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These short synopses of hfm articles give board members insight into relevant topics. The articles below were published in 2012.
Hospitals Face New Challenges in Funding Employee Retirement Benefits
Cost pressures are forcing healthcare employers to scale back on the benefits packages they traditionally have offered their employees. Nonetheless, many promising ideas exist for optimizing employee retirement and health programs while containing costs.
View Board's Eye View version or full-length article.
Healthcare Reform Requires Increased Provider Focus on Value
As health reforms emerge over the next few years, hospitals, physicians, and payers will face greater pressure than ever to deliver more value for the dollar.
Building a Top-Performing Hospital: What Board Members Should Know
Hospitals should build meaningful scale and scope as well as focus on integration, cost, quality of care, and customer service to be competitive under value-based business models.
Independent Hospitals May Need to Assess Feasibility of Continued Independence
Increasingly challenging financial circumstances are forcing leaders of independent community hospitals to ask whether their “stand-alone” can continue to stand alone. To answer this question thoughtfully and meaningfully, these organizations need to perform detailed internal assessments of their ability to continue to meet the current and future healthcare needs of their service areas as independent organizations.
Preparing for Value-Based Purchasing
The Medicare value-based purchasing program is an initiative described in the Affordable Care Act whose purpose is to provide a practical means to reduce costs to the nation’s healthcare system while improving quality of care. Hospitals that achieve the highest total performance scores under this program’s scoring methodology can earn incentive payments.
Developing a Physician Compensation Plan
Hospital board members and other leaders should consider market characteristics, base salaries and incentives, and the structure of the compensation package when developing a physician compensation plan.
Maintaining Revenue Cycle Health During IT Change
An electronic health record (EHR) implementation, particularly one that includes other system components such as patient access and patient revenue, can disrupt many areas of hospital operations. But one of the greatest financial risks may be its impact on the revenue cycle.
Designing Long-Term Incentive Pay Plans
Long-term incentive pay plans for key leaders can help advance important strategic goals at not-for-profit hospitals and health systems. When designing executive pay plans for key leadership positions, not-for-profit hospitals today should consider much more than base salary and annual incentives.
How Hospitals Can Engage Physicians Without Hiring Them
If employing physicians or achieving clinical integration is not financially and/or politically practical, hospitals should consider alternative strategies for aligning with physicians.
Transparency Can Build Trust Between Hospital Leaders and Physicians
Meetings between hospital finance executives and physicians should be important, productive steps in building collaborative business models around issues, such as supply cost, utilization, productivity, and compensation.
Making the Transition from Fee-for-Service to Population-Based Health Care
Capitation again seems on track to displace fee-for-service as the industry’s predominant payment model. Unlike in the 1990s, the casualties may be the providers that cannot adapt.
Addressing the Problem of Medicare Readmissions
Hospitals should focus on three areas where poor performance is contributing to high numbers of Medicare readmissions: execution of the discharge plans, patient education, and coordination of postdischarge care.
Transforming the Structure of a Health System
As the healthcare industry moves from a traditional volume-based context to a value-based model, finance executives are focusing on transformational planning that emphasizes physician alignment, care coordination, and operational efficiency.
What Board Members Should Know About Mobile Apps in Health Care
Mobile applications and technologies are improving quality of care, patient satisfaction, safety, and convenience—and reducing costs. There are important considerations that hospital board members and leaders should keep in mind as they use medical apps and technologies to improve value in health care.
Financing Health Care Today
Economic uncertainty, healthcare reform, and future funding for Medicare and Medicaid caused many healthcare organizations to postpone financings in 2011. Because of current near-record low interest rates, health systems may want to revisit financing-needed capital expenditures this year.
What Board Members Should Know About RAC Extrapolation
Adventist HealthCare saved more than $8 million through a comprehensive approach to facilities maintenance, construction, and real estate management that could produce similar benefits for other organizations.
Increasing Capacity and Improving Resource Utilization by Improving Patient Flow
A pilot project to redesign patient flow at Intermountain Medical Center resulted in the creation of 21 virtual beds, reduced severity-adjusted average length of stay, enhanced patient satisfaction, and improved bed turnaround time.
View Board's Eye View version or full-length article.
The New Wave of Hospital Consolidation
As consolidation is expected to be a major strategy for not-for-profit hospitals in the next two to three years, there are several bond rating factors that health systems should keep in mind when assessing short-term and long-term financial risks.
A Guide for Managing Costs and Refining Cost Structure
Hospitals and health systems can effectively and sustainably transform their costs by following nine strategic recommendations related to both types of initiatives.
Cutting Costs in Financial Services
Reducing expenditures and improving financial performance is typically targeted in areas such as physician preference items, energy costs, clinical supplies, and discretionary items. But CFOs might overlook savings opportunities in their own backyard: the finance department.
The Transition to ICD-10
Healthcare providers with a long-term view are looking beyond compliance and seeing ICD-10 adoption as a systemwide business process transformation that touches every person, process, and system throughout the organization.
How Hospitals Can Use Technology to Reveal True Costs
Healthcare CFOs and other leaders should consider a number of factors in determining the right approach to costing within their organizations—and when selecting and implementing technologies designed to improve costing.
Understanding the Impact of Value-Based Purchasing
A study of the potential impact of the VBP program on 3,178 hospitals of various types focused on the likely impact of the program by analyzing what hospitals’ total performance scores are likely to be under the program and how incentive payments will be calculated.
Leading Change in a New Era
As the healthcare industry moves from a traditional volume-based context to a value-based model, finance leaders are in a position where they need to embrace new techniques that require more than traditional healthcare management.
Read our 2011 Board's Eye View Archives.Read our latest Board's Eye Views.
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.
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