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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.
Improving Value With TDABC
Time-driven activity-based costing presents significant opportunities to enhance quality of care and outcomes while reducing costs-and provides a foundation for value-based payment.
By Robert S. Kaplan
Web Extra: Learn more about using time-driven activity-based costing to improve patient outcomes while reducing costs.
Web Extra: Learn more about using time-driven activity-based costing to improve patient outcomes while reducing costs.
Leading by Example
HFMA Chair Kari Cornicelli believes finance leaders have the right set of financial and leadership skills to lead change within their organizations-and to teach future finance leaders to do the same.
Health Care Success: Achieving 'Triple Aim' in Israel
Trade mission finds overall improvement initiative possible despite worries over survival of its socialist approach to health care.
By Domenic Delmonico
How Cleveland Clinic used TDABC to Improve Value
At Cleveland Clinic, a time-driven activity-based costing pilot project revealed significant opportunities to improve processes of care and reduce costs related to heart-valve surgery.
By Christopher J. Donovan, Mike Hopkins, Benjamin M. Kimmel, Stephanie Koberna, Carrie A. Montie
Making Process Improvement 'Stick'
Healthcare organizations that develope process improvement initiatives and are able to successfully sustain gains share five traits in common.
By Quint Studor
Embarking on Performance Improvement
Healthcare provider can best improve quality of care and reduce costs by establishing performance improvement programs with analytics, defined terms, and a focus on evidence-based practices.
By Bobbi Brown, Leslie Hough Falk
Preparing for 501(r)
An IRS Final Rule will specify financial assistance, billing and collection requirements that hospitals must meet to maintain or achieve tax-exempt status.
By Keith Hearle
Web Extra: New Requirements for Maintaining Tax-Exempt Status
Web Extra: New Requirements for Maintaining Tax-Exempt Status
Sustainable Risk Management for an Evolving Healthcare Arena
The evolving healthcare reform environment requires organizations to undertake sustainable risk management, which involves continually reevaluating and preparing for the risks posted by changes.
By Sarah A. Cole, Raj Chaudhary, Derek A. Bang
Operational Prototyping: A Tool for Delivering Value
An important way for healthcare providers to improve care quality, reduce costs, and deliver greater value is to standardize and replicate best practices across the continuum of care.
By Rebecca Flink
Total Cost of Ownership: The Role of Clinical Engineering
A hospital can avoid many hidden costs associated with equipment service contracts by having the in-house clinical engineering department assume greater responsibility for this function.
By Dale Hockel, Michael Kintner
Business ProfileNuance: Boosting Providers Over the EHR Tipping Point with CDI
Spotlight AdvertorialsIntelliCentrics: Credentialing helps hospitals protect patients—and the bottom lineSomnia: A Hospital's Guide to Exploring Anesthesia Options
HFMA Executive RoundtableKey Strategies for Managing Population-Based Risk
HFMA Educational ReportThe ICD:10 Delay: What's Next for Your Strategy
Responding to an Insurer's Recoupment of Past Payments
Providers should be aware of regulations that may govern the issuance of overpayment demand letters by insurers and incorporate strategies to avoid recoupment of valid payments.
By Jennifer Rudenick Ecklund, Andrew Cookingham
The Integration Aspiration
Integration is a common goal when health systems acquire medical practices, but it may take various forms and continue to evolve beyond the classic model.
By Keith D. Moore, Katherine M. Eyestone, Dean C. Coddington
From the Chair
Building a 'For Purpose' Mind Set
Finance leaders have the right skills and knowledge to help transform health care.
By Kari Cornicelli, FHFMA, CPA
From the President
I'm Still an Optimist, but ...
If the healthcare cost trend resume its upward trajectory, pressures to adopt value-based payment will only continue to mount.
By Joseph J. Fifer, FHFMA, CPA
Douglas Hastings: Legal Perspectives on Trends in Capital Access
"More and more, discussions about capital access are less about bricks and mortar," says Douglas A. Hastings, JD, chair of the board of directors of Epstein Becker & Green, PC.
By Jeni Williams
Eye on Washington
Provider Payments Face Short-Term Local Cuts, Long-Term Federal Cuts
At this time, providers are unlikely to feel more pressure from employers and Medicaid than from Medicare cuts. Only in the longer term are they likely to see significant Medicare reductions.
By Chad Mulvaney
The Drive for Value: Key Roles for the CEO
Quality and safety programs cannot work effectively unless the CEO takes a proactive approach to implementing and driving them.
By John Byrnes
5 Ways To...
5 Ways to Trim Excess Costs
Five strategies can boost the "yield" of cost reduction efforts by focusing on savings opportunities that are often overlooked.
By Brian Channon
Hospital Median Operational Measures and Indicators, Calendar Year 2013, at a Glance
A general industry benchmark for key operational hospital measures and indicators gives hospital leaders an at-a-glance view of how their organizations compare broadly with peer organizations.
Member Spotlight: Fiery Passion for Finance
Publication Date: Monday, June 02, 2014
In this business profile, Amy Gross, senior vice president of Key Government Finance, discusses the benefits of private placement transactions to support large-scale financing projects.
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.
In this business profile, Doug Polasky, executive vice president at Xtend Healthcare, explains the importance of having sound workflow processes in a consolidated business office to ensure optimal performance and reduce costs.
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.
In this business profile, sponsored by SSI, Jay Colfer, vice president of sales and marketing, shares how patient access solutions are reversing the trend toward increased bad debt resulting from the rise in high-deductible consumer health plans.
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.
In this business profile of Deloitte Consulting, Matthew Hitch and David Betts explore the potential benefits of elevating the customer experience and outline strategies to change service delivery.
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.
TriMedx helps health systems control costs and uncover savings opportunities by optimizing the clinical engineering function.
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.
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.
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.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
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.
Announcements from several commercial payers and the Centers for Medicare and Medicaid Services (CMS) early in 2015 around increased efforts to form value-based contracts with providers seemed to point to an impending rise in risk-based contracting. Rather than wait for disruption from the outside in, health care providers are now making inroads on collaborating with payers on various risk-based contracting models to increase the value of health care from within.
Yuma Regional Medical Center (YRMC) is a not-for-profit hospital serving a population of roughly 200,000 in Yuma and the surrounding communities.
Before becoming a ZirMed client, Yuma was attempting to manually monitor hundreds of thousands of charges which led to significant charge capture leakage. Learn how Yuma & ZirMed worked together to address underlying collections issues at the front end, thus increasing Yuma’s overall bottom line.
Kindred Hospital Rehabilitation Services works with partners to audit the market and the facility’s role in that market to identify opportunities for improvement. This approach leads to successes; Kindred’s clinical rehab and management expertise complements our partners’ strengths. Every facility and challenge is unique, and requires a full objective analysis.
As the critical link between patient care and reimbursement, health information enables more complete and accurate revenue capture. This 5-Minute White Paper Briefing shares how to achieve cost-effective revenue integrity by your optimizing HIM systems.
Speedier cash flow starts with better CDI and coding. This 5-Minute White Paper Briefing explains how providers can improve vital measures of technical and business performance to accelerate cash flow.
Qualified coders are getting harder to come by, and even the most seasoned professional can struggle with the complexity of ICD-10. This 5-Minute White Paper Briefing explains how partnerships can help improve coding and other key RCM operations potentially at a cost savings.
The point of managing your revenue cycle isn’t just to improve revenue and cash flow. It’s to do those things effectively by consistently following best practices— while spending as little time, money, and energy on them as possible.
How Lucile Packard Children’s Hospital Stanford increased payments received within 45 days by 20% and reduced paper submission claims by 70% by using ZirMed solutions.
The reasons claims are denied are so varied that managing denials can feel like chasing a thousand different tails. This situation is not surprising given that a hypothetical denial rate of just 5 percent translates to tens of thousands of denied claims per year for large hospitals—where real‐world denial rates often range from 12 to 22 percent. Read about how predictive modeling can detect meaningful correlations across claims denials data.
Emergency Mobile Health Care (EMHC) was founded to be and remains an exclusively locally owned and operated emergency medical service organization; today EMHC serves a population of more than a million people in and around Memphis, answering 75,000 calls each year.
Since the Physician Quality Reporting Initiative (PQRI) introduction, CMS has paid more than $100 million in bonus payments to participants. However, these bonuses ended in 2015; providers who successfully meet the reporting requirements in 2016 will avoid the 2% negative payment adjustment in 2018, so now is the time to act! Included in this whitepaper are implications of increasing patient responsibility, collections best practices, and collections and internal control solutions.
Getting paid what your physician deserves—that’s the goal of every biller. Yet even for the best billers, achieving that success can be elusive when denials stand in the way of success, presenting challenges at every turn. Denials aren’t going away, but you can learn techniques to manage and even prevent them.Join practice management expert Elizabeth W. Woodcock, MBA, FACMPE, CPC, to: Discover methods to translate denial data into business intelligence to improve your bottom line, determine staff productivity benchmarks for billers, and recognize common mistakes in denial management.
From payment incentives to value-based purchasing penalties, the national focus in healthcare is on improving patient care and lowering costs. Coordinating care for patients as they move from one care setting to another can help meet these goals, but the greatest success will come when the patients healthcare providers work together. By enhancing a team approach to care and providing cost efficiencies, partnerships between acute and post-acute settings benefit patients and the healthcare providers taking care of those patients.
HFMA’s Buyer’s Resource Guide is a comprehensive vendor directory that helps healthcare finance professionals find products and services.
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'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.
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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