Healthcare Financial Pulse: Improving Performance, Leading Change

The top issues facing healthcare leaders today include:
• Leadership and planning needs
• Cost and quality controls
• Preserving cash
• Accessing and allocating scarce capital resources

HFMA’s Healthcare Financial Pulse project provides the advice and resources you need to take on these issues, as well as up-to-date project surveys and special reports and news on the financial performance of healthcare organizations in these challenging economic times. You can also access case studies and additional resources from our sponsors.

Visit this site often for new and updated resources.

HFMA's Healthcare Financial Pulse is sponsored by:

Healthcare Financial Pulse - Quick Poll - Question 4

What primary strategy is your organization deploying for physician / hospital integration?

Surveys and Special Reports

Survey: Cost Management: Trends, Outlook, and Keys to Success (Feb. 2010)
Three quarters of hospitals said they had reduced costs over the past 12 months, and one-fifth of hospitals achieved cost savings of more than 5%, according to results of this new HFMA Financial Pulse survey. Find out where cost containment efforts focused over the past year, and how providers plan to manage cost containment efforts going forward.

• View Executive Summary
• View Slide Deck of Survey Results

Survey: The Changing Face of Self-Payment in Hospitals (Nov. 2009)
As patients struggle financially in the wake of the economic downturn, hospitals face increased challenges working with these patients on payment issues. More than 97% of respondents to HFMA’s survey experienced an increase in self-pay accounts receivable as compared with the prior fiscal year. Learn more about the impact of increasing self-pay receivables and how hospitals are responding.

• View Executive Summary
• View Slide Deck of Survey Results

Survey: Impact of Shifting Patient Volumes (July 2009)
A majority of healthcare finance executives surveyed by HFMA anticipate declining inpatient volume, but a corresponding increase in outpatient volume. Learn more about the impact of these shifting patient volumes on hospitals and health systems and the key action steps healthcare organizations should take to control costs and strengthen the bottom line.

• View Executive Summary 
• View Slide Deck of Survey Results 

See More Survey Results

News

Cost Reduction Is Top Health Industry Issue for 2010: Report

Fitch: Economic Pressure and Event Risk Will Drive U.S. Healthcare's Negative Outlook in 2010

Rating Upgrades Continue Despite Economic Conditions

Leadership and Planning

Understand, address, and communicate health system changes.
Latest resources:

• Three Michigan Hospitals Face Changing Economic Landscape
  Hospital leaders discuss the recession's impact on patient financial responsibility and uncompensated care
• Three-Minute Consult: Communicating Difficult Messages to Your Community
  Healthcare organizations should take a direct, honest, and caring approach.
• An Organizational Strategy for Communicating Labor Reductions
  Managing communications and establishing financial transparency prove vital to successfully guiding an organization through significant labor adjustment.
• Integrating Capital and Asset Management Across a Health System: The Sisters of Mercy Approach
  Elevating capital planning and asset management processes to the strategic level helps achieve tens of millions of dollars in savings.

See More Leadership and Planning Resources

Cost and Quality

Drive value by controlling expenses while enhancing quality.
Latest resources:

• Tips for Reducing Avoidable Readmissions
  As government and health plans aim to reduce avoidable readmissions through payment reforms, learn how you can combat avoidable readmissions at your hospital.
• Hospital Money-Savers? Think Small
  Small changes add up to six-figure savings—and more—for hospitals.
• CFOs: You Can Reduce Operating Costs While Improving Quality
  The Institute of Healthcare Improvement's Maureen Bisognano discusses how waste reduction and cost efficiency efforts can enhance quality of care.
• National Priorities for Transforming Health Care
  Janet Corrigan, president and CEO of the National Quality Forum, discusses the strategies for improving quality and lowering cost necessary to achieve a value-focused healthcare system.
• Optimizing Margins Through Non-Labor Cost Reduction
  Creating a value analysis team is the first step in a sustainable cost-reduction program.
• Benchmarking Tools for Reducing Costs of Care
  Learn how publicly available data can help benchmark a hospital’s performance around diagnostic groups.

See More Cost and Quality Resources

Preserving Cash

Pursue innovations in revenue and cash management.
Latest resources:

• Improving Facility Utilization for Cost-Efficiency
  By keeping a close eye on occupancy and making the best use of facilities and beds, hospitals can avoid the need to expand physical space.
• Flexibility Is Key to Economical Facility Planning
  Cost-effectiveness in construction depends on a keen understanding of use of space, particularly strategies that support flexibility.
• Case Study: Denials Management and Appeals: Rooting Out the Cause
  Vanderbilt University Medical Center has implemented processes for denials management before and after billing.

See More Preserving Cash Resources

Capital

Access sources of capital and allocate scarce resources to meet vital needs.
Latest resources:

• One Rural Provider’s Approach to Construction Financing
  Learn how a rural, critical access hospital combined FHA financing with Build America Bonds for replacement hospital financing.
• 3 Reasons to Revisit Your Capital Project
  Time-sensitive capital financing options, low interest rates, and an easing lending environment may make this the right time to pursue capital-intensive projects.
• Your To-Do List Before Entering into an Interest Rate Derivative
  By following a few, important guidelines, healthcare organizations can experience the benefits of using derivatives while avoiding many of the risks.
• Establishing a Foundation for Merger Success
  Three strategies help hospitals and health systems best position themselves for successful merger or acquisition activity.
• 2010 Offers a Different Breed of M&As
  The capital markets crisis, economic downturn, and reform-accelerated change create new drivers for merger and acquisition activity among healthcare organizations in 2010.
• Your Strategy for Effectively Communicating with the Credit Markets
  Operational improvement, physician alignment strategies, and transformations in information use are key themes for effective communications with credit markets.
• Communicating with the Credit Markets: CHRISTUS Presentation
  See how a leading healthcare system highlights its cost-management proficiency and its efforts to position itself for coming trends in this presentation to institutional investors.
• Is the New HUD Refinance Option for You?
  HUD's Section 242 mortgage insurance program is now open for straight refinancings. Find out about current eligibility requirements and proposed changes to the final HUD rule.
• Better Pricing on Your Bond Issue? Think "Directed Retail"
  Directed retail purchasers are emerging as an important source of demand for tax-exempt healthcare bonds. Learn the advantages of pursuing these purchasers.

See More Capital Resources

From Our Sponsors

McKesson and RelayHealth are pleased to share the following resources with HFMA members and other visitors to the Healthcare Financial Pulse site.

Case Studies

• Catholic Healthcare Partners
• Lehigh Valley Hospital and Health Network
• University of Pennsylvania Health System

Additional Resources

• Performance Analytics Presentation