Dear Friends of Wellmont,
We are pleased to introduce Wellmont's Fiscal 2013 Report to our Communities. As we reflect on a year of accomplishment, we also look to the future and are pleased to share an update on Wellmont's strategic options process - Forward with Vision.
Since our last update, Wellmont has issued requests for proposals from organizations interested in strategic alignment. Our leaders have set aside considerable time to meet with health systems that wanted to learn more about Wellmont. The result: Wellmont has received substantial interest and a number of proposals from a variety of sophisticated health systems. Based on inquiries, the health system issued 22 requests for proposals and received nine proposals from other health systems with initial interest. Thus far, three have been eliminated based on their lack of clear connection to our guiding principles.
This great interest is affirmation of our collective success. Our co-workers, physicians and leaders are to be commended for excellent work in service to our patients - which is the greatest testament to Wellmont's strong reputation. We have been commended for our low cost of care, clinical quality, our approaches to new payment models and more. This is evidenced through Wellmont Integrated Network - our accountable care organization- and through other pay-for-performance arrangements with insurance companies.
Now that we have received proposals, our consultants will guide the management team and board of directors through the lengthy process of evaluating each one based on its merits and narrowing the field according to our guiding principles. This takes considerable time and effort given the substance of these proposals and the importance of the task. Because of the confidentiality required at this stage, we are not at liberty to share the names of those who have expressed interest. But we are encouraged that they represent strong possibilities for the future of healthcare in our region.
In regard to the timeline, we are approximately halfway through the exploration process. We expect several more months of research and discussion are needed before our board will determine final recommendations this fall. In the meantime, we appreciate your patience. Please see the Forward with Vision milestones graphic that describes our timeline moving forward in more detail.
While we look to this process to define the next stages in our future success, the work of our caregivers with patients defines the most important aspect of our success every single day. You will learn more about these successes in the report.
Given that there is much interest in this work, our commitment is to inform you at other key stages of the process and to let you know as soon as any alignment decision has been made. If you have questions, please contact us to receive news and updates. We always welcome your input and questions.
And thank you again for reviewing our community benefit report.
President & CEO
T. Arthur "Buddy" Scott, Jr.
Chair, Board of Directors