Statement by Joseph J. Fifer, HFMA President & CEO, on Institute of Medicine report, Best Care at Lower Cost: The Path to Continuously Learning
Chicago, IL - September 14, 2012 - The Healthcare Financial Management Association (HFMA) commends the Institute of Medicine (IOM) for developing this comprehensive and insightful report, which does a great service for the healthcare industry. We concur with the IOM's premise that health care's ever-increasing complexity and ever-escalating costs have made the status quo untenable. And we agree with the IOM that progress is urgently needed, given the budgetary, economic, and health pressures our nation is facing.
We are also encouraged that the IOM has identified several opportunity areas, which the authors describe as being new in the last decade, that carry great potential for addressing health care's longstanding, fundamental challenges. These areas include the computational power to harvest useful information from patient care, the connectivity to allow that power to be accessed in real time virtually anywhere, progress in human and organizational capabilities to improve the reliability and efficiency of care, and empowerment of patients.
As part of an ongoing research initiative, HFMA has identified four key organizational capabilities for value that embody the opportunity areas identified in the IOM's report. These capabilities are people and culture, business intelligence, performance improvement, and contract and risk management. Developing these capabilities will help providers contribute to the attainment of a successful, sustainable healthcare system-a vision that we share with the IOM-and will help promote the collaboration between finance and clinical professionals that is key to solving many of health care's challenges. Through our Value Project research, HFMA remains committed to achieving value in health care.
The Healthcare Financial Management Association (HFMA) provides the resources healthcare organizations need to achieve sound fiscal health in order to provide excellent patient care. With more than 39,000 members, HFMA is the nation's leading membership organization of healthcare finance executives and leaders. HFMA helps its members achieve results by providing education, analysis, and guidance, and creating practical tools and solutions that optimize financial management. The organization is a respected and innovative thought leader on top trends and challenges facing the healthcare finance industry. From addressing capital access to improved patient care to technology advancement, HFMA is the indispensable resource for healthcare finance. hfma.org
About HFMA's Value Project
HFMA's Value Project aims to help guide the transition from a volume-based to a value-based healthcare payment system. With the support of leading healthcare organizations, HFMA is examining the current state of value in health care, the future directions of a value-based healthcare system, and the capabilities required for the transition to value. hfma.org/valueproject
Healthcare Financial Management Association