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A five year renewable agreement will help stabilize an over 100 year old area hospital.
Genesis Healthcare and Coshocton County Memorial announced the deal. Under the terms of the agreement Coshocton Memorial will remain independent. The move helps them gain access to $5(m) of credit. In the past the hospital has implemented cost cutting measures, but reached a critical point when they started to use more and more of their rainy day fund.
"There's a point when you can only cut so far without really affecting services the community is expecting you to provide and we're at that point where we're really going to have to cut services and change what our community is expecting or do something different," said CEO of Coshocton Memorial Hospital Robert Miller.
That something different will come when a firm specializing in helping hospitals develop a turnaround solution completes an analysis of the hospital. The report will help Coshocton focus on areas of improvement. That report should be complete within 45 days.
"We're anxious to see what we have missed," explained Miller. "We've done a lot of things ourselves and we've improved the operations of the hospital, but we know we need to be more efficient at what we do."
Besides providing a line of credit Genesis will also provide support in management services and information technology. Genesis' CEO said the healthcare system will not profit monetarily by helping Coshocton, but said it will know they helped make the community stronger.
"Nobody is going to fix it for us," stated Genesis CEO Matt Perry. "We have to fix it ourselves and this is a way for us to contribute to that."
Miller will remain in his position as CEO of Coshocton Memorial and be employed by the Genesis Management Company. He will continue to report to the the Coshocton Memorial Board of Trustees. Perry will be assigned a seat on that board.
Community members wanting to learn more can attend a meeting July 16 at 6pm in Coshocton Hospital's Grand Central Station Meeting room.