In Good Company - A publication of Providence Little Company of Mary Medical Centers
Issue link: https://blog.providence.org/i/1374862
27 Be our CoMMunities' heaLth partner • Sunday by the Sea - We participate in their annual food donation program which provides food to approximately 350 families associated with Trinity Hospice. • Fit Food Fair at the Community Health and Wellness Activity Center in Wilmington provides healthy cooking classes, diet education and grocer y donation to approximately 125 families in the Wilmington community. • Honda Under the Stars - Food donation and participation in Honda's annual charity event that benefits 1,000 people a year. Financial Stability For the Little Company of Mar y South Bay ministries, 2020 was a year of adjusting operations rapidly, and learning how to live and work with enduring uncertainty and financial strain brought on by the COVID-19 pandemic. Dramatic declines in admissions of patients without COVID-19 and cancellation of elective procedures started mid-March, making only partial recover y to normal levels by the end of the third quarter. Patient net revenues missed budget for the year by 10%. However, thanks to the support of our community, the federal CARES Act stimulus funding, and rigorous cost management control initiatives, we ultimately achieved our 2020 budget. As with any business, Providence Little Company of Mar y Medical Centers San Pedro and Torrance must cover their operating costs, pay caregivers, support our community programs, and continue to look for ways to expand the business model and keep up with changes in healthcare. As a not for profit ministr y, it is important bring in revenue to support operating costs and expenses to purchase highly technical equipment to support our complex service lines. This allows us to position our ministr y for sustainability in the future. It is also important to note that we invest a large amount of our profits into our Community Benefits programs. In 2020, our two South Bay ministries provided a total of $78M of Community Benefit, which includes Charity Care, under- insured, and programming provided by the Community Health Investment team. Affordable Health Care Despite the pandemic and its challenges, Providence Health Systems and our South Bay ministries remain focused on growth and healthcare accessibility. Providence Health Systems partnered with Vivity by Anthem Blue Cross, an HMO plan that compliments Providence's commitment to simplifying access to high-quality, affordable, and compassionate care. We also partnered with Clever Care, a MediCare Advantage HMO that provides the evidence-based healing methods of Eastern and Western medicine as a covered benefit. Providence is committed to healing body, mind, and spirit in an environment that serves the needs of all who turn to us for care. In addition to Providence Southern California hospitals and medical groups, Providence Health Network contracted with Korean American Medical Group, Seoul Medical Group and Emanate Health to provide services. Providence Health Network also serves as the exclusive network for Oscar Health Plan. Oscar 's plans serve over 100,000 members who gained coverage because of the Affordable Care Act (ACA). With Oscar 's outstanding member engagement paired with Providence's highly recognized health care deliver y system Providence has realized the largest growth in membership across all our products. By the end of 2020, the Providence Southern California Region served over 550,000 members in some type of value-based arrangement.