Browse by Topic
More than 40,000 members value HFMA's thought leadership and practical strategies. HFMA is where you need to be.
Get acquainted with the
healthcare finance industry's leading professional association. Find out why our
members rely on HFMA as their go-to source for insight and
Members have many
options for helping them advance their careers. Conferences, seminars,
eLearning, certification, and more -- our education and events will keep you
Connect the dots on today's big issues, explore collaborations, get career-boosting tips, and network with colleagues nationwide at the leading finance conference. Save $100 off the full conference rate when you register by May 8.
Real-time presentations with nationally recognized experts, networking opportunities, and industry solutions—no travel required!
Learn about timely healthcare finance topics and earn CPEs. Most live webinars are free for HFMA members and $99 for non-members. View the latest schedule.
If you're a subscriber to any of our three newsletters, you have access to online education. Learn more or subscribe.
Get the perspectives of leading healthcare finance professionals on today's hottest issues.
Information about leading vendors helps your buying decisions.
Forum members can network during live webinars or access a library of past webinars on topics such as bundled payment, charity care, and ICD-10.
An ever-expanding collection of spreadsheets, policies, job
descriptions, checklists, and more that you can adopt and adapt.
Forum members can submit vexing questions to a panel of experts
using our Ask the Expert service.
Your source for employment solutions.
Find new employment opportunities or
reach out to qualified candidates.
Distinguish yourself as a
leader among your peers and advance your career by earning certification in our
healthcare finance programs.
Get an objective third-party evaluation of products and services used in the healthcare finance workplace.
MAP App is a web-based application that helps organizations improve revenue cycle performance based on industry-standard metrics called MAP Keys.
Find suppliers and products in this comprehensive vendor directory for healthcare finance professionals.
Guidance for understanding and communicating about the price of health care.
Transformation toward value-based healthcare is reshaping the delivery of care, patient expectations, and payment structures.
Improve your revenue cycle performance through standard metrics, peer comparison, and successful practices.
Hospitals and health systems nationwide are feeling the twin pressures of declining utilization and payments. Organizations are working to protect financial resources by focusing on reducing costs and transforming business and clinical operations. A robust and centralized financial risk management function should be put into place to support these efforts.
Ensuring the appropriate allocation of risk between operations, assets, and liabilities is critical to the long-term health of providers. Treasury should take on a broader, more integrated role in performing this function. Treasury departments traditionally have focused on managing nonoperating assets and liabilities, which provides the team with a foundation in risk management principles. Extending this focus to achieve a centralized risk function requires better integration between treasury and other disciplines and the development of an analytical platform that can be applied horizontally across the organization.
As part of their expanded responsibility set, treasury staff should clearly define the role of various resources—such as whether the investment portfolio is used primarily to generate income or to hedge risk. The team also should understand how financial risk works on the operating side of the organization. Once treasury has a complete picture of both operational and nonoperational risks—and the reasons behind them—it can catalog, analyze, and prioritize a range of seemingly unrelated risks.
Armed with additional knowledge and resources, treasury can help hospital and health system leaders understand the total risk portfolio and how to pursue a balanced distribution of risk across all of the organization’s activities. For example, if a hospital is carrying excessive risk on the operational side, it may be prudent to minimize the risks embedded in its debt or investment portfolios. Alternatively, if a hospital has minimal risk in operations or liabilities, it may be positioned to leverage greater risk in its investment portfolio to drive increased returns.
The consequences of not centralizing risk management can be serious. Individual risks that seem prudent when assessed in a silo may combine to create an unsustainable total risk position. Every organization has the capacity to assume a certain amount of risk before viability is threatened; centralized risk management allows consistency in both defining how this capacity is determined and controlling how it is allocated.
The need to centralize risk assumption and analytics becomes even more pronounced with the move to value-based payment, which is likely to alter traditional risk relationships by producing increased operational volatility. The shift to value-based payment is coming more quickly to some communities than others, but it is important for hospitals and health systems to get ahead of the change curve. Those organizations that are best at centralized risk management can be expected to perform better financially versus those that adopt a more fragmented approach, and the range of outcomes will widen as operating risks increase. Treasury’s responsibility for managing financial risks will force professionals to become familiar with areas that they may not be deeply involved with today. But having a dedicated team overseeing the organization’s cumulative risk profile will help provide protection as hospitals and health systems navigate this period of significant change in healthcare.
Eric Jordahl is a managing director of Kaufman, Hall & Associates, Inc. and co-leader of the firm’s financial advisory practice.
Publication Date: Monday, March 25, 2013
Tom Myers, chief strategy officer, The SSI Group, discusses the shifting payment environment and how it affects providers' patient access and claims management processes.
Jeff Chester, senior vice president and chief revenue officer at Availity, shares his thoughts on "Revenue Cycle 2.0" and how to best meet its challenges.
Mitch Morris, vice chair and global leader, healthcare, Deloitte, and Michael O'Rourke, senior vice president and chief information officer, Catholic Health Initiatives (CHI), share perspectives on the need for transformational IT in health care today.
Brian Kueppers, founder and CEO, Apex, discusses the importance of a robust patient payment strategy in boosting organization revenue and enhancing patient satisfaction.
Brian Grazzini, CFO, HealthPort, describes the importance of efficient and compliant information exchange and audit management in helping HIM staff spend less time on paperwork and more on mission-critical projects.
Cindy Matthews, executive vice president, Community Hospital Corporation, discusses how rural and community hospitals can use collaborative partnering to position for success through tough market conditions.
Rick Heise, senior vice president, revenue cycle, at Cerner Corporation, discusses the importance of integrating clinical and financial data to excel in health care’s changing payment environment.
Russ Graney, founder and CEO for Aidin, and John Laursen, head of business development for Aidin, share insights on how to improve care transitions between acute and post-acute care settings and incentivize high-quality patient outcomes.
Scott Elston, strategic accounts manager, GE Healthcare Services, describes how substantial cost reduction in health care requires rethinking business strategy and asset use.
Robert Williams, MD, director, Deloitte Consulting LLP, and Arielle Freiberger, product strategist, ConvergeHEALTH by Deloitte, explain how sophisticated retrospective, real-time, and predictive data analytics can inform decision making to reduce costs and improve care.
Stuart Hanson, director of business development (healthcare solutions) at Citi Retail Services, discusses how improving the payment experience can benefit consumers and healthcare providers.
HFMA's print, email, online, and mobile opportunities provide you maximum reach and impact. We will work with you to build a plan that meets your needs. Contact a sales rep.
HFMA offers online, email, and print opportunities to help you recruit the most talented healthcare finance professionals. Place your classified ads today.
Drive down costs while improving quality in a reform environment.
Stay informed about new directions in healthcare finance. Share tools and strategies for improving performance. Be an active participant in your profession. Together, we’ll reshape the business and practice of healthcare. Join us.
©2015 Copyright Healthcare Financial Management Association
HFMA.org is best viewed using IE9 or the latest versions of Chrome, Firefox, and Safari.
Join HFMA today and enjoy: