1. What is HFMA's Peer Review Program?

The Peer Review Program is a way for HFMA members to identify what products/services their peers are using to deliver organizational savings and performance improvements.

2. Does HFMA endorse Peer Reviewed products/services?

Peer Review is not an endorsement by HFMA. The Peer Review process performed by HFMA is simply a means of identifying products and services for members' considerations. HFMA does not compare or rank them against one another and there are no exclusive relationships in a given category.

3. What does the Peer Review process evaluate?

To obtain Peer Reviewed status, all products and services must meet certain criteria. Some of the areas evaluated include:

  • Does the product/service add value to the Association, HFMA members and their organizations?
  • Is the product/service accurate, effective and easy-to-use?
  • Is there superior customer service and technical support provided?
  • Is the product/service based on practical industry knowledge and proven experience?
  • Does the firm have a solid reputation?
  • Is the firm compatible with HFMA's brand and values statements?

4. What are the steps in the Peer Review process?

  • Initial Screening -- The firm completes a partnership application and criteria, including fit, market performance and quality, are analyzed. HFMA will end the Peer Review process at any point if it is determined the product/service does not meet HFMA's criteria
  • Preliminary Review - HFMA staff will perform a review to ensure that the product /service is sound.
  • Peer Review Survey -- HFMA surveys a sample of members and users, including current and former customers, prospects who did not purchase the product, and selected members who have agreed to participate in the review. 
  • Scoring - To be considered for Peer Review, the product/service must meet a minimum score based on the following categories:
    • Effectiveness
    • Quality/usability
    • Price
    • Value
    • Technical and customer support
     
  • Approval and Review - The HFMA Peer Review Advisory Team will analyze findings and supporting documents. The team will then recommend or decline the proposed product/service based on HFMA's criteria.
  • License Agreement, Communication and Assessment -- Once a product or service obtains Peer Review status, a formal license agreement is entered into. This allows the product to be marketed and advertised using the Peer Review marks and logos.

5. How long does the process take?

The process is dependant on market feedback, so it can vary depending on how fast the market participants respond to the survey questions and demonstrations.

6. What product or service categories does Peer Review focus on?  

All categories of products and services that are used in the healthcare finance workplace are currently under consideration.

7. Are there fees required?

There are no application fees to go through a Peer Review study. Once a firm successfully passes all the stages of the process a license agreement is entered into that legally allows for the company to use and promote their status with the Peer Review marks and logos. The license agreement does have a financial fee, which is paid to HFMA, allowing HFMA to support this program.

For more information on the Peer Review Program, email peerreview@hfma.org.