Centra Health Company Profile

Background

Centra Health is a regional nonprofit healthcare system headquartered in Lynchburg, Virginia, serving over 500,000 individuals across central and southern Virginia. Established in 1987 through the merger of Lynchburg General Hospital and Virginia Baptist Hospital, Centra has expanded its network to include four hospitals, five medical centers, a nationally recognized cardiovascular care center, and a cancer center. The organization also operates 15 primary care and various specialty practices under the Centra Medical Group, along with a range of senior, post-acute, and mental health care services.

Mission: To improve the health and quality of life for the communities we serve.

Vision: Pursue excellence, inspire hope, and advance health and healing.

Values: Respect and kindness, excellence, stewardship, integrity, teamwork, and diversity, equity, and inclusion.

Key Strategic Focus

Centra Health's strategic plan emphasizes several long-term themes:

• People First: Fostering a culture that values development, attracting and retaining diverse talent, and ensuring every caregiver is connected to purpose.

• Culture of Safety & Quality: Implementing a Just Culture and problem-solving methodology to focus on quality and patient safety, aiming for zero patient harm.

• One Centra: Operating as a unified system in branding, service standards, operations, management, governance, resource allocation, and healthcare delivery.

• Community Health & Value-Based Care: Serving local and regional healthcare needs by fostering strategic relationships with community stakeholders to improve health outcomes.

• Performance Excellence: Pursuing continuous improvement in caregiver and patient experience, engagement, quality, patient safety, community trust, and financial stability.

Financials and Funding

As a nonprofit organization, Centra Health's financial performance reflects its commitment to reinvesting in community health services. In fiscal year 2023, Centra reported:

• Revenue: $1.13 billion

• Expenses: $1.11 billion

• Net Income: $17.58 million

• Total Assets: $1.5 billion

• Total Liabilities: $745 million

In September 2023, Fitch Ratings upgraded Centra Health's default credit rating to "A" with a stable outlook, citing an improving financial profile and a dominant market position with an 81% market share in its service area.

Pipeline Development

Centra Health continually enhances its service offerings to meet community needs. Recent developments include the formation of Centra Alliance, an accountable care organization (ACO) approved by the Centers for Medicare & Medicaid Services. This initiative aims to provide coordinated health services, control costs, improve care quality, and enhance the patient experience for Medicare patients.

Technological Platform and Innovation

Centra Health leverages advanced technologies to support its value-based care initiatives:

• Electronic Health Records (EHR): Transitioned to a unified EHR system with Cerner to streamline data management and improve patient care coordination.

• Data Analytics: Collaborated with CitiusTech to develop dashboards integrating data from various legacy systems, enabling comprehensive performance analysis and informed decision-making.

• Telehealth Services: Expanded telehealth offerings to increase access to care, particularly in underserved areas, enhancing patient engagement and satisfaction.

Leadership Team

Centra Health's leadership comprises experienced professionals dedicated to advancing the organization's mission:

• Amy F. Carrier: President and Chief Executive Officer

• Douglas Davenport: Senior Vice President and Chief Financial Officer

• Matthew Foster: Senior Vice President and Chief Physician Executive

• Matthew Sackett, M.D.: Medical Doctor

• Kenneth Saum, M.D.: Medical Doctor

These leaders bring extensive experience in healthcare administration, financial management, and clinical excellence, guiding Centra Health's strategic initiatives and operational performance.

Leadership Changes

In recent years, Centra Health has experienced leadership transitions to strengthen its strategic direction. Notably, Amy F. Carrier assumed the role of President and CEO, bringing a focus on enhancing patient care and organizational growth. Additionally, the appointment of Richard Tugman as interim President and CEO during transitional periods reflects Centra's commitment to maintaining strong leadership continuity.

Competitor Profile

Market Insights and Dynamics:

The healthcare industry in central and southern Virginia is characterized by a competitive landscape with several key players. Centra Health's dominant market position, with an 81% share, underscores its significance in the region. The market is influenced by factors such as population health needs, technological advancements, and regulatory changes.

Competitor Analysis:

While specific competitors are not detailed in the available information, Centra Health's strategic initiatives, such as forming an ACO and investing in technology, position it favorably against other regional healthcare providers. The organization's focus on value-based care and community health aligns with industry trends, enhancing its competitive edge.

Strategic Collaborations and Partnerships

Centra Health has established significant collaborations to enhance its service offerings:

• University of Virginia Health: Maintains a clinical affiliation to expand access to specialized care and medical expertise.

• Piedmont Community Health Plan: Acquired this local health plan to integrate payer and provider services, facilitating coordinated care and value-based payment models.

Operational Insights

Centra Health's strategic considerations include:

• Market Position: Maintaining a dominant market share through comprehensive service offerings and community engagement.

• Competitive Advantages: Leveraging technological investments, strategic partnerships, and a focus on value-based care to differentiate from competitors.

• Community Engagement: Addressing local health needs through initiatives like the Centra Alliance ACO and expanding telehealth services.

Strategic Opportunities and Future Directions

Centra Health's strategic roadmap focuses on:

• Expanding Value-Based Care Models: Enhancing ACO initiatives and integrating payer-provider services to improve care quality and cost efficiency.

• Technological Innovation: Investing in advanced data analytics, AI, and telehealth to enhance patient care and operational efficiency.

• Community Health Initiatives: Strengthening partnerships with community stakeholders to address social determinants of health and improve population health outcomes.

• Workforce Development: Fostering a culture of continuous learning and development to attract and retain top talent.

Contact Information

• Website: Centra Health

• LinkedIn: Centra Health LinkedIn

Centra Health's commitment to excellence, innovation, and community engagement positions it as a leading healthcare provider in the region, dedicated to improving the health and quality of life for the communities it serves.