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Department Spotlight: Finance
Help celebrate the end of tax season by recognizing Renown's Finance team! The financial health of every organization is integral to their mission delivery. A health system like ours is no different – and it comes with many intricacies that require a top-notch finance team. The work of financial professionals in healthcare goes far beyond just balancing the books and ensuring bills are paid on time; their work is instrumental to the sustainability and growth of every organization. The Finance department at Renown Health makes a genuine difference by partnering with every team across our health system to safeguard their financial vitality. From accounting and payroll to financial planning and analysis, this team manages our financial resources effectively to assure we can continue providing the highest quality of care to all patients. Money-Minded The team members in Renown’s robust Finance department run the gamut of financial expertise: Accounts Payable pays all our bills to our vendors. Tax and Treasury handles our business licensing and investments. Accounting records our financial transactions, prepares financial statements and reports transactions to the public and the government. Payroll ensures all our employees are paid for their service. Financial Planning and Analysis focuses on long-range planning and evaluates projects for a positive return on investment. As our in-house finance experts, this team’s workdays are anything but ordinary. Every day – and even every month and season – looks different than the last. On top of it all, these team members know exactly what it means to represent Renown’s cultural commitment to collaboration. “We handle a varied set of tasks daily, weekly, monthly, quarterly and yearly,” said Minty Huynh, Database Administrator for Renown Health. “We could be churning through a planning cycle involving multiple reports and leader meetings, or we could be diving into details about why a specific department has a charge that brings them over budget.” “Given that my role is tied with a lot of other finance and accounting departments, there is a lot of variability in the role on a day-to-day, week-to-week and monthly basis,” added Michaell Poertner, Financial Systems Administrator for Renown. “Regarding cross-functional collaboration, we meet with team leaders to address any issues or concerns they have with process or data, then work to alleviate those concerns. We all work together to ensure we record and account for our businesses within established rules and regulations.” Helping lead our leadership team through financial and strategic goals plays a major part in Renown’s success. Our Finance team has nailed this down to a science. That guidance is driven by two key aspects: data and determination. “Our team performs specific activities around planning and budgeting, financial effectiveness of current operations and planning for the future,” said Deirdre Maurer, Director of Financial Planning and Analysis for Renown. “We analyze data and provide support for our operations teams. Additionally, we manage Axiom, our financial performance management tool used for all our financial activities: capital planning and tracking, budgeting, long-term planning, management reporting and productivity.” The excitement of solving problems and presenting high-quality analyses drives this team to succeed. However, given the complexities of their everyday work, one may believe that they stay siloed in their own areas. The reality is the opposite – these team members appreciate each other immensely and attribute many triumphs to their colleagues. “I get to work on puzzles every day, such as taking capital projects and building a complete package of reports and documentation to support the many assets at Renown,” said Debra Reyes, Accountant for Renown. “I need and appreciate everyone: Accounts Payable for reclassing items, Finance for project funding, leadership for direction and departments across our health system for working with me on serial numbers and in-use information for capital items.” Our entire Finance team is committed to providing the necessary support and guidance to everyone at Renown, ensuring our financial well-being every step of the way. “The finance team supports business partners in managing current and future financial well-being,” said Nancy Perryman, Principal Financial Analyst for Renown. “We are here to help and work with every department that needs it.” Change Agents As an organization, Renown Health went through a significant change in 2022 that helped set us on a positive financial trajectory. Last year, our senior leadership decided to transition from a July 1 to June 30 fiscal year to a calendar fiscal year from Jan. 1 to Dec. 31 to link up with Hometown Health’s fiscal year and the fiscal years of most health systems nationwide. From July 1 to Dec. 31, Renown navigated through a “stub period,” which was an opportunity for our team to build upon and deeply analyze our financial health in preparation for a strong, year-long fiscal year. This transition was accomplished with the dedicated, efficient Finance team, who led Renown through this tough time. In addition, their proactive approach to our calendar year planning during the stub period directly impacted Renown’s margin improvements and financial longevity into 2023 and beyond. “Changing our fiscal year meant that we needed a special audit only a few months after our last audit for the six-month ‘stub’ period between the old and new fiscal years,” said Shanna Entin, CPA, Senior Accountant for Renown. “There are a lot of challenges with a smaller audit, as some are familiar while some are new, but I’m proud to say we knocked that audit out of the water.” Despite this uniquely busy season, none of the Finance department’s additional duties fell by the wayside. They celebrated an expedited five-year plan completion, planning turnarounds and much more, all while guiding Renown through the stub period. “I am proud of this team for finishing our rolling forecasting within two weeks and completing the five-year plan within another couple of weeks,” said Michaell Poertner. “We converted our system to a calendar fiscal year and ensured data integrity was maintained the entire time." “We’ve had many great accomplishments involving expedited planning cycle turnarounds such as our five-year financial plans in two weeks, the calendar year 2022 finances in another two weeks and a fiscal-to-calendar year conversion,” added Minty Huynh. “We are proud of having pulled together to deliver our plans to the board on time.” Who can forget the ramifications of the pandemic? During this trying time, our Finance team supported COVID-19 initiatives to ensure all our care teams had the resources they needed to provide the highest standard of care for our most critical patients. “I am proud that our team was able to support the accounting team with data to reinforce the funding we received for COVID-related expenses,” said Deirdre Maurer. “Our team continues to be here to help any Renown employee, which we are happy to do.” And the successes of our finance change agents keep on coming – full speed ahead. “Simply put, we rock,” said Debra Reyes. “We have been able to record assets with more details than before, such as adding locations, serial numbers and more. We have had great audits because our reporting and eye for detail have been keen. We understand each other’s strengths and weaknesses, becoming friends in the process." Falling in L.O.V.E. with Renown Respect, reputation, relationships – this is the Finance department’s “Renown Why.” Acknowledging Renown’s community impact and giving back to the health system that provided vital support during some of their most daunting times were common themes among this team for why they joined our purple family. “I wanted to give back to the organization that had given me so much,” said Shanna Entin. “In March 2009, the ICU team went above and beyond trying to keep my late husband alive. He was a professional ski patroller caught in an avalanche while doing snow control work in Lake Tahoe. Even though he succumbed to his injuries, I will always be grateful to them for not giving up on him. Some 21 months later, my current husband landed in the same ICU with a flailed chest and various injuries from a skiing accident. The care he received in those nine days healed him enough to continue his care at home.” “I chose to work at Renown because we spent much time at this hospital when I was younger,” added Nancy Perryman. “My sister and I interacted with patients and delivered homemade cards to the elderly, and nurses brought us hot chocolate. Renown felt like home as much as possible when we were here with my father. Then, as an adult, when my father was in his final days, our family surrounded my father, and the amazing Renown staff surrounded us.” “Renown is a well-known name within the Reno area, and I wanted to work with a company with a good reputation and longevity,” added Michaell Poertner. Now, why do they stay? For this department, the answer is simple: their colleagues. Like many other departments at Renown, the encouraging and uplifting team atmosphere inspires them to continue making a difference. It helps them remain dedicated to Renown’s mission and vision. “What keeps me at Renown is the awesome team of professionals I get to call my colleagues,” said Shanna Entin. “We take our jobs seriously. And at the same time, dealing with life is always prioritized over work. So many people are willing and able to jump in to cover you when life throws a curve ball.” The proof “is in the pudding” – many members of this team have a 20+ year-long tenure at Renown, and they remain loyal to this day, excited for the journey ahead of them. “I applied here in 1999 to be an Accounts Payable Clerk at Renown South Meadows while I was wrapping up my courses at Career College of Northern Nevada; I’m thankful I’m still here,” said Debra Reyes. “I have a very interesting history with Renown and have experienced a wide range of things. That’s why I stay – for what lies ahead.” “I chose to work at Renown 20 years ago to make a ‘genuine difference,’ and I like that Renown had and still has a focus on the community and quality healthcare,” added Deirdre Maurer. “I am here today because I enjoy the people, our values and our continued commitment to our patients, community and each other. I am grateful for the opportunity to be part of a great organization.” The gratitude among this team transcends beyond office walls, and they welcome any fellow finance experts to consider joining their department and embracing the future together. “I’m thankful every day, even on the hard days,” closes Debra Reyes.
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Thirteen Area Nursing Students Recognized With Scholarships
Three scholarship recipients honored with Cherie Elvin Memorial Scholarship for 2016 Reno Air Race tragedy; Ten others recognized with nursing scholarships by Renown Health Foundation donors. Thirteen area nursing students were the stars of the show today at an event celebrating nursing education. Renown Health leaders held the 2022 Nursing Scholarship Award ceremony to recognize future nurses making a genuine difference in the lives of others, and awarded scholarships to help them pursue their education. Scholarships were presented to thirteen nursing students who are also working at Renown Health and currently pursuing their nursing degrees. Today’s financial awards build on scholarship support from The Cherie Elvin Memorial Fund, which was created by the Elvin Family as a legacy to honor their mother, Cherie, who died at the 2011 Reno Air Races. Melodie Osborn, RN Chief Nursing Executive; Jana Elliott, RN, DNP, Chief Nursing Officer for Renown Regional; Erin VanKirk, RN, Director of Nursing Education and Alicia Glassco, RN, Director of Medical-Surgical Nursing, presented the scholarships with Thomas Graf, MD, interim CEO of Renown Health during the event held at Mack Auditorium at Renown Regional Medical Center this morning. Members of the Elvin family attended the event via video link, and spoke to the group after watching a clip from Broken Propeller, an online documentary film by producer/director Christine Lazzarini that honors the heroes who responded to the tragedy on September 16, 2011. It was on that day that The Galloping Ghost, a highly modified North American P-51D Mustang racing aircraft, crashed into spectators while competing at the Reno Air Races in killing the pilot, James K. "Jimmy" Leeward, and ten people on the ground. Sixty-nine more people on the ground were injured. It was the third-deadliest airshow disaster in U.S. history. The 2011 air race crash had an immeasurable impact on the entire Elvin family. Cherie, 73, lost her life, while Chuck, her husband of 52 years, their two sons and daughter-in-law all lost part of their right legs. The family received treated at area hospitals and is still grateful for the care, kindness and support received in northern Nevada. Cherie's son, Bill, and daughter-in-law, Rachel, spoke to the group saying, “As the Elvin family we honor and remember Cherie and work to support nurses in our community.” The care the family received from the physicians, nurses, hospital care providers, EMS teams, and the community inspired the Elvin Family to increase their funding from one scholarship to three scholarships. Cherie Elvin Memorial Fund scholarships were presented to Alexis Perkins, Katelynn Mahone, Veronica Wentker, who all attend the nursing program at Carrington College. To recognize the dedication and sacrifice, and to encourage others to pursue a nursing education, the nursing leadership team and Renown Health Foundation donors, for the first time, also awarded scholarships to ten additional recipients for a total of 13 awards. Each scholarship is valued at $1,000 and awarded to employees who are committed to working at the bedside, convey the fundamental qualities of a nurse and look to connect with patients recovering from traumatic situations. Kami Sherpa, who is a critical care technician in Telemetry, wants to work as a registered nurse in Telemetry or the Intensive Care Unit when she graduates. She is currently attending the Orvis School of Nursing at the University of Nevada, Reno. Kami wrote, “I lost my grandad at a very young age. When he died, I decided to become a nurse and to do my best to make every person’s hospital stay a good one. I am the first person in my family to go to school and to earn a bachelor’s degree. This scholarship means so much. I know my mom and my grandma will be proud. I promised them I would take care of people in need and ease their pain. Nursing is my passion in life.” Nursing is an extremely rewarding career, and it has the added benefit of being in high demand. However, getting through nursing school takes a lot of hard work—and it can be expensive. According to the Bureau of Labor Statistics (BLS), in 2019, there were approximately 3 million people working as registered nurses in the U.S. Demand for the role is expected to increase by 7% from 2019 to 2029. The average cost of nursing school can vary widely. The cost for a Bachelor’s in Nursing (BSN) can be comparable to any other four year degree. According to U.S. News, the average cost of tuition for the 2020-2021 school year was $9,687 for a four year public school, and $35,087 for a four year private school. Some may pursue other pathways, such as an online RN to BSN program, which can sometimes be more affordable ranging between $25,000 to $80,000 in cost. While this may seem costly, the median annual salary for an RN in 2019 was $75,330. “There has never been a more important time to recruit and retain qualified candidates to become nurses,” said Thomas Graf, MD, interim CEO of Renown Health, as he announced the increased commitment of donors to Renown Health Foundation. “Your journey to become a nurse includes a lifelong commitment to learning and showing up as your best self,” said Jana Elliott, Chief Nursing Officer for Renown Regional Medical Center. “Treat each patient as the most important person in the world to you. There is no more important or fulfilling work than to serve as a nurse.” She added, “You are on an incredible journey filled with joy, fulfillment, and a deep sense of purpose. Being a nurse requires a passion for people, a profound belief in serving others; trust in your teammates, the ability to embrace change, flexibility and true grit. It is an incredible privilege to be a nurse and to serve others in what is, perhaps, their greatest time of need. The scholarship recipients of the 2022 Renown Health Nursing Scholarships are: Jion Manicdao Emily Thomas Christian Roberts Blake Conger Alaina Galyean Sadie Chalupa Jillian Dutra Leslie Zolan Kami Sherpa Erin Kristin Ramos Renown Health values and encourages employees to continue their education and supports career aspirations and goals. The education assistance program offers loan reimbursement and repayment opportunities as well as educational and financial guidance from experts. College tuition, certification and certificate reimbursement is provided for employees who are currently enrolled in college/university or taking the extra steps to receive a professional certification or certificate. In addition, the organization supports employees who have previously completed their education and are now managing the burden of student loans. Renown Health is currently hiring registered nurses and other positions at https://careers.renown.org/ As a not-for-profit health system, Renown relies heavily on community funding. To donate to the Renown Health Foundation and nursing education, please call 775-982-5545 or email foundation@renown.org. About Renown Health Renown Health is the region’s largest, locally governed, not-for-profit integrated healthcare network serving Nevada, Lake Tahoe and northeast California. With a diverse workforce of more than 7,000 employees, Renown has fostered a longstanding culture of excellence, determination and innovation. The organization comprises a trauma center, two acute care hospitals, a children’s hospital, a rehabilitation hospital, a medical group and urgent care network, and the region’s largest, locally owned not-for-profit insurance company, Hometown Health. Renown is currently enrolling participants in the world’s largest community-based genetic population health study, the Healthy Nevada Project®. For more information, visit renown.org.
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8 Financial & Wellness Benefits for Employees
Listening to what employees need most now and for the future; ensuring families are healthy, financially secure The Federal Reserve raised its benchmark interest rate last week for the first time since March 2020. This will mean a higher cost of borrowing on credit cards, student and home loans, car financing and more. It could also mean more returns from savings accounts, depending on the institution. This news, coupled with concerns about mental health and physical well-being as caregivers come through the pandemic has presented leaders at Renown with a unique opportunity to reframe approaches to how to help their employees grow, feel financially supported and engage as part of a healthy and thriving team. After listening to concerns of employees and their leaders, Renown Health’s Human Resources department and leading industry partners have announced a number of additional benefits to promote ways to increase work/life balance; support rest-and-recuperation strategies, and new financial resources essential to sustaining happy, high-performing teams. Renown Health is hiring key roles to support the health and well-being of our community, and encouraging those with a passion for service to join the Renown family to Fight the Good Fight, by applying on line at careers.renown.org. Expanded and new employee benefits for 2022 include: 1. Expanded Physical Health, Medical and Dental Plan Benefits. The MOBE program, offered at no charge, offers each employee a personal Health Guide to support four core elements of health; diet, sleep, physical movement and emotional well-being to help build healthy habits, fuel a better life, provide energy and promote healing. This year, Renown expanded its Medical Plan coverage, adding new benefits, without increasing rates paid by employees. Renown offers health insurance benefits through Hometown Health, northern Nevada’s largest and only locally owned not-for-profit insurance company with wide-ranging medical coverage. Hometown Health offers access to the largest network and highest quality clinical services provided by 1,200 medical doctors and specialists in 150 sites of care, including those with Renown Medical Group; urgent care centers; lab and imaging services; and the state’s #1 Us News & World Report hospitals, Renown Regional Medical Center (2022) and Renown South Meadows Medical Center (2021). New medical benefits added this year include telehealth visits with a $0 copay; Renown Pharmacy prescriptions with no deductible; and if employees and their families need to travel out of the area for essential care, there is now a travel stipend offered for University Medical Center in Las Vegas or to University of Utah Health. The organization also reduced the cost for health insurance premiums paid by part-time employees (20-30 hours). In addition to improved health benefits, the dental network was expanded through MetLife Dental, with no increases in dental rate premiums paid by employees in 2022. As a non-profit organization, Renown is able to offer employees the ability to establish Flexible Spending Accounts as way to use tax-free dollars to pay medical expenses not covered by other health plans. 2. Enhanced Wellness and Mental Health support programs. Renown Health is home to the Stacie Mathewson Behavioral Health & Addictions Institute. As leaders, they are working to remove the stigma and barriers to using mental health services when needed; reinforcing that seeking help indicates strength, not weakness. This includes encouraging team members to take a day off to refresh and recharge or take advantage of confidential, mental health counseling visits at no charge. Renown updated their policy to include mental and emotional well-being as eligible for use of sick leave. Through the pandemic, to be sure employees had the time should needed, leadership added 80 hours of sick time to employee’s sick banks as well as $0 copay for Teladoc behavioral health sessions and nutrition services (virtual). Renown encourages physical fitness and inspires the health and well-being of employees by supporting participation in races (on foot or via bike) in their communities. Employee who race, run, walk, triathlon or bike may submit for reimbursement for an individual entry fee up to $100. 3. Appreciating and Engaging Employees. Many teams may now be working on-site, hybrid and remotely, which means getting together to make new memories is more complicated. Renown Health leaders continue to bring camaraderie and bonding into the workplace by investing in holding monthly Pride events for staff, hosting everything from online socials to game nights to help re-establish bonds. At Renown, employee engagement also takes the form of employee recognition programs. The Everyday Amazing program encourages employees to thank each other for outstanding service via an online platform, and earn certificates and points towards gift cards and prizes. Employee and organization-led leadership and career education programs are encouraged, as well as paid volunteer opportunities (four hours each quarter), and matches of up to $1000 for non-profit organization boards on which Renown Health employees serve. Renown offers events and yearbooks to help employees celebrate their history and accomplishments, as well as Celebrate Amazing, a special event to honor Service Milestones, Top Talent and Women of Achievement award winners. Renown supports the community and engages medical providers and employees to attend events with the Reno Aces, UNR football and basketball games, the Great Reno Balloon Race and hundreds of community events each year. 4. Living Debt Free with Financial Wellness Programs. A free financial wellbeing program from Salary Finance is available at no cost to employees, with a salary-linked loan product. This benefit enables employees to borrow or save money directly through their paycheck. Salary-linked loans allow employees to access affordable credit that they can easily repay through their salary, helping them pay down existing debt or avoid high-interest credit cards, overdraft fees, or payday loans. Salary Finance provides affordable borrowing options in times of need, as well as a financial education component, which helps employees understand their current level of financial content specific to their needs. Since launching, over 40% of employees have engaged with the Salary Finance offering, and over 500 have accessed affordable credit through Renown's custom-branded Salary Finance Financial Wellbeing Hub. “It has made a wonderful impact and has lessened my frequent stress regarding my debt," said a Renown employee enrolled in the program. In total, it is estimated that employees have saved nearly $275,000 on interest, and that number continues to grow as more employees take advantage of the benefit. The Greater Perks program from Greater Nevada Credit Union, the official credit union for Renown employees, offers a number of benefits including a $100 bonus for opening a new checking account, $25 when opening a new “I Can Save” account, $500 credit towards an appraisal for a home loan, low-cost rates on short-term personal loans and auto loans, and regular online financial wellness seminars. Membership with the credit union is not required to take advantage of Greater Nevada Mortgage’s offerings. In addition, donors have supported, through the Renown Health Foundation, funds for help employees who have suffered a personal financial catastrophe, and are in need for emergency funding to pay bills, with no repayment required. 5. Educational Assistance Reimbursement, Student Loan Repayment, Continuing Education for Learners. Renown values and encourages employees to continue their education and supports career aspirations and goals. The education assistance program offers loan reimbursement and repayment opportunities as well as educational and financial guidance from experts. College tuition, certification and certificate reimbursement is provided for employees who are currently enrolled in college/university or taking the extra steps to receive a professional certification or certificate. In addition, the organization supports employees who have previously completed their education and are now managing the burden of student loans. Employees also have the option to invest in a 529 college savings plan, an investment program designed to help people save for future education expenses for children/dependents at almost any private or public college or accredited higher education institution. 6. Onsite Childcare & Adult Care Assistance. Figuring out the childcare puzzle has been a hurdle for working parents through the pandemic. Renown is one of a select number of health systems that offer onsite childcare. Renown Health Child Care Center welcomes employees' children ages six weeks to six years (and not yet in kindergarten). The center is licensed for 176 children and features 11 classrooms: three infant classrooms, four toddler and four preschool classrooms. Staff help parents with resources to find care for their children onsite, or with licensed daycare providers in the community. Employees increasingly are caring for older adults in their families. As a non-profit organization, employees are able to contribute to tax-free savings FSA accounts that cover dependent care for children and older adults. 7. Flexible Schedules and Locations. Renown now provides the ability for medical providers and employees to work on-site, hybrid and remotely. This year as many employees working remotely moved out of state to be closer to friends or family, Renown kept pace, employing a Professional Employment Organization called Tri Net, in a co-employment model to assist with national benefits and tax administration. Renown is now able to recruit and retain remote employees from Maine to Minnesota and offer, for a wide range of positions in IT, finance and other support services, remote and flexible schedules that are attractive to many across the country. For clinicians, there are a large variety of positions now available at over 100 locations across the state. On March 7, Renown increased the cap of shift differential to 10% up to $6 an hour and added a weekend differential for staff for up to 5%. At Renown’s hospitals, there are employment positions available 24 hours a day, 7 days a week to serve the community. Other providers and employees take advantage of a compressed workweek, 12-hour shifts and other options, which allow them the flexibility to live their best life at work and at home. 8. Renown’s Retirement Savings Plan. Retirement savings plans including a full 401(k) plan through Vanguard are available for employees to save for retirement. Employees can contribute from1-75% of pre-tax pay (up to annual IRS limit) and receive a matching contribution from Renown of 4% when you contribute 4% or more to a 401(k) plan. Rollovers of a former employer's 401(k), 403(b), 457 or other qualified plan can be made into a Vanguard plan at any time. In addition, in-service withdrawals are allowed at age 59 1/2 from 401(k), and a new Roth 401(k) option was added. Join the Renown team: Renown Health is now hiring key roles in our organization to support the health and well-being of our community. To join the Renown family to Fight the Good Fight, apply on line at careers.renown.org. About Renown Health Renown Health is the region’s largest, locally governed, not-for-profit integrated healthcare network serving Nevada, Lake Tahoe and northeast California. With a diverse workforce of more than 7,000 employees, Renown has fostered a longstanding culture of excellence, determination and innovation. The organization comprises a trauma center, two acute care hospitals, a children’s hospital, a rehabilitation hospital, a medical group and urgent care network, and the region’s largest, locally owned not-for-profit insurance company, Hometown Health. Renown is currently enrolling participants in the world’s largest community-based genetic population health study, the Healthy Nevada Project®. For more information, visit renown.org.
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