(Greenwood, S.C., August 26, 2013) – Following several years of cost-cutting initiatives, Self Regional Healthcare has announced a board-approved average rate reduction of 5 percent for its fiscal year beginning Oct. 1, 2013. The rate reduction is most significant for outpatient laboratory and imaging services, which will have a 10 percent and 15 percent reduction in charges, respectively. These are services most frequently used by patients. In addition, average inpatient room charges will be reduced by 5 percent.
“We are able to be a state leader in the efforts to reduce healthcare costs thanks to very hard work over the past few years which has touched every part of our organization,” said Jim Pfeiffer, President and CEO. Self Regional has implemented LEAN studies to make work processes more efficient, adjusted staffing to meet volumes in real time, and focused on reducing pharmaceutical and supply costs. “These initiatives are starting to pay off for our patients, insurance providers, employers and our communities,” said Pfeiffer. “We are excited to be able to drive down the cost curve in healthcare.”
“Last year, Self Regional maintained charges without an overall increase,” said Board of Trustees Chair John W. Pillman. “This year, an overall 5 percent reduction is a tremendous achievement. We still have work to do, and we will continue to focus on ways to be a value provider for the people we serve, but Self Regional is the first hospital I know of in the state that has announced an overall price reduction. From the perspective of a large multi-national employer that has experienced year after year of healthcare cost increases, I think this is something to celebrate.” Pillman is president of VELUX Greenwood, Inc., the US division of Denmark-based VELUX A/S.
While working to reduce costs for insured patients and patients covered by government programs, including Medicaid and Medicare, Self Regional also provides approximately 19 million a year in charity (non-paid) care.
Self Regional is a not-for-profit, regional referral hospital that provides care to residents of Greenwood, Abbeville, Laurens, Saluda, McCormick, Edgefield, and Newberry with prevention, wellness, acute care and tertiary care services including cancer care, neurosurgery, heart and vascular surgery, NICU and orthopedics. Self Medical Group is its employed physician affiliate network of 20 practices and more than 60 physicians.