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On February 10-12, Physicians, Payers, and Providers will discover strategies for implementing value-based payment arrangements with both private and public sector payers.
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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.
The Patient Financial Communications Best Practices bring consistency, timeliness, and clarity to a confusing process. The practices outline steps to help patients understand the cost of services they receive, their insurance coverage, and their individual responsibility. View the best practices.
Take the first step. Show that you've implemented best practices for patient financial communications. Let HFMA recognize your organization as a Patient Financial Communications Adopter. Apply today!
All healthcare provider organizations may apply for the Adopter recognition. Applications must be at the individual provider level or at the system level. For example, a hospital system consisting of three hospitals may complete one application for the system, or may apply using separate applications for each individual hospital. A physician group practice, however, would apply on behalf of the entire group.
HFMA's Patient Financial Communications Adopter recognition is based on HFMA's review of an application and supporting documents that describe an organization's practices. The Adopter recognition is valid for two years. Organizations achieving this status are allowed to use the phrase "Supporter of the Patient Financial Communications Best Practices" in their marketing materials. Adopter organizations also will receive a certificate and will be listed on HFMA's website and quarterly in HFMA's magazine.
Apply now! It is recommended that patient access leadership be actively involved with other revenue cycle leadership in completing the applicaiton. The applicant's CFO or CEO must attest to the accuracy of the application. HFMA will gladly answer any questions about the online form and application process, but only complete electronic applications will be accepted. Send questions to firstname.lastname@example.org.
Participation in the recognition program is voluntary. Information in the applications and supporting documentation become the property of HFMA and may be disseminated at HFMA's discretion, provided that the identity of the applicants remains confidential.
There is no deadline or fee. Applications are processed in the order received.
HFMA professionals experienced in revenue cycle operations will use the application and supporting documentation to review and identify those applications that reflect the compliance levels necessary to achieve the Adopter recognition designation. Emphasis will be given to the provider's work in the areas of process, training, technology, feedback and response, and participation in compliance evaluation at the executive level within the provider's organization.
Recognition is based on the criteria in the application. Each criterion is related to a specific best practice, and recognition is based on achieving a minimum level of compliance. Supporting documentation submitted with the application checklist will be used to validate achievement of the performance levels necessary to earn this Adopter recognition. HFMA recognizes that not every provider can or will implement the specific details of each best practice.
Applicants will be notified when HFMA receives a completed application. HFMA will complete processing within 60 days of receipt of the completed application. Successful applicants will be notified by telephone; unsuccessful applicants will receive a written notification that will include recommendations for additional compliance work.
Providers who have attained Patient Financial Communications Adopter status may go on to achieve a higher level of recognition through HFMA's new Compliance Recognition Program. This program gives providers the benefit of an objective performance assessment conducted by revenue cycle experts under the guidance of HFMA's revenue cycle team. Providers who achieve recognition as Compliant with the Best Practices in Patient Financial Communications are automatically revalidated as an Adopter and newly recognized as Compliant. Once achieved, both recognitions are valid for three years.
The Compliance Recognition Program includes the following elements:
Achievement of recognition as an Adopter of Patient Financial Communications Best Practices is a prerequisite for application to the Compliance Recognition Program. If your organization is an Adopter, take the first step toward achieving compliance recognition. Contact us for additional information, including application fees.
Please send all inquiries to email@example.com.
A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow.
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
Emad Rizk, MD, president and CEO of Accretive Health, discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management.
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
Jim Bohnsack, vice president, solution & corporate development for Conifer Health Solutions, explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements.
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
Steve Scibetta, senior director of channel sales for Ontario Systems' healthcare product line, shares insights into effectively managing receivables.
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
Elena White, vice president of risk, quality, and network solutions for Optum, discusses how healthcare providers can leverage data and technology as they enable risk in their organization.
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
Somnia President and CEO Marc Koch, MD, MBA, explains how hospitals can drive transformative change in the perioperative experience for outstanding clinical and financial outcomes.
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
PMMC President Roger L. Shaul discusses the effects of healthcare reform on revenue cycle management and how PMMC's products help clients adapt to a changing financial environment.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
Greg Burgess, Founder and Chief Product Officer at Burgess Group shares insights and opportunities for payment integrity in the rapidly changing healthcare IT landscape.
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
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HFMA's MAP App is a web-based application that helps organizations track results, compare data with peers, and improve revenue cycle performance. Schedule a demo.
HFMA’s Buyer’s Resource Guide is a comprehensive vendor directory that helps healthcare finance professionals find products and services.
Access all the tools and resources you need to develop your personal skills. Organized into distinct career levels, this tool creates a career plan specific to your career goals.
Copyright 2016, Healthcare Financial Management Association.
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