Chicago - June 24, 2011 - Healthcare Financial Management Association (HFMA) and Parallon Business Performance Groupsm, a business unit of Parallon Business Solutionssm, LLC, a recently-launched subsidiary of HCA Holdings, Inc., announced today a collaboration to improve revenue cycle excellence for hospitals and healthcare systems nationwide through HFMA's unique MAP initiative. As part of the partnership, Parallon will provide HFMA with key financial data from HCA's 164 hospitals. This additional data is intended to enrich the ability of hospitals nationwide to track and compare performance based on industry-standard measures.
"HFMA is pleased to collaborate with Parallon to improve the data sources and tools used for enhancing revenue cycle performance in our industry. The combined resources and commitment of our organizations will help hospitals and systems use objective data to drive evidence-based performance improvement, furthering their ability to provide excellent patient care," said HFMA President and CEO Richard L. Clarke, DHA, FHFMA.
Launched by HFMA in 2010, the MAP initiative is a one-of-a-kind approach to managing revenue cycle performance for hospitals and healthcare systems nationwide. It is comprised of four key elements: 1) MAP Keys, which establish the definitive indicators of revenue cycle performance; 2) MAP App, which is a web-based application that tracks financial performance and enables benchmarking with peer groups; 3) MAP Awards to recognize excellence in hospitals and healthcare systems; and 4) MAP Events designed to share evidence-based lessons, best practices and the experiences of MAP users who have demonstrated success with the system. To learn more, view the attached MAP Fact Sheet or visit the HFMA website at www.hfmamap.org.
"Parallon Business Solutions has developed a number of best demonstrated business practices for the healthcare industry that leverage our collective experience, scale, and expertise," said Parallon Business Solutions President Beverly Wallace. "Our partnership with HFMA and their MAP initiative should materially increase the quantity of refined data in their benchmarking tool to help providers improve their business performance in revenue cycle, which in turn will help create a stronger healthcare industry."
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 37,000 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.
Healthcare Financial Management Association
(800) 252-HFMA, ext. 329
About Parallon Business Solutions
Parallon Business Solutionssm offers healthcare providers a broad range of industry-leading business services. Through its business units, Parallon provides revenue cycle and other business processes, workforce management solutions, supply chain services and the purchasing power of HealthTrust Purchasing Group®, one of the nation's leading group purchasing organizations. The Parallon Business Performance Groupsm is a Parallon Business Solutions business unit that has responsibility for revenue cycle management, payroll, health information management and physician credentialing. Launched earlier this year, Parallon is a subsidiary of HCA, a leading provider of healthcare services. www.parallon.net
Healthcare Financial Management Association
MAP Fact Sheet
June 24, 2011
About HFMA's MAP
Created by and for healthcare leaders, HFMA's MAP gives healthcare finance professionals the information they need to Measure performance, Apply evidence-based strategies for improvement, and Perform to the highest standards across the board. HFMA's MAP is a comprehensive strategy that establishes the definitive indicators of revenue cycle performance (MAP Keys), offers a web-based application to track performance (MAP App), honors revenue cycle excellence (MAP Award), and shares evidence-based lessons from the leaders (MAP Event).
MAP Keys Developed by industry leaders, led by HFMA, MAP Keys define the critical indicators of revenue cycle performance in clear, unbiased terms. MAP Keys ensure consistent reporting across institutions, allowing users to track progress against goals and compare performance to peer groups and to the industry as a whole. Using MAP Keys, healthcare professionals can improve business intelligence, strengthen revenue cycle management, and decide - using industry-created metrics - where to focus for improvement.
To develop the MAP Keys, HFMA convened a task force of industry experts to examine industry KPIs and other definition sources for completeness, validity, relevancy, and ability to support performance conclusions. Task force members also participated in a survey to help HFMA determine which KPIs provide the most value. The task force identified and prioritized a set of top KPIs that were then vetted with the HFMA National Board of Directors and members of HFMA's National Advisory Councils.
MAP App MAP App is a web-based application that helps hospitals and health systems track their revenue cycle performance using industry-standard metrics. With MAP App, organizations can compare results to customized peer groups, connect with other revenue cycle leaders, and access best practices, Webinars, eLearning courses, expert commentary, and unique HFMA analysis. Currently, more than 250 facilities are MAP App subscribers.
MAP Award HFMA's MAP Award recognizes healthcare organizations that achieve excellence in revenue cycle performance. MAP Award winners excel in meeting the benchmarks (the MAP Keys) and implementing patient-friendly billing practices. As recognized industry leaders, winners share proven strategies for extending revenue cycle excellence throughout the industry at the annual MAP Event and other venues.
MAP Event Unique to any other revenue cycle gathering in the industry, HFMA's MAP Event allows revenue cycle professionals to learn from MAP Award winners during hands-on sessions geared to boost performance on specific indicators. Attendees take home tools from peers to make real, measurable performance improvements in their own organization including a tour of a MAP Award winning facility.
For more information about HFMA's MAP, visit www.hfmamap.org.
Publication Date: Monday, July 18, 2011