How a critical access hospital raised its cash on hand from 3 to 25 days
Rawlins, Wyo.-based Memorial Hospital of Carbon County, has grown its days cash on hand from 3 days to 25 days between January 2025 and June 2026, marking a significant financial recovery for the 25-bed critical access hospital.
The turnaround also includes a reduction in outstanding payables from more than $9 million to under $3 million, according to a June 24 news release from the hospital. Memorial’s leadership also established a dedicated reserve fund to protect payroll during periods of financial stress.
“These improvements didn’t happen overnight,” CEO Kerry Ashment said in the release. “They are the result of thoughtful planning, accountability, and a shared commitment to securing the hospital’s future.”
Revenue cycle improvements were a key part of the hospital’s financial recovery. Memorial brought medical coding in-house, partnered with a new revenue cycle management firm, streamlined payer enrollment and strengthened payer relationships. These efforts have helped better position the hospital to capture revenue appropriately while reducing administrative delays and inefficiencies.
The hospital also conducted a compensation analysis in early 2026 and adjusted wages for several positions to improve recruitment and retention competitiveness.
Leadership has adopted a three-year strategic plan that outlines priorities for financial sustainability, service delivery and community engagement. Memorial has also adopted Lean business principles across departments, with managers receiving ongoing education and support to identify waste, improve processes and enhance overall performance.
Hospital leaders said that while meaningful progress has been made, the work is ongoing and Memorial will continue to focus on financial stewardship, operational efficiency and workforce development.
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