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Transformation toward value-based healthcare is reshaping the delivery of care, patient expectations, and payment structures.
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Putting Physicians in the Lead for Cost Containment
Some health systems have found early success with initiatives that put physicians in charge of lowering the cost of the care they provide.By Rich Daly
HFMA's President and CEO Joe Fifer discusses the launch of the Patient Financial Communications Best Practices, and its benefits to patients and to healthcare organizations.
Value-Based Physician Compensation: Tackling the Complexities
As the healthcare industry continues its historical shift from productivity-based to quality-based payment, new physician compensation models will need to be developed to keep pace with this trend. By Karin Chernoff Kaplan, Idette Elizondo, Stu Schaff
Improving the Quality of Perioperative Services in an Era of Reform
Perioperative leaders should prepare for an unprecedented increase in surgery volumes, starting in 2014, despite current declines.By Ed Daihl
Using Technology to Reduce Readmissions
Novel real-time technologies powered by predictive and text analytics can help organizations avoid readmissions—and wasted effort—by targeting the right interventions for patient populations.By Barbara S. Harvath, Karoline Hilu, Ravi Nemana, Ramesh Sairamesh
A Framework for Managing Risk-Based Managed Care Contracts
Given the increasing prevalence of risk-based contracts with purchasers, healthcare finance leaders should consider strategies to assess and mitigate their risk under these arrangements. By Michael Nugent
The New Break-Even Analysis
It’s time to expand the scope and assumptions of the traditional break-even analysis. By James Laskaris, Katie Regan
Strategies for Achieving Orthopedic Service Line Success
Whether a hospital can achieve enhanced value in the critical orthopedics service line depends on the strength of the relationship between hospital administrators and the orthopedic surgeons.By Stacey Lang, Kristi Powers
Web Extra: Learn about an alternative model for partnerships between hospitals and orthopedic surgeons.
Web Extra: Learn about an alternative model for partnerships between hospitals and orthopedic surgeons.
Addressing Staffing Shortages in an Era of Reform
Catholic Health Initiatives is using two new models of care that deploy staff in new ways to deal with nursing staff shortages.By Kathleen D. Sanford
Clinical Integration and the CFO
Healthcare CFOs should consider five strategies for promoting clinical integration.By Alice G. Gosfield
From the Chair
It's Time to Lead with Value
By taking steps now to emphasize value—not just quality—hospital leaders can position their organizations to remain competitive and make a positive impact in the lives of patients.By Steven P. Rose, FHFMA, CPA
From the President
A New Day for Patient Financial Communications
HFMA has launched Patient Financial Communications Best Practices to provide healthcare organizations with concrete steps on how to communicate with patients about their financial responsibilities.By Joseph J. Fifer, FHFMA, CPA
From the Editor
Talking About Finance
Healthcare finance professionals require communications skills to make their solutions to health care’s most intractable problems come alive.By Robert Fromberg, Editor-in-Chief
Peter Markell: Why Risk-Based Contracts Are the Present and the Future
Peter Markell, CFO of Partners HealthCare System in Boston,shares his views about the role of risk-based contracts in an evolving healthcare marketplace.
Eye on Washington
On the Clock
Just what providers can expect from Congress in the next three months is uncertain, but should take steps now to position themselves for continued success regardless of what happens.By Chad Mulvany
Safety's Impact on the Value Equation
In focusing on patient safety, hospitals should do everything within their power to ensure that their services are error proof. By John Byrnes
The New Math for Hospital Finances in ACOs
Hospitals should take an active, not passive, stance in evaluating and participating in accountable care organizations.
By Ken Perez
5 Ways To...
5 Ways to Reduce Central Business Office Risk
Hospitals and health systems should take steps to contain risk in central billing office operations.By Steven Stocki
Facility-Borne Illness Poses Environmental Risk in Hospital Construction
Member Spotlight: Chief Fun-Time Organizer
Publication Date: Monday, December 02, 2013
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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Copyright 2016, Healthcare Financial Management Association.
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