Consumer-focused health system changes and a rapidly evolving competitive landscape emerged as key themes among the topics that are front-of-mind for healthcare finance leaders for the coming year, according to HFMA’s Healthcare Finance Outlook 2007. The report compiles findings of HFMA’s 2006 survey of nearly 2,000 members, as well as commentary on critical healthcare issues as identified by healthcare financial professionals.
The survey results showed that revenue cycle improvement and cost containment continue to be top priorities. Issues involving consumer-focused practices, payment trend, and business development also scored high.
“Strategic planning is one area where a leader’s courage is truly tested,” said Richard L. Clarke, DHA, FHFMA, HFMA president and CEO. “Healthcare Finance Outlook 2007 is designed to help financial leaders understand and prepare for the forces that are shaping the world, from payment trends to the competitive business environment, so that leaders can build a strong bridge between the business side and the human side of health care.”
Highlights of the findings:
* As patient copays and deductibles continue to rise, hospitals face an unprecedented level of credit risk.
* Simplified, rational charge systems and transparent pricing has become a nationwide imperative for healthcare providers.
* The reporting of quality information must be developed in tandem with price transparency.
* Hospitals are preparing for a tougher round of payer contract negotiations as payers consolidate and build bargaining clout. Topics on the bargaining table will include changes that will allow hospitals to simplify their charge systems and elimination of nondisclosure clauses to facilitate price transparency. Read the report.
