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In this Business Profile, Todd W. Lillibridge, president and CEO of Lillibridge Healthcare Services Inc., and executive vice president of medical property operations at Ventas, discusses trends in healthcare real estate strategy and key considerations when choosing a partner for managing a healthcare organization's service and capital needs.
Lillibridge is the largest owner and operator of medical office buildings (MOBs) in the United States. As of June 2014, our portfolio spans approximately 22 million square feet in 400-plus owned and managed MOBs across 29 states, 163 cities, and 212 markets. And Lillibridge is positioned to grow as the industry consolidates. We really know health care—we provide advisory services, capital funding, property management and leasing, and facility development services to highly rated hospitals and health systems, with more than 400 clients nationwide.
In 2010, Lillibridge became a wholly owned subsidiary of Ventas Inc. (NYSE: VTR), an S&P 500 company that is a leading REIT and the global leader in MOBs and seniors housing. Ventas's diverse portfolio of nearly 1,500 assets in the United States, Canada, and the United Kingdom consists of seniors housing communities, MOBs, skilled nursing facilities, and hospitals.
It’s an exciting time to be in this industry. With the benefit of our national footprint and local execution, the Lillibridge team of professionals brings the best experience and ideas to the table.
We are in the trenches; we're collaborating with hospital and health system C-suite executives coast-to-coast every day. I'll drill down on a few top issues, from a healthcare real estate perspective.
Healthcare spending is high. Healthcare spending is expected to rise to 20 percent of GDP by 2022, from 18 percent in 2012. Economists warn there is no greater threat to the economy than soaring healthcare spending. It is a national imperative for the industry to control costs, employ better technologies, maximize efficiency, and continue to shift utilization away from inpatient settings.
The hospital's "front door" has moved from the emergency department to the MOB. As millions of people per year obtain health insurance through exchanges as a result of the ACA, the MOB will become the hospital's "front door" for those who previously may have accessed health care through the hospital's ED.
Outpatient demand is projected to grow 23 percent from 2013 to 2023. Emerging and enhanced care (and payment) models are driving health care to outpatient settings: population health, value over volume; wellness and prevention; retail medicine; team-based care coordination; "distributive care" for managing disease and chronic illness. In this new landscape, hospitals must reexamine their real estate assets to identify locations, scale, and size to meet these cross-continuum service needs and drive economies in their businesses.
Nobody's getting any younger. You don’t need a study or statistics to see this reality—just look at your own family and friends! Statistically, people ages 65+ visit the doctor four times more frequently than those ages 45 and younger. Providers need to ensure they have the resources to handle these escalating needs, and healthcare real estate is a huge part of the solution.
The mismatch between caregiver demand and supply is accelerating innovation. With a projected 14 percent shortfall between physician supply and demand by 2025, we are actively participating in making healthcare delivery more efficient: suite design that increases throughput, smart use of space to accommodate both physicians and mid-levels, practice consolidation, and even configuring non-traditional spaces for group visits.
Lillibridge should be the first call—the best choice—to own, manage, and build and reconfigure environments for healthcare providers.
Typically, healthcare organizations have two critical needs: service and capital. Owned and leased real estate is one of the largest assets on a health system’s balance sheet, so we help optimize portfolios strategically, financially, and operationally.
We provide strategic capital through the acquisition of MOBs and outpatient facilities, and by funding new projects. Our experts help clients capture growth by developing a flexible, right-sized building at the right cost, at the right time for their market. And we are the largest property manager of outpatient healthcare facilities in the country. Through best practices, technology, and teamwork, we dramatically improve a healthcare organization’s financial position and patient capacity.
Because we are home to 8,000 physician tenants in 29 states—and Ventas, our parent corporation, is one of the leaders in seniors housing—we are uniquely positioned to understand and address the needs of healthcare organizations across the entire continuum of care. This is one of the values in what we’re doing, and why it is a stable business model: MOBs are a needs-based property and one of the lowest cost environments of care outside the home.
People and other vendors may come and go, but the ownership of healthcare real estate has a long time horizon. Following are a few considerations for selecting a partner that will support your mission and goals for the long term.
In everything we do, we are guided by integrity, quality, and commitment to our clients. Clients can expect the following:
Commitment to excellence. One of the many ways we measure success is use of the Net Promoter Score® (NPS) methodology to measure customer satisfaction, manage to metrics, and drive accountability. We conduct annual CEL & Associates REACT Tenant Satisfaction & Opinion Surveys. This valuable feedback provides us with information to continually improve and provide an exceptional client experience.
Certainty of financial strength and access to capital. Our firm has immediate access to capital required to move quickly and with certainty to fund our commitments.
Physician-centric culture. Our understanding of physician alignment, productivity and satisfaction are strategically important for our clients to remain competitive in the marketplace.
Alignment of interests. We fully understand the importance of productive, efficient, and well-stabilized facilities that support physicians and patients along the entire continuum of care.
Publication Date: Tuesday, July 01, 2014
In this Business Profile, Shawn Yates, director of healthcare product management at Ontario Systems, discusses the growing challenge of managing self-pay accounts and provides insight on how providers can successfully collect patient payments.
In this business profile, Cathy Smith, leader of the revenue transformation consulting practice at The Claro Group discusses how the organization helps hospitals and medical groups reimagine their revenue cycle.
In this business profile, Deloitte & Touche LLP executives Anne Phelps, principal and U.S. healthcare regulatory leader, and Daniel Esquibel, senior manager, explain ways health systems, health plans, and physician practices can prepare for MACRA.
In this Business Profile, Bruce Haupt, president and CEO of ClearBalance, discusses how a patient loan program can increase patient collections, reduce bad debt, and speed cash flow.
In this Business Profile, Jerry Bruno, principal with Deloitte Consulting LLP, discusses the importance of choosing revenue cycle solutions that help an organization meet the challenges of a quickly evolving healthcare environment.
In this business profile, Lane Jackson, a partner in the Grant Thornton LLP Health Care Advisory Services practice, with extensive experience in overseeing system implementations and revenue cycle reorganizations, discusses best practices for elevating revenue cycle performance during an EMR implementation. Grant Thornton LLP is a sponsor of the Large System Controllers Council Affinity Group.
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.
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.
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.
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.
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.
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.
Physician practices must improve organizational efficiency to compete in this era of reduced reimbursement and escalating administrative costs.
Many healthcare organizations are pursuing next-generation health information systems solutions. Learn more about Navigant's work with University of Michigan Health System.
The proper implementation of healthcare information technology systems is crucial to an organization’s financial health.
HFMA offers online, email, and print opportunities to help you recruit the most talented healthcare finance professionals. Place your classified ads today.
HFMA’s Buyer’s Resource Guide is a comprehensive vendor directory that helps healthcare finance professionals find products and services.
Converse and network with your peers around vital topics.
Drive down costs while improving quality in a reform environment.
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