Cone Health achieves $100Mn turnaround in 2023
NORTH CAROLINA, UNITED STATES — Healthcare delivery system Cone Health successfully executed a $100 million financial turnaround in 2023, driven by strategic maneuvering and a focused effort on workforce transformation.
During a recent episode of Becker’s Healthcare Podcast, Dr. Vi-Anne Antrum, Cone Health’s Systemwide Chief Nursing Officer, said that the firm created a conceptual framework for employee retention.
Notably, Cone Health did not reduce its headcount. Instead, the organization reduced contract labor by 48% and hired more international nurses.
Cone Health also established a systemwide float pool and created an internal travel agency and registered nurse (RN) attending model.
“We did a lot of work in the workplace violence space because people weren’t feeling safe. These are some of the things we’ve done to address the looming workforce shortages,” Dr. Antrum added.
Embracing innovation and collaboration
Dr. Antrum also emphasized the importance of collaboration and innovation in driving the health system’s transformation.
“I do think there are many talented people within the realm of healthcare, and when you just work together and focus on the goal that you need to achieve, you’ll figure out a way to get it done,” she said.
“It’s taking those unnecessary boundaries off your thinking and really just trying to solve issues together.”
Cone Health also leveraged technology to enhance its workforce. The health system utilized generative AI to transform operations and care delivery.
Furthermore, Cone Health established a value-based care institute to fuel growth and partnered with Palantir to automate staff scheduling and develop a “Future-Ready Workplace” strategy to optimize throughput.
Financial impact and community investment
Cone Health is a prominent healthcare system based in Greensboro, North Carolina, with five hospitals under its umbrella.
It reduced spending by approximately $60 million in 2023 and is on track to cut another $40 million in spending.
“I’m very proud of the work in that space and it’s taken a village, but I’ve been very happy to lead a lot of those strategies,” said Dr. Antrum said.
The financial strength achieved through these efforts will significantly benefit the communities served by Cone Health.
In April, the health system announced plans to invest $150 million over the next five years in a medical office complex in East Greensboro, North Carolina and health and wellness partnerships in the community.
