WEBVTT 1 00:00:02.000 --> 00:00:04.719 - The strategic agenda facing hospital and health system 2 00:00:04.719 --> 00:00:06.819 - leaders right now is not a short list. 3 00:00:07.200 --> 00:00:09.839 - Growth in a consolidating market, sustainable margins in 4 00:00:09.839 --> 00:00:12.080 - a reimbursement environment that rarely moves in your 5 00:00:12.080 --> 00:00:12.464 - favor, 6 00:00:12.945 --> 00:00:15.445 - a tech investment cycle that demands both urgency 7 00:00:15.585 --> 00:00:16.404 - and discipline, 8 00:00:16.945 --> 00:00:19.344 - and a workforce story that is still being 9 00:00:19.344 --> 00:00:19.844 - written. 10 00:00:20.464 --> 00:00:23.904 - Eker's fourteenth annual CEO CFO roundtable brings together 11 00:00:23.904 --> 00:00:27.265 - more than 1,500 executive level attendees and nearly 12 00:00:27.265 --> 00:00:30.170 - 400 speakers across four days of sessions that 13 00:00:30.170 --> 00:00:32.429 - are designed to help c suite leaders benchmark, 14 00:00:32.649 --> 00:00:34.590 - pressure test, and sharpen their priorities. 15 00:00:35.210 --> 00:00:37.130 - Not in the abstract, but against the real 16 00:00:37.130 --> 00:00:39.390 - decisions they'll face heading into the next year. 17 00:00:39.609 --> 00:00:41.049 - It's the kind of event you leave with 18 00:00:41.049 --> 00:00:42.890 - a clear sense of where you stand and 19 00:00:42.890 --> 00:00:43.814 - what comes next. 20 00:00:44.375 --> 00:00:46.534 - So join us November second through the fifth 21 00:00:46.534 --> 00:00:49.094 - at the Hyatt Regency in Chicago, and come 22 00:00:49.094 --> 00:00:50.475 - ready to do the hard thinking. 23 00:00:50.854 --> 00:00:54.614 - Register on our events page at beckershospitalreview.com 24 00:00:54.614 --> 00:00:56.375 - by clicking on the events tab in the 25 00:00:56.375 --> 00:00:57.195 - upper right. 26 00:00:58.240 --> 00:01:00.560 - This is Rosie Talaga with the Becker's Healthcare 27 00:01:00.560 --> 00:01:01.060 - podcast. 28 00:01:01.520 --> 00:01:03.520 - I'm thrilled today to be joined by Holly 29 00:01:03.520 --> 00:01:07.040 - McCormick, president and CEO of Cottage Hospital. Holly, 30 00:01:07.040 --> 00:01:08.319 - it's a pleasure to have you on the 31 00:01:08.319 --> 00:01:09.219 - podcast today. 32 00:01:09.680 --> 00:01:11.120 - Pleasure to be here, Rosie. Thank you for 33 00:01:11.120 --> 00:01:11.780 - having me. 34 00:01:12.265 --> 00:01:14.585 - We have a great discussion in store diving 35 00:01:14.585 --> 00:01:16.585 - into what's gone well this year, where the 36 00:01:16.585 --> 00:01:17.564 - biggest opportunities 37 00:01:17.865 --> 00:01:19.545 - for growth, and even some leader 38 00:01:20.105 --> 00:01:21.165 - leadership inspiration. 39 00:01:21.945 --> 00:01:23.645 - So now let's get into it. 40 00:01:24.105 --> 00:01:26.009 - I'd like to start with a quick state 41 00:01:26.009 --> 00:01:28.409 - of the union, Holly. So what has gone 42 00:01:28.409 --> 00:01:30.649 - well this year, and what are you focused 43 00:01:30.649 --> 00:01:32.750 - on for the rest of 2026? 44 00:01:33.369 --> 00:01:34.409 - So Cottage is, 45 00:01:35.129 --> 00:01:36.409 - in a year where I feel like we 46 00:01:36.409 --> 00:01:38.489 - are in a very forward moving spot, which 47 00:01:38.489 --> 00:01:40.489 - is a great feeling to be to be 48 00:01:40.489 --> 00:01:41.295 - in this place. 49 00:01:42.015 --> 00:01:44.254 - We have had some success with recruitment of 50 00:01:44.254 --> 00:01:46.994 - new providers, particularly in the outpatient space. 51 00:01:47.775 --> 00:01:50.515 - We're able to grow our behavioral health, 52 00:01:51.295 --> 00:01:54.019 - service line in our rural health clinic. We've 53 00:01:54.019 --> 00:01:55.219 - been able to recruit, 54 00:01:55.700 --> 00:01:57.799 - specialty providers such as podiatry, 55 00:01:58.340 --> 00:01:59.560 - which is very important. 56 00:02:00.099 --> 00:02:02.019 - And so, you know, keeping our eye on 57 00:02:02.019 --> 00:02:04.340 - that future growth of the in the outpatient 58 00:02:04.340 --> 00:02:06.759 - space of our rural health clinic is strategically 59 00:02:06.899 --> 00:02:08.739 - very important to us and very important for 60 00:02:08.739 --> 00:02:09.400 - our community. 61 00:02:10.235 --> 00:02:11.534 - And then we've also, 62 00:02:12.074 --> 00:02:13.694 - had some great success 63 00:02:14.155 --> 00:02:16.655 - with securing some grant funding this year, 64 00:02:17.115 --> 00:02:20.254 - in terms of traditional grant funding, CDS projects. 65 00:02:20.955 --> 00:02:23.055 - And we have a few major projects underway. 66 00:02:23.194 --> 00:02:25.509 - We are going to be upgrading and replacing 67 00:02:25.509 --> 00:02:28.310 - our CAT scan, which is, a very big 68 00:02:28.310 --> 00:02:29.430 - project for, 69 00:02:29.750 --> 00:02:32.870 - independent critical access hospital. It's quite the undertaking, 70 00:02:32.870 --> 00:02:35.110 - and it's a very expensive project. And to 71 00:02:35.110 --> 00:02:36.969 - be able to secure funding for that, 72 00:02:37.509 --> 00:02:39.995 - has been an amazing opportunity for us. And 73 00:02:39.995 --> 00:02:41.915 - there's a couple of other projects that we've, 74 00:02:42.155 --> 00:02:44.074 - been able to secure grant funding for as 75 00:02:44.074 --> 00:02:46.254 - well. One of those will be an upgrade 76 00:02:46.474 --> 00:02:47.115 - to our, 77 00:02:47.594 --> 00:02:49.835 - operating rooms. So over the next three years, 78 00:02:49.835 --> 00:02:51.055 - we'll be doing a major, 79 00:02:51.514 --> 00:02:53.455 - renovation in that area of the hospital, 80 00:02:54.090 --> 00:02:56.090 - as well as some grant funding to do 81 00:02:56.090 --> 00:02:57.870 - some projects that have to do with, 82 00:02:58.889 --> 00:03:00.730 - some of the the core pieces of the 83 00:03:00.730 --> 00:03:02.909 - hospital such as oil tank replacement 84 00:03:03.210 --> 00:03:03.710 - projects. 85 00:03:04.569 --> 00:03:08.250 - And then, finally, we were chosen by, HRSA 86 00:03:08.250 --> 00:03:10.305 - for a program called the TTAP program, so 87 00:03:10.305 --> 00:03:12.724 - the targeted test technical assistance program. 88 00:03:13.344 --> 00:03:16.724 - And that program is aimed at providing resources 89 00:03:17.504 --> 00:03:20.465 - to help stabilize rural hospitals. And so we're 90 00:03:20.465 --> 00:03:23.185 - gonna be working on several projects with, the 91 00:03:23.185 --> 00:03:23.685 - teams, 92 00:03:24.469 --> 00:03:26.550 - that are helping us through TTAP, and that 93 00:03:26.550 --> 00:03:28.250 - is also all grant funded. 94 00:03:28.629 --> 00:03:30.969 - And so we will be looking at things, 95 00:03:31.430 --> 00:03:33.210 - such as recruitment and retention 96 00:03:33.510 --> 00:03:34.010 - projects 97 00:03:34.790 --> 00:03:36.569 - as well as marketing strategies 98 00:03:36.949 --> 00:03:37.449 - as, 99 00:03:37.854 --> 00:03:39.794 - an independent critical access hospital. 100 00:03:40.094 --> 00:03:41.715 - We have a very small, 101 00:03:42.014 --> 00:03:44.974 - modest, marketing budget, and we actually don't have 102 00:03:44.974 --> 00:03:47.395 - a marketing department. And so it's really important 103 00:03:47.615 --> 00:03:49.715 - when we're adding on these service lines 104 00:03:50.094 --> 00:03:51.395 - and we're implementing 105 00:03:51.775 --> 00:03:52.754 - these great programs 106 00:03:53.230 --> 00:03:54.990 - and this new equipment that we're able to 107 00:03:54.990 --> 00:03:56.830 - communicate that to our community so that they 108 00:03:56.830 --> 00:03:58.349 - know that we're here and they know what 109 00:03:58.349 --> 00:03:59.010 - we offer. 110 00:03:59.870 --> 00:04:01.710 - Absolutely. That sounds like you're in a great 111 00:04:01.710 --> 00:04:02.349 - spot right now. 112 00:04:03.150 --> 00:04:05.330 - Recruitment wins, recruitment and retention, 113 00:04:06.135 --> 00:04:08.694 - and really emphasizing that growth of the behavioral 114 00:04:08.694 --> 00:04:11.115 - health and rural health growth, specifically 115 00:04:11.574 --> 00:04:12.875 - the outpatient area. 116 00:04:13.495 --> 00:04:14.935 - And I think that that's a great point 117 00:04:14.935 --> 00:04:16.774 - we should make about the marketing. It's one 118 00:04:16.774 --> 00:04:18.855 - thing to add, but it's another to make 119 00:04:18.855 --> 00:04:20.475 - sure your community is aware. 120 00:04:21.029 --> 00:04:21.529 - Exactly. 121 00:04:22.149 --> 00:04:24.149 - That's great. So now kind of flipping the 122 00:04:24.149 --> 00:04:25.670 - script a little bit, what are some of 123 00:04:25.670 --> 00:04:27.910 - the biggest headwinds that you're keeping an eye 124 00:04:27.910 --> 00:04:29.449 - on and preparing for? 125 00:04:30.310 --> 00:04:31.210 - So the headwinds, 126 00:04:32.550 --> 00:04:35.564 - always, always, always are are looking for any 127 00:04:35.564 --> 00:04:37.564 - financial challenges that are coming on our way 128 00:04:37.724 --> 00:04:39.964 - coming our way. And some things that we're 129 00:04:39.964 --> 00:04:42.125 - starting to see and that we're keeping our 130 00:04:42.125 --> 00:04:44.384 - eyes on are changes in our payer mix. 131 00:04:44.764 --> 00:04:47.745 - We've noticed an increase in self pay patients, 132 00:04:48.389 --> 00:04:50.389 - and so that is something we're keeping a 133 00:04:50.389 --> 00:04:52.389 - close eye on. We know that from our 134 00:04:52.389 --> 00:04:55.509 - community health needs assessment, affordability of health care 135 00:04:55.509 --> 00:04:57.290 - is very important in our community. 136 00:04:57.830 --> 00:05:00.470 - And noticing that we have about a two 137 00:05:00.470 --> 00:05:01.370 - percent increase 138 00:05:01.675 --> 00:05:03.995 - in our patients that are self pay. It's 139 00:05:03.995 --> 00:05:05.514 - something that we know we have to keep 140 00:05:05.514 --> 00:05:07.215 - a very close eye on. 141 00:05:08.235 --> 00:05:10.875 - Other things, other challenges coming our way. We 142 00:05:10.875 --> 00:05:13.275 - faced a lot of different auditing processes this 143 00:05:13.275 --> 00:05:14.574 - year, and I think that, 144 00:05:15.470 --> 00:05:17.949 - it's something that we have navigated successfully, but 145 00:05:17.949 --> 00:05:19.470 - something that's been different for us, 146 00:05:19.949 --> 00:05:21.870 - to have to participate in those types of 147 00:05:21.870 --> 00:05:23.970 - audits such as a three forty b audit. 148 00:05:24.270 --> 00:05:25.790 - And so it gives us a chance to 149 00:05:25.790 --> 00:05:28.110 - shine and show that we're, implementing all of 150 00:05:28.110 --> 00:05:28.605 - these, 151 00:05:29.004 --> 00:05:31.404 - projects appropriately. But, also, it takes a lot 152 00:05:31.404 --> 00:05:33.745 - of resources to complete something like that. 153 00:05:34.525 --> 00:05:37.165 - Absolutely. I think the changes in payor makes 154 00:05:37.165 --> 00:05:39.725 - it on is very, very prevalent for many 155 00:05:39.725 --> 00:05:41.185 - different hospitals and organizations 156 00:05:41.485 --> 00:05:41.964 - right now, 157 00:05:42.709 --> 00:05:44.649 - and just always going back to that affordability 158 00:05:45.670 --> 00:05:47.589 - of how important that is, especially in a 159 00:05:47.589 --> 00:05:48.410 - rural community. 160 00:05:48.790 --> 00:05:49.290 - Absolutely. 161 00:05:50.230 --> 00:05:51.990 - What do you think so we talked about 162 00:05:51.990 --> 00:05:53.930 - what's going well, what are some headwinds. 163 00:05:54.230 --> 00:05:56.250 - What do you think gives you best opportunity 164 00:05:56.470 --> 00:05:58.149 - to grow in the next two to three 165 00:05:58.149 --> 00:05:58.605 - years? 166 00:05:59.245 --> 00:06:01.165 - The area that we're gonna continue to focus 167 00:06:01.165 --> 00:06:03.805 - on is that outpatient space. And what we 168 00:06:03.805 --> 00:06:06.365 - know in our community is that access to 169 00:06:06.365 --> 00:06:07.504 - specialty care 170 00:06:07.805 --> 00:06:10.605 - is something that, either our patients have to 171 00:06:10.605 --> 00:06:13.259 - travel a distance for or they have long 172 00:06:13.259 --> 00:06:16.060 - waits to get into specialists. And so we're 173 00:06:16.060 --> 00:06:17.439 - committed to recruiting 174 00:06:18.060 --> 00:06:20.540 - for the specialists that we need in our 175 00:06:20.540 --> 00:06:22.079 - community to help our patients 176 00:06:22.459 --> 00:06:24.379 - get the care close to home. And so 177 00:06:24.379 --> 00:06:27.084 - that's something we're really gonna focus on As 178 00:06:27.084 --> 00:06:28.144 - well as continuing 179 00:06:28.444 --> 00:06:31.964 - to develop our behavioral health service line, we 180 00:06:31.964 --> 00:06:35.024 - know we have a 10 bed inpatient geriatric 181 00:06:35.324 --> 00:06:37.324 - psychiatric unit, and we know we need to 182 00:06:37.324 --> 00:06:38.305 - be able to offer 183 00:06:38.605 --> 00:06:40.980 - services for our patients once they've been discharged 184 00:06:40.980 --> 00:06:42.660 - for that unit and for patients in our 185 00:06:42.660 --> 00:06:44.819 - community. So we will continue to focus on 186 00:06:44.819 --> 00:06:45.800 - behavioral health 187 00:06:46.259 --> 00:06:47.480 - and more importantly, 188 00:06:48.020 --> 00:06:50.500 - looking at that next level of care for 189 00:06:50.500 --> 00:06:51.620 - our patients that, 190 00:06:52.500 --> 00:06:54.339 - are being discharged out of our ray of 191 00:06:54.339 --> 00:06:55.080 - hope geriatric 192 00:06:55.540 --> 00:06:58.625 - psychiatric unit. And then also we are concentrating 193 00:06:58.925 --> 00:07:01.245 - on our age friendly designation at our hospital. 194 00:07:01.245 --> 00:07:03.165 - And so we've achieved our level one, and 195 00:07:03.165 --> 00:07:05.165 - we're gonna continue down that path because we 196 00:07:05.165 --> 00:07:06.384 - know that's very important 197 00:07:06.764 --> 00:07:09.100 - for the community that we serve. In the 198 00:07:09.100 --> 00:07:11.500 - month of June alone, we saw our 61 199 00:07:11.500 --> 00:07:14.460 - of our patients were Medicare age, and so 200 00:07:14.460 --> 00:07:16.540 - that tells us a lot about what we 201 00:07:16.540 --> 00:07:18.480 - need to focus on here at Cottage Hospital. 202 00:07:19.180 --> 00:07:20.879 - Those are great points. I think 203 00:07:21.264 --> 00:07:23.665 - it's really inspiring to hear you talk about 204 00:07:23.665 --> 00:07:26.545 - everything relating back to what the patients need 205 00:07:26.545 --> 00:07:28.805 - and what your community needs, whether that be 206 00:07:29.105 --> 00:07:31.904 - care after they're released or age friendly care. 207 00:07:31.904 --> 00:07:34.064 - I think that that's a great great mindset 208 00:07:34.064 --> 00:07:35.925 - for growth and opportunities ahead. 209 00:07:36.459 --> 00:07:38.220 - I think it's always very important. I mean, 210 00:07:38.220 --> 00:07:40.459 - the the reason that we exist is for 211 00:07:40.459 --> 00:07:42.699 - the patients, and so that is the message 212 00:07:42.699 --> 00:07:44.079 - that I try to get across 213 00:07:44.459 --> 00:07:46.939 - every day to our teams is that the 214 00:07:46.939 --> 00:07:48.779 - number one reason we are here is for 215 00:07:48.779 --> 00:07:51.125 - our patients. And so if people wonder, am 216 00:07:51.125 --> 00:07:52.564 - I doing the right thing? Is this the 217 00:07:52.564 --> 00:07:54.504 - right thing? Should we be doing this? 218 00:07:54.884 --> 00:07:56.504 - If it's what's right for the patient, 219 00:07:56.964 --> 00:07:58.564 - then that is what we focus on. And 220 00:07:58.564 --> 00:07:59.764 - so it needs to be right for the 221 00:07:59.764 --> 00:08:02.324 - patient and then, secondly, right for Cottage Hospital. 222 00:08:02.324 --> 00:08:04.245 - And so that is what the culture is 223 00:08:04.245 --> 00:08:05.544 - here at Cottage Hospital. 224 00:08:06.310 --> 00:08:08.230 - Absolutely. That's great to have that as some 225 00:08:08.230 --> 00:08:10.310 - more compass and kind of the rallying cry 226 00:08:10.310 --> 00:08:11.050 - of the organization. 227 00:08:11.830 --> 00:08:12.330 - Yeah. 228 00:08:13.589 --> 00:08:16.069 - For our last question today, what do you 229 00:08:16.069 --> 00:08:19.110 - admire about a leader from any industry and 230 00:08:19.110 --> 00:08:19.610 - why? 231 00:08:20.675 --> 00:08:22.915 - Some of the properties that I admire most 232 00:08:22.915 --> 00:08:23.415 - or 233 00:08:24.274 --> 00:08:24.774 - characteristics 234 00:08:25.074 --> 00:08:26.535 - or traits of leaders, 235 00:08:27.314 --> 00:08:29.074 - the usual things that we will all say, 236 00:08:29.074 --> 00:08:30.915 - you know, a leader with integrity, a leader 237 00:08:30.915 --> 00:08:31.415 - that, 238 00:08:32.274 --> 00:08:33.815 - is a servant leader. 239 00:08:34.379 --> 00:08:36.960 - But one of the characteristics that I admire 240 00:08:37.019 --> 00:08:39.820 - most in a leader is somebody who can 241 00:08:39.820 --> 00:08:42.879 - ask really good, really smart questions. 242 00:08:43.500 --> 00:08:45.820 - You know, we hear we have conversations. We're 243 00:08:45.820 --> 00:08:48.160 - at these education sessions. We're in meetings. 244 00:08:48.695 --> 00:08:50.615 - And what I admire is the person that 245 00:08:50.615 --> 00:08:51.835 - can ask that question, 246 00:08:52.215 --> 00:08:53.894 - that can suss out the information that the 247 00:08:53.894 --> 00:08:55.894 - rest of us were saying, yes. That's what 248 00:08:55.894 --> 00:08:57.735 - I really wanna know. And so I think 249 00:08:57.735 --> 00:08:59.115 - that's probably an atypical 250 00:08:59.495 --> 00:09:01.975 - answer to this question, but that is the 251 00:09:01.975 --> 00:09:04.690 - thing that I admire most is people that 252 00:09:04.690 --> 00:09:07.250 - have that state of mind and eloquence to 253 00:09:07.250 --> 00:09:09.570 - be able to put into words what everybody 254 00:09:09.570 --> 00:09:11.330 - else in the room is thinking in order 255 00:09:11.330 --> 00:09:13.589 - to ask those, poignant questions. 256 00:09:14.690 --> 00:09:16.230 - Absolutely. And I think 257 00:09:16.610 --> 00:09:17.429 - that that really 258 00:09:18.735 --> 00:09:20.174 - relates back to what you were saying about 259 00:09:20.174 --> 00:09:22.174 - knowing what the patients want. That kind of 260 00:09:22.174 --> 00:09:24.735 - relates to knowing what your employees want. It's 261 00:09:24.735 --> 00:09:27.294 - it's staying curious, what do they think that 262 00:09:27.294 --> 00:09:29.214 - they are asking in the room, what are 263 00:09:29.214 --> 00:09:31.774 - they thinking in the room, and really translating 264 00:09:31.774 --> 00:09:34.174 - that into an eloquent to ask the correct 265 00:09:34.174 --> 00:09:35.449 - question. That's great. 266 00:09:35.750 --> 00:09:37.669 - Absolutely. I think you're summing it up by 267 00:09:37.669 --> 00:09:40.089 - saying staying curious. That is 1000% 268 00:09:40.309 --> 00:09:41.449 - exactly the point. 269 00:09:42.230 --> 00:09:44.549 - That's great. I think that's also a great 270 00:09:44.549 --> 00:09:46.870 - example of a leader to not present that 271 00:09:46.870 --> 00:09:49.245 - they know everything, staying curious and asking what 272 00:09:49.245 --> 00:09:51.085 - they think that their employees around them are 273 00:09:51.085 --> 00:09:51.825 - also wondering. 274 00:09:52.924 --> 00:09:53.825 - Exactly right. 275 00:09:54.524 --> 00:09:55.565 - That's great. So, 276 00:09:56.045 --> 00:09:59.325 - staying curious and asking great spark questions is 277 00:09:59.325 --> 00:10:01.404 - something to really admire about a leader. I 278 00:10:01.404 --> 00:10:02.070 - love that. 279 00:10:02.789 --> 00:10:04.389 - That brings us to the end of our 280 00:10:04.389 --> 00:10:07.029 - discussion. Holly, is there anything that you wanted 281 00:10:07.029 --> 00:10:08.470 - to add today or maybe that we didn't 282 00:10:08.470 --> 00:10:09.929 - get to that you'd like to discuss? 283 00:10:10.629 --> 00:10:12.070 - No. I just thank you for the opportunity 284 00:10:12.070 --> 00:10:13.429 - to for share allowing me to share a 285 00:10:13.429 --> 00:10:15.190 - little bit about Cottage Hospital once again and 286 00:10:15.190 --> 00:10:16.710 - the important work that we're doing here in 287 00:10:16.710 --> 00:10:17.769 - Woodsville, New Hampshire. 288 00:10:18.445 --> 00:10:20.605 - Absolutely. Thank you so much for joining us 289 00:10:20.605 --> 00:10:23.245 - and sharing such wonderful insights from your leadership 290 00:10:23.245 --> 00:10:25.325 - at Cottage. It's been great speaking with you, 291 00:10:25.325 --> 00:10:27.904 - and we look forward to collaborating again soon. 292 00:10:28.044 --> 00:10:30.204 - Thank you, Rosie. Have a nice day. You 293 00:10:30.204 --> 00:10:30.704 - too.