Naugatauk Valley Surgical Center Realizes $2.8 Million Improvement in Profitability with Dynafios Consulting ServicesASC Physician Engagement Initiatives Accelerate Growth, Improve Financials & Enhance Patient Experience
Naugatuck Valley Surgical Center is a licensed, accredited and not-for-profit healthcare organization in Waterbury, Connecticut. This outpatient department of Saint Mary’s Hospital, has been providing care to the community since 1986.
The hospital was faced with a continued erosion of business at the Naugatauk Valley Surgical Center, a key ambulatory surgery center (ASC). As physicians continued to move business to alternative ASCs, the hospital decided to seek new ways to align with key providers in the community and stabilize their ambulatory surgery business.
The hospital contracted with Dynafios to create a program to engage physicians and reverse volume erosion at the Naugatauk Valley Surgical Center (NVSC). A Dynafios co-management agreement was created with the hospital and 16 physicians in ENT, Orthopedics, General Surgery, Podiatry, Pain Management, Ophthalmology and GI. Key performance indicators were agreed upon and data analytics used to monitor and measure progress.
Dynafios brought the physicians together and by using data analytics, shared the costs of care at NVSC. The physicians then collaborated by identifying variation in clinical and financial performance, and creating opportunities to improve both. The physicians embarked on creating an ASC as if they owned the facility.
At the conclusion of the co-management agreement, NVSC achieved $2.8 million improvement in profitability. Growth at the surgical center exploded with new physicians joining in year two as a direct result of the achievements attained through the Dynafios co-management agreement. In addition, the surgical center experienced a better patient experience and clinical outcomes, in addition to the surge in financial performance.
By the numbers, the effort:
- Increased volume growth by 9.5%
- Increased revenue growth by 21%
- Reduced costs by 14%
- Improved First Case On Time Starts by 21%
- Lowered turnover times by 28%