Browse by Topic
More than 40,000 members value HFMA's thought leadership and practical strategies. HFMA is where you need to be.
Get acquainted with the
healthcare finance industry's leading professional association. Find out why our
members rely on HFMA as their go-to source for insight and
Members have many
options for helping them advance their careers. Conferences, seminars,
eLearning, certification, and more -- our education and events will keep you
Connect the dots on today's big issues, explore collaborations, get career-boosting tips, and network with colleagues nationwide at the leading finance conference. Save $100 off the full conference rate when you register by May 8.
Real-time presentations with nationally recognized experts, networking opportunities, and industry solutions—no travel required!
Learn about timely healthcare finance topics and earn CPEs. Most live webinars are free for HFMA members and $99 for non-members. View the latest schedule.
If you're a subscriber to any of our three newsletters, you have access to online education. Learn more or subscribe.
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 bundled payment, charity care, and ICD-10.
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.
Medical Center of Central Georgia's heart program, Georgia Heart Center in Macon, is the second-largest heart program in the state, with high volumes of cath lab procedures and open-heart surgeries. In 2005, the heart center faced a challenge: Medical supply costs were very high, and the biggest culprits were the customized medical kits that were tailored according to physician preference. For any given procedure, technologists had to customize the kit according to which physician was performing the procedure.
This is a sample article from HFMA's Healthcare Cost Containment newsletter, which provides how-to details on reducing expenses in hospitals and health systems without harming quality.
Learn more and subscribe to Healthcare Cost Containment
The kits were time-consuming to put together and expensive to produce. Supply costs at the heart center were well above those of hospitals with similar cardiac volumes. In working with a benchmarking consultant, MCCG determined that the heart center could save more than $1.7 million by collaborating with physicians to standardize the most expensive supplies.
"The director of the heart center engaged the physicians directly and said, 'Listen, we've got to drive out cost,'" says Joe Lavelle, executive vice president for MCCG. "She involved the physicians in looking at some of the heart center's processes to determine where the heart center could reduce supply costs and improve clinical efficiency. The effort was built on teamwork: The physicians knew that our system was committed to supporting safe, effective care, and that set the stage for us to work together on these issues."
The heart center director sought to eliminate redundant inventory by working with physicians to standardize supplies where possible. She involved physicians in establishing tighter vendor controls and reducing inventory levels of higher-cost supplies, such as drug-eluting stents. In addition, heart center physicians also participated in negotiations with vendors for lower prices on items such as stents, balloons, and intervessel guide wires.
Their efforts paid off: Aggressive contract renegotiations led to a 20 percent savings on drug-eluting stents alone. Georgia Heart Center saved $1.7 million on supply costs in 2006--and MCCG is applying the lessons learned from the heart center's cost savings initiatives to efforts to reduce supply costs in the noninvasive cardiology and endovascular departments.
Today, MCCG continues to foster active dialogue with its heart center physicians as well as other physicians and surgeons throughout the system. The medical center holds regular meetings with physicians to discuss the progress that has been made, both in reducing supply costs and improving overall work processes. The overall cost savings achieved is reinvested in equipment for the heart center and other departments.
"Given the challenges with achieving revenue enhancements, saving cost on the hospital bottom line makes us better-positioned to invest in equipment and new technologies for physicians so that they can better serve the patients of our communities," Lavelle says.
Benchmarking data showed that MCCG's pharmacy department also represented several clear opportunities for reducing costs related to labor and medical supply. Pharmacy labor costs were in the 75th percentile compared with peer hospitals, and medical supply costs were in the 90th percentile. The department set a goal of bringing its labor and medical supply costs down to the 50th percentile or lower.
A professional services team and MCCG pharmacy improvement teams worked together to identify several factors that could help the medical center achieve this goal. For example, team members determined that the department was not consistently charging for or documenting saline flush administration, letting millions of potential revenue dollars go uncaptured. They also realized that pharmacy staff were using syringes that needed to be individually filled with saline before use, rather than using prefilled syringes. Although the initial cost of using prefilled syringes is higher, they are safer, faster, and more nurse-friendly.
The pharmacy department decided to implement the use of prefilled saline syringes and began a new charge capture process. The department's calculations showed that if implemented correctly, this one change could yield $5.7 million in gross revenue, or $3.9 million net revenue.
Today, MCCG success with operational and clinical benchmarking has laid a solid foundation to measure future performance. The medical center is now working toward a goal of attaining ThomsonReuters 100 Top Hospitals® status.
Publication Date: Wednesday, April 01, 2009
Brian Kueppers, founder and CEO, Apex, discusses the importance of a robust patient payment strategy in boosting organization revenue and enhancing patient satisfaction.
Brian Grazzini, CFO, HealthPort, describes the importance of efficient and compliant information exchange and audit management in helping HIM staff spend less time on paperwork and more on mission-critical projects.
Cindy Matthews, executive vice president, Community Hospital Corporation, discusses how rural and community hospitals can use collaborative partnering to position for success through tough market conditions.
Rick Heise, senior vice president, revenue cycle, at Cerner Corporation, discusses the importance of integrating clinical and financial data to excel in health care’s changing payment environment.
Dale Hockel, senior vice president of operations, and Jim Fanelli, CFO, TriMedx, share strategies for elevating clinical engineering through innovative management programs.
Russ Graney, founder and CEO for Aidin, and John Laursen, head of business development for Aidin, share insights on how to improve care transitions between acute and post-acute care settings and incentivize high-quality patient outcomes.
Scott Elston, strategic accounts manager, GE Healthcare Services, describes how substantial cost reduction in health care requires rethinking business strategy and asset use.
Robert Williams, MD, director, Deloitte Consulting LLP, and Arielle Freiberger, product strategist, ConvergeHEALTH by Deloitte, explain how sophisticated retrospective, real-time, and predictive data analytics can inform decision making to reduce costs and improve care.
Stuart Hanson, director of business development (healthcare solutions) at Citi Retail Services, discusses how improving the payment experience can benefit consumers and healthcare providers.
Scott Schmidt, vice president, Cerner RevWorks, LLC, shares insights on best practices for maximizing a revenue cycle management partnership.
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.
©2015 Copyright Healthcare Financial Management Association
HFMA.org is best viewed using IE9 or the latest versions of Chrome, Firefox, and Safari.
Join HFMA today and enjoy: