Podcast Summary

Podcast: Becker’s Healthcare Podcast
Guest: Eric J. Price, MBA, Chief Financial Officer, Schoolcraft Memorial Hospital
Date: September 3, 2025
Host: Laura Deardo

Episode Overview

This episode features Eric J. Price, CFO of Schoolcraft Memorial Hospital, discussing the unique challenges and opportunities in rural healthcare. Eric shares insights into leveraging technology, the importance of data-driven decision-making, managing financial uncertainties, and strategies for growth and organizational resilience. The conversation centers on how a small rural hospital can not only survive but thrive during a time of industry transformation.

Key Discussion Points & Insights

1. Background & Path to Rural Healthcare

• Timestamps: [01:02]–[02:04]
• Eric brings a diverse background—starting in accounting and media, then moving through logistics in China, and entering healthcare finance as the Affordable Care Act launched.
• His focus and passion for rural healthcare led him to Manistique, Michigan, where Schoolcraft Memorial Hospital became a personal and professional fit.

2. Biggest Successes in the Past Year

• Timestamps: [02:25]–[03:40]
• Investment in advanced technology for radiology and anesthesia.
• Implementation of predictive and actionable data analytics, improving both care outcomes and financial management.
• Strengthened leadership involvement in financial and regulatory decision-making, leading to more informed, collective strategies.
• Notable Quote:

  "The biggest win for our facility...has been we've been fortunate to be able to invest into some technology, both radiology, anesthesia equipment." –Eric J. Price [02:26]

3. Technology Integration & Data Utilization

• Timestamps: [04:10]–[06:05]
• Benefited from federal grants (e.g., USDA) to enhance technology access.
• New EHR implementation in 2020 matured processes, improving claims, visit data, and clinical analytics.
• Formation of a Quality and Informatics team has enabled better-informed strategic decisions.
• Emphasis on turning raw data into actionable information.
• Notable Quote:

  "You can get a lot of data, but until it converts to information and actionable intel..." –Eric J. Price [05:39]

4. Current Top Issues and Forward Strategy

• Timestamps: [06:32]–[11:02]
• Navigating policy changes (ACA, CMS, Medicaid, COVID-19) and continued uncertainty in rural hospital finance.
• Balancing financial constraints with opportunities—wish for more capital and staff.
• Embracing AI to increase operational efficiency, especially in diagnostics, but delaying large equipment upgrades to see how AI evolves.
• Close scenario planning for Medicaid policy changes; proactive government engagement and community education.
• Value of experienced, resilient senior leadership team.
• Notable Quote:

  "There's a lot of uncertainty with, you know, the Medicaid program. And we as an entity, I feel, have been able to effectively analyze the risk." –Eric J. Price [07:36]

5. Growth, Resilience, and Community Focus

• Timestamps: [11:57]–[15:33]
• Substantial patient volume growth (3–4% annually across most departments; 35–40% in some).
• Focus on efficiency allows for stable margins, few/no cost increases to patients.
• Advantage as a Critical Access Hospital with cost-based reimbursement.
• Regional recognition aspirations—to become a top 100 (or even top 10) critical access hospital.
• Commitment to balancing solvency, growth, and community benefit.
• Notable Quote:

  "We, as an organization, I feel, have built some resiliency up in that. And instead of being reactive, we're being proactive." –Eric J. Price [14:36]

6. Key Opportunities for Future Growth

• Timestamps: [16:21]–[19:43]
• Diversification of specialty clinics and rotating physicians (ENT, ortho, surgery, bariatrics, etc.).
• Expansion of same-day "Ready Care" visits, reducing ER usage and costs.
• Recent expansion in rehab services led to 40% growth in that department.
• Population health analytics identifying and addressing chronic conditions early.
• Notable Quote:

  "What that has done for us is it has reduced the utilization in the ER...We're seeing patients in a lower cost setting in the clinic." –Eric J. Price [17:39]

7. Leadership & Success in a Transformational Era

• Timestamps: [20:23]–[24:20]
• Emphasizes the importance of understanding and leveraging AI and analytics to improve outcomes and reduce diagnosis costs.
• Advocates for deep payer relationship management, understanding reimbursement models, and scenario planning.
• Promotes transparency and empowerment at the director level for decision-making.
• Recommends leaders not get lost in day-to-day operations, but maintain a five-year strategic vision.
• Notable Quote:

  "For us to be successful, we have to be thinking five years ahead, not next month." –Eric J. Price [24:14]

Memorable Moments & Quotes

| Timestamp | Speaker | Quote | |-----------|--------------|---------------------------------------------------------------------------------------------------------| | 02:26 | Eric J. Price| "The biggest win for our facility...has been we've been fortunate to be able to invest into some technology, both radiology, anesthesia equipment." | | 05:39 | Eric J. Price| "You can get a lot of data, but until it converts to information and actionable intel..." | | 07:36 | Eric J. Price| "There's a lot of uncertainty with, you know, the Medicaid program. And we as an entity, I feel, have been able to effectively analyze the risk." | | 14:36 | Eric J. Price| "We, as an organization, I feel, have built some resiliency up in that. And instead of being reactive, we're being proactive." | | 17:39 | Eric J. Price| "What that has done for us is it has reduced the utilization in the ER...We're seeing patients in a lower cost setting in the clinic." | | 24:14 | Eric J. Price| "For us to be successful, we have to be thinking five years ahead, not next month." |

Conclusion

Eric J. Price offers an optimistic but realistic look at the state of rural healthcare, grounded in practical strategies—data-driven leadership, technology adoption, and proactive risk management—to foster resilience and community health. His emphasis on investing in people, process, and technology, alongside robust financial stewardship and a commitment to access and quality, sets an inspiring model for other rural hospitals navigating similar challenges.