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FASTEST GROWING: PMC among nation’s hottest healthcare companiesFASTEST GROWING: PMC among nation’s hottest healthcare companies
By: Jessica Howard - jessica.howard@pikevillehospital.org, For The Medical Leader
Published: 09/27/2012

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PIKEVILLE — Modern Healthcare Magazine has named Pikeville Medical Center to its list of the 2012 Healthcare’s Hottest, a program that recognizes the top 40 fastest growing health care companies.

PMC is the only organization in Kentucky and one of only four hospitals to receive this prestigious honor.

Companies receiving recognition have headquarters in the U.S., had at least $20 million in revenue for 2011 and have been in business for five years or more. Sectors include hospitals/hospital systems, physician group practices, payers/insurers and suppliers.

Currently employing more than 2,300 people, Pikeville Medical Center has hired more than 600 employees in the past year. 

More than 400 services are offered at the hospital, including every major specialty and most subspecialties.  

Growth is a constant factor at Pikeville Medical Center. To better accommodate patients and the community at-large, effort is underway on a $130 million construction project, providing more than 1,500 temporary jobs and 100 permanent jobs. The new medical office building will house office and clinical space for outpatient surgery, exam rooms, and primary and specialty care physicians. The enclosed parking garage will feature more than 1,000 spaces.

Pikeville Medical Center President and CEO Walter E. May said, “This prestigious distinction proves Pikeville Medical Center is dedicated to always pursuing excellence.”

May explained that as technology evolves, the hospital is committed to keeping pace, and has pledged to continue to recruit the country’s best doctors and add specialty services to provide quality health care.

“At Pikeville Medical Center, we aren’t trying to provide health care that’s ‘just as good as’ anyplace else...we’re working to provide health care that’s better than our patients can get anywhere else,” he said.

“Being named to Modern Healthcare’s list of the Healthcare’s Hottest for 2012 demonstrates Pikeville Medical Center’s ability to increase their financial health despite the economic downturn and tepid recovery,” said Fawn Lopez, Vice President and Publisher of Modern Healthcare.

Over the past several years, Pikeville Medical Center has taken many steps toward increasing its organizational revenue, adding new specialty physician services, adapting new financially sound programs and tweaking current activities to maximize the quality of patient care. Some of the most influential actions include:

•Adding more than 150 new physicians over the past six years. Some of the new specialty services include Orthopedic Trauma, Gastroenterology, Gynecological Oncology, Hand Surgery, Rheumatology, Pediatric Endocrinology, Sports Medicine, Ophthalmology, Nephrology and Electrophysiology.

•Switching from an annual to a quarterly budgeting process, allowing for more accurate accounting in the ever-changing health care financial environment.

•Implementing online bill pay, giving patients the opportunity to pay their bills through electronic checks or credit cards and creating a central place to view statements.

•Using Laborvision productivity, allowing clinical areas a bi-weekly view of productivity trends versus industry benchmarks. 

•Developing a revenue cycle specialist department. This move placed all revenue coordinators in a central location, increasing the focus on timeliness and identifying new or changing processes.

•Beginning an in-house monthly physician financial reporting system, permitting for more timely and detailed productivity reporting.

Pikeville Medical Center has been named among Modern Healthcare’s national Best Places to Work in Healthcare for four consecutive years. Offering an unbelievable personnel package and competitive wages, PMC currently offers full-time employees the following benefits:

•100 percent free medical insurance

•Stable employee insurance premium (remaining the same for more than 17 years)

•Generous match of 50 cents on the dollar for 403b retirement plan

•Employer-paid life/long-term disability

•Extensive time-off package including 12 sick days, two weeks vacation and seven holidays annually

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