Browse by Topic
Learn more about the healthcare finance industry's leading professional association. Find out why our members rely on HFMA as their go-to source for insight and information.
Members have many options for helping them advance their careers. Conferences, seminars, eLearning, certification, and more -- our education and events will keep you motivated.
On February 10-12, Physicians, Payers, and Providers will discover strategies for implementing value-based payment arrangements with both private and public sector payers.
Stay up-to-date in a rapidly changing industry in New Orleans (Mar. 7-9) or Chicago/Rosemont (Apr. 20-22). Register early and save.
Focus on the essentials. Develop strategies that deliver results. Redefine the boundaries of your success. Find out what’s driving innovation at ANI. Register by 2/29, save $150.
Our newsletters offer targeted articles with
technical how-to details and thought-provoking insights from healthcare finance
leaders and industry experts.
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 ICD-10 implementation, CMS audits, bundled payment, charity care, KPIs, and more.
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.
Bundled payment arrangements are becoming increasingly prevalent as payers and employers seek to stem high healthcare costs and hospitals and health systems move toward a value-based business model.
Such arrangements typically involve a payer or employer agreeing with a healthcare provider on a fixed price for a specific service, including any hospital, physician, and ancillary services. The agreed-on price often also incorporates pre-hospitalization and post-hospitalization expenses. In addition to a guaranteed price, these arrangements require a defined level of service and quality, as measured by quality metrics related to outcomes, clinical performance, patient satisfaction, and other measures.
Bundled payment arrangements can be established at a local, regional, or super-regional level and are typically focused on high-cost elective procedures, such as major joint replacements, spinal procedures, and bariatric surgery.
In an effort to reduce healthcare expenditures, the Centers for Medicare and Medicaid Services has conducted pilot programs offering bundled payment opportunities through Medicare. In addition, a growing number of employers are pursuing contracts directly with providers in an effort to control rapidly rising health benefit expenditures. WalMart, for example, has bundled payment arrangements with six leading U.S. hospitals and health systems to treat employees who need heart, spine, or transplant surgery.
The Cleveland Clinic also offers bundled payment arrangements for large employers for cardiac and spine procedures, back pain care, and orthopedic services. Other employers who have established these types of agreements include General Electric, Lowe’s, Pepsi, and Kroger. In some cases, larger health systems are subcontracting with smaller local providers for bundled payment services.
When done appropriately, bundled payment arrangements offer benefits to all parties. For employers and payers, the arrangements provide a guaranteed level of care quality and greater predictability of healthcare costs, as well as lower prices for traditionally high-cost services. Patients, who increasingly are bearing a greater share of their healthcare costs, also benefit from the provision of high-quality care at lower out-of-pocket cost.
For hospitals, health systems, physicians, and other healthcare providers, these arrangements provide the opportunity to build core competencies needed for value-based care, including the ability to manage patients and cost with a moderate level of financial risk. Providers can improve their ability to consistently perform at a certain level of quality and service, and to routinely track, measure, and analyze care cost and quality. If they are successful, organizations can attract more patients and build their programs.
In determining whether to enter into a bundled payment arrangement, an organization must evaluate the following factors:
For arrangements in which patients may be traveling in from some distance for care, healthcare leaders also should factor in the organization’s proximity to major airports, and hotels and other lodging options.
Organizations that decide to pursue bundled payment arrangements must evaluate their existing capabilities and competencies, and build them where needed. These may include implementing clinical protocols, clinical intake processes, pre- and post-discharge coordination, and data and analytical competencies.
The biggest risk for organizations in implementing a bundled payment strategy is ensuring their ability to provide designated services at a consistent cost and quality level, while still achieving a sustainable margin. Understanding the allocation and variation of costs at a detailed level related to these procedures is critical.
A multidisciplinary team with representatives from finance, care delivery, clinical operations, data analysis, and quality performance should lead development of the organization’s “go-to-market strategy.” This process will include identifying the potential payers and employers who may be available as partners on a direct contracting basis through a bundled payment program. The team also will need to project anticipated revenue and program costs.
The possibilities for individual organizations related to bundled payment arrangements vary based on several factors, including geography, proximity to major employers, and the ability to execute. While such contracts offer significant opportunity to expand a hospital’s or health system’s patient base, only those entities with a well thought-out program and market strategy will successfully capture meaningful portions of that opportunity.
Todd Fitz is a senior vice president, Strategy Practice, Kaufman, Hall & Associates, Skokie, Ill., and a member of HFMA’s First Illinois Chapter.
Dan Clarin is an assistant vice president, Strategy Practice, Kaufman, Hall & Associates.
This is a sample article from CFO Forum. Learn more and subscribe.
Publication Date: Thursday, June 12, 2014
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.
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.
Copyright 2016, Healthcare Financial Management Association.
Join HFMA today and enjoy: