As I come to the end of summer intern at University of Vermont Medical Group (UVMMG), I feel proud of the fact that my work will continue to touch the lives of 750,000 people who will be serviced by hospital network for years to come.
I finalized my proposal to increase revenues by $50 million through sources other than insurance and government sponsored reimbursement. As discussed in my last blog, the reductions in Medicare/Medicaid reimbursements have affected hospitals ability to service communities due to financial constraints. My plan to use their capabilities for other sources of income would ensure the financial sustainability of institution.
Over the summer, I used frameworks and tools from Strategy, Corporate Finance, Financial Accounting and a number of other courses to analyze the complex organizational structure and market of healthcare delivery. Once I understood the UVMMG’s system, I mapped its core expertise with the opportunities available in market. I further refined these new business ideas to find strategically aligned options which fulfill the network’s vision to serve the health of communities. The discussions with CFO and CEO of Network to define the scope of these new business activities helped me learn the thinking process of leaders to take a 40,000 feet view of organization.
I thank SIIF for making this wonderful summer possible; applying my skills to resolve inherent tensions between doing social good and ensuring financial sustainability of the organization.