-19 pandemic were $14.1 million. The company’s operating margin BayCare Health Systems Inc., the largest not-for-profit healthcare provider in the Tampa Bay area, broke through the $4 billion mark in operating revenue in 2018, following investments to increase access to care and improve the quality of care. Ballad Health partnered with the Mayo Clinic during the COVID-19 pandemic to lead a research study related to the use of convalescent plasma in the treatment of COVID-19. Check here for the latest information, visitor restrictions & FAQs. Company Ballad Health. Copyright ©2019 Ballad Health. Just a few examples of capital spending in the year included: Ballad Health will continue supporting local health departments as requested, and will continue supplementing efforts by the Virginia Department of Health. Total debt outstanding increased, due to the adoption of the Accounting Standards Update No. To put this investment into context, Ballad Health’s entire operating income in fiscal year 2018 was $9.9 million. Electrophysiology lab upgrades, echocardiography devices and cardiac ultrasound replacements 2. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Ballad Health today announced fourth-quarter and year-end results from its 2020 fiscal year, and that report illustrates the impact the COVID-19 pandemic has had on the healthcare provider. The patients do not have medical conditions, but for a variety of reasons, they cannot be released. While admissions are declining, the overall patient mix shifted to higher-acuity patients (patients who are sicker), with overall patient acuity increasing by 20 basis points. As it relates to patient wait times in the emergency department, a phenomenon that can occur due to fluctuations in patient volume, Ballad Health is also dealing with another national problem associated with the “boarding” or “holding” of patients with mental illness who need behavioral treatment placement. The global investment markets and domestic debt capital markets encountered substantial volatility in the wake of the COVID‐19 pandemic. Ballad Health welcomes team members and colleagues who are committed to the care of all our patients – regardless of their background – and also to the improvement of the human condition. Recently, Ballad Health announced the opening of the region’s newest assisted living facility in partnership with Signature HealthCARE, a facility focused on the emerging needs of the elderly. Export. These advance payments result in an offsetting liability, with repayment required over a 12-month period beginning 120 days after disbursement. Ballad Health Annual Revenue and Growth Rate. 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. Forty percent of Ballad Health’s revenue is attributable to inpatient services; of that revenue, 16% was attributed to commercially insured patients. Specific examples include: Investments by Ballad Health also are beginning to generate benefits for the region. ($ Million) Growth Rate (%) # Employees; 2019: Details in Premium Report: 2018: 2017: 2016: 2015: 2014: 1-Year Growth Rate: 3-Year Growth Rate (CAGR): Note: Ballad Health's revenues are gauged from an analysis of company filings. Don't have a Benzinga account? By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. This misapplication of resources leads to suboptimal staffing and potentially more shortages. Ballad Health was founded in 2016. Ballad Health is an integrated healthcare delivery system serving 29 counties of Northeast Tennessee, Southwest Virginia, Northwestern North Carolina and Southeastern Kentucky. 2016-02, Leases, which requires balance sheet recognition of a liability and right-to-use asset for substantially all leases. The Commonwealth's Department of Health further independently determined "the benefits of the Cooperative Agreement to-date, and likely to result in the future, continue to outweigh the disadvantages attributable to a reduction in competition" which existed between Ballad Health's predecessor organizations, Wellmont Health System and Mountain States Health Alliance. “Ballad Health has not been immune to the effects of the national nursing shortage, and no doubt this shortage is being felt throughout our system, both by our team members and by our patients,” said Lisa Smithgall, Ballad Health’s chief nursing executive. Total Net Assets decreased over prior year end by … These surgeons add additional experience with trauma, complementing an already high-quality surgical program. 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%. The recovery team is also charged with identifying various provisions of federal and state support intended to provide relief to hospitals and health systems. 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.”. 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. Throughout the region, Ballad Health has also recruited neurology, orthopedics, pain management, hospitalists, psychiatry and other needed specialties. Driven by clinical leadership and the contributions of physicians and team members across the system, Ballad Health has seen significant improvements in objective quality measures since the creation of the system on Feb. 1, 2018. Everything you need to know about the market - quick & easy. The U.S. Health Resources and Services Administration projects that Tennessee will only be able to meet half of the demand for registered nurses by next year. "We honor those we serve by focusing on their safety and providing the best possible care.". 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 is experiencing a surge in cases throughout the Appalachian Highlands region of Northeast Tennessee and Southwest Virginia. During the fourth quarter of the 2020 fiscal year, net patient revenue fell $139.1 million, a 26.8 percent decline from the same period during the previous year. Last Update. 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. New major capital spending was limited in the fourth quarter, with the onset of the financial impact of the pandemic. “Many health systems, including Ballad Health, have a revenue cycle platform built on a framework tied to payment models that are no longer contemporary. 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 continues to see a trend of declining volumes in certain services, with adjusted discharges for the 12-month period declining 0.8% to 247,013. Five new digital mammography systems 3. 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. It results in increased wait times in the emergency department and possible delays in getting admitted patients to hospital beds, as resources have to be diverted to care for these individuals. 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. Outpatient surgeries, including ambulatory surgical cases, declined 1.4% to 51,677. Creation of a new residential program for women who are pregnant and suffer from addiction. 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. In partnership with physicians and clinical staff, Ballad Health has seen a focused effort on quality improvement significantly benefit patients. Also, Ballad Health reported that, as a health system approved under a Certificate of Public Advantage (COPA) in Tennessee and Letter Authorizing a Cooperative Agreement in Virginia, both the State of Tennessee and the Commonwealth of Virginia have found the advantages stemming from the creation of Ballad Health are evident and demonstrable. Ballad Health’s investment into the region’s labor force is extremely powerful, with Ballad Health spending $1.043 billion on salaries, wages and benefits for the year. 137 Ballad Health reviews. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. Ballad Health's Accountable Care Organization was named by the United States Centers for Medicare and Medicaid Services (CMS) as one of only 18 in the nation generating savings for taxpayers in every year of the shared savings program – saving taxpayers more than $50 million. The administrative consolidation of Wellmont Health System and Mountain States Health Alliance resulted in the elimination of approximately 200 administrative positions. 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. Ballad Health’s investment into the region’s labor force increased, with Ballad Health spending $267.1 million on salaries, wages and benefits, an increase of $1.5 million from the prior year period. “The improvement in our financial and quality performance has led to lower costs, which translates into savings for the employers in our region, a goal we remain committed to. This program has attracted additional investment by the State of Tennessee, and it is in the process of being implemented. This investment represents 100% of Ballad Health’s operating income from the last fiscal year. As they achieve milestones, they can earn increased pay and responsibility. 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. 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. 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. 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. 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. The Revenue Cycle Coordinator is responsible for implementing and supporting Revenue Cycle Systems within Ballad Health Medical Associates managed clinics. 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. 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. According to the data, the average age of registered nurses in 2017 was 51, and half of all nurses practicing today are older than 50. 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. View Ballad Health (www.balladhealth.org) location in Tennessee, United States , revenue, industry and description. "The patient satisfaction journey is one that never ends," Levine said. A $10 million annual investment into increasing direct patient care nursing wages, affecting nearly one-third of Ballad Health’s workforce. HQ Phone (423) 431-1700. Other operating revenue of … A list of any new Payors which executed Managed Care Contracts during the preceding calendar year and verified certification from the Ballad Health Chief Financial Officer that the pricing for such contracts complies with Addendum 1 13 xxii. The total additional debt recognized as a result of the new accounting treatment as of June 30, 2020, was $30.6 million. These “hold” patients require staffing, which further strains the limited resources available. The following commentary contains information that may be considered forward-looking. Alongside Holston Valley being recognized by IBM Watson Health as one of America's top 50 heart hospitals, Ballad Health retains its place as among the best places in America to seek cardiac care. For instance, in Wise County, Virginia, the cross-coverage of physicians made possible by the merger has led to more stable staffing and an 18% increase in surgical volume. This initiative, led by Chief Clinical Officer Dr. Amit Vashist, has created a physician/team member/administrative partnership that is demonstrating results. 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. For instance, if there are two emergency departments located within four miles of each other in a community where the hospitals are running at or below 30% capacity, then it requires more nurses to staff both emergency departments and hospitals. 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 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. 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 cannot presently quantify or estimate the immediate or long-term cumulative impact of this pandemic. Ballad Health continues to experience declining inpatient and hospital utilization rates, a phenomenon experienced throughout rural America. This investment drew matching funds from the State of Tennessee, making the contribution the largest in the history of ETSU, A partnership with one of the nation's leading healthcare economists at Harvard University, leading to a study on rural healthcare economics that brings together Harvard Medical School with the ETSU Center for Rural Health and Research. "It is the Tennessee Department of Health's determination that the Ballad Health COPA continues to provide a public advantage," stated the Tennessee Department of Health in a recent finding, citing, among other things, improvements in a majority of quality measures. By avoiding these admissions, Ballad Health has been successful in reducing demand for nurses. 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. Based on feedback from nursing staff, Ballad Health has implemented an updated and more robust clinical nursing ladder program. Ballad Health’s improved financial performance for the year follows dedicated expense management, improvements in productivity, reduced reliance on temporary/contract labor and focused supply cost management. Successes include the recruitment of cardiology in rural Wytheville and Norton, Virginia; nephrology in Abingdon, Virginia; and urology in Kingsport. These improvements are in spite of challenges, both reflective of what all providers are facing and some that are unique to Ballad Health and the region. Expenses related to the implementation of a new electronic health record were $11.0 million, compared to $7.7 million in the prior year. 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