Chicago - June 22, 2012 - The Healthcare Financial Management Association (HFMA) today released the first report from Phase 2 of the Value Project, Defining and Delivering Value. The report identifies five key strategies that hospitals and health systems should undertake to deliver greater value, with an emphasis on quality improvement and cost containment.
The five strategies are:
- Do not delay in developing the four value-driving capabilities required to adapt in a new payment environment, which are highlighted in HFMA's Phase 1 Value Project report.
- Embrace strategic agility for your organization.
- Seek stakeholder alignment around a common set of value metrics that are meaningful to their intended end users.
- Explore strategic partnerships and opportunities with payers, employers, and patients.
- Prepare to differentiate the effectiveness of care provided by your organization within a value-driven, competitive marketplace.
The findings from this latest research indicate that payers, purchasers, and providers anticipate a real commitment to pursuing value-based payment methodologies over the next three to five years. Leading hospitals are also investing in core business intelligence and costing capabilities, with a more immediate emphasis on clinical information system enhancements, as well as creating opportunities for physicians and front-line staff to identify and execute on initiatives to improve value.
With support of 16 leading hospitals and health systems, Phase 2 of the Value Project began in November 2011 and follows the Phase 1 report, Value in Health Care: Current State and Future Directions, which was released in June, 2011. That report highlighted four capabilities that organizations should develop to prepare for a value-based healthcare system:
- People and culture
- Business intelligence
- Performance improvement
- Contract and risk management
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 an indispensable resource on healthcare finance issues. hfma.org
Healthcare Financial Management Association