December 29, 2004
Throughout the year, HFMA Wants You to Know (HWYTK) has addressed many areas of interest to healthcare finance professionals. Below are some of the key issues that were published during 2004.
Financing the Future
Over the course of HFMA's year-long Financing the Future project, it has become clear that a gap exists between U.S. hospitals that have sufficient capital to invest strategically and those that are struggling to generate operating margins sufficient to support their capital needs. HWYTK covered each report in the following articles:
- HFMA Reports that Hospitals are Falling Behind on Capital Spending, January 14, 2004
- Hospital CFOs Predict Double-Digit Increase in Capital Spending, March 10, 2004
- Beg, Borrow or Earn: How Hospitals Plan to Fund Future Capital Projects, May 5, 2004
- Strategic Planning, Balance Sheet Management are Core Competencies in Capital Process, July 14, 2004
- Final Financing the Future Report Addresses Upcoming Challenges, September 8, 2004
Patient-Friendly Financial Communications
Negative publicity about hospital billing and collection practices has ignited debate about hospitals' self-pay and charity-care policies. HWYTK shared excerpts from HFMA's CFO Forum Quarterly Insights, which asked three experts to address these topics.
- Consistency, Compassion Key to Sending Positive Public Message about Self-Pay Policies, February 11, 2004
Also, HWYTK covered suggestions from 2004 PATIENT FRIENDLY BILLING® workshop participants who listed key information and messages that an effective patient financial information brochure should include.
- Clear, Concise Brochures Support Patient-Friendly Communications, June 16, 2004
Revenue Cycle Self-Assessment Tools
Sound processes are essential to effective revenue cycle management. HWYTK provided two excerpts from HFMA's series of self-assessment tools that provide both key processes for each stage of the revenue cycle and target performance indicators.
- Self-Assessment Tool Helps You Check Scheduling Processes, April 7, 2004
- Self-Assessment Tool Helps to Manage Denials, December 2, 2004
Document Management Systems
Every day, hospitals face a tremendous irony: They use the latest technology to diagnose and care for patients and then use the most archaic modes to get reimbursed. HWYTK offered some tips on how to choose the right document management system to streamline operations and improve patient and employee satisfaction.
- Changing Environment Creates New Benefits for Document Management Systems, June 2, 2004
Price-Setting Strategy
No one yet has figured out a formula or come up with a chart to tell hospitals when and how much to change their pricing. However, years of reimbursement challenges, coupled with pent-up capital demand and skyrocketing labor and technology expenses, have spurred hospitals to ensure their charges are set appropriately. HWYTK listed a few pitfalls to watch out for.
- Avoid Common Pitfalls in Your Price-Setting Strategy, July 28, 2004
Revenue Cycle Performance Improvement
According to results of an HFMA survey, healthcare financial executives and revenue cycle leaders have taken advantage of many opportunities to improve their organizations' revenue cycles, but there are many more opportunities that remain largely untapped. HWYTK summarized the survey's key findings.
- Financial Leaders See Ongoing Opportunities to Improve Revenue Cycle Performance, September 22, 2004
Managing Denials
Organizations that have made strides in managing medical necessity denials share one key characteristic: Their priority is to prevent denials from occurring in the first place. HWYTK offered tips on where to proactively check for medical necessity, along with suggestions on how to educate physicians and others on their role in preventing denials.
- Proactive Medical Necessity Approach Helps Reduce Denials, October 20, 2004
Additional Resources
- HFMA Wants You to Know archive
- HFMA Resource Center
If you have questions or comments about HFMA Wants You to Know, contact editor Laura Noble.
HFMA Wants You to Know ISSN: 1540-0697. Volume III, Issue 27. Copyright 2004, Healthcare Financial Management Association. All rights reserved.