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Guidance for understanding and communicating about the price of health care.
Transformation toward value-based healthcare is reshaping the delivery of care, patient expectations, and payment structures.
Improve your revenue cycle performance through standard metrics, peer comparison, and successful practices.
Dion Sheidy, a
partner in KPMG’s Healthcare Advisory practice, discusses healthcare’s changing
landscape and how having the right advisor can help organizations navigate
challenges and opportunities.
KPMG LLP (KPMG) is a professional services firm and part of what is known as the "Big Four." We offer a broad array of services to our clients through our Audit, Tax, and Advisory practices. Healthcare is a key focus for us. With more than 1,700 healthcare
and life sciences professionals, we serve about half of the 200 largest health systems and academic medical centers in the country, as well as many of the top 25 health insurers. We work with many state governments related to their activities with the exchanges. And we serve all of the top 20 life sciences
Several key trends are dramatically affecting healthcare providers. First, there is the evolution of payment from a fee-for-service model to one based on value, which may or may not include risk considerations. Organizations are struggling with developing the competencies
and accessing the resources needed for appropriate readiness in this era of changing incentives. Business strategies should serve current needs, of course, which means continuing to operate under the traditional fee-for-service model. However, at the same time, organizations need to start to accommodate the
inevitable shift to payments based on value—all while keeping an eye on containing costs and demonstrating quality. For example, organizations are improving efforts related to chronic disease management and wellness/disease prevention programs. In addition, they are learning to measure performance in
new ways, focusing on outcomes at the population level.
The second trend impacting operations is the increase in consumerism. Healthcare is purchased much differently today than it was even 10 years ago. Traditionally, when you asked hospital executives about customer needs, they would focus on how they could serve
physicians. That’s not the case anymore. Physicians are still a key part of the delivery model, but they are not the sole decision makers. Patients play a growing role, choosing among care providers based on an organization’s ability to deliver high quality and convenience at affordable prices. Health savings
accounts and high-deductible plans are driving patients to assume greater financial responsibility for their care and to carefully consider how transparent organizations are about the relationship between quality and costs.
Finally, the third trend we see is that provider organizations are intent on optimizing the enterprise healthcare IT systems they’ve implemented to meet compliance requirements, such as Meaningful Use and ICD-10 conversion. Hospitals and provider organizations want
to capitalize on these core and disruptive technology investments in order to gain operational efficiencies, create innovative new revenue streams, and positively impact population health management.
As an organization, we’ve aligned our product and service offerings to help organizations meet current needs as well as prepare for the future. We offer more traditional advisory services related to helping organizations identify opportunities for revenue growth and revenue
cycle optimization, cost management, regulatory compliance, and transactional assessments. But we take that a step further and also focus on ways to position healthcare providers for opportunities ahead and help them answer fundamental questions, such as: What does business in this next era of healthcare look
like, and how will this new business model impact performance strategies and use of assets?
To help with the transition from volume
to value, we are working with healthcare providers to examine demand, capacity, and service line profitability for the coming years. We also are helping them gain competencies in working with payment mechanisms that are different from fee-for-service and exploring how they can participate in ACOs,
partnerships, and other arrangements with appropriate levels of shared risk.
An important aspect of this transition is analyzing the potential value of strategic relationships. We assess opportunities for physician integration and examine an organization’s physician acquisition strategy and role with health plans. Such relationships
are particularly important as continuity of care bridges across facilities and government incentives related to population health management continue to grow.
In response to greater consumerism in the industry, we are working with healthcare providers to identify how to better monitor and report on quality measures. KPMG provides assistance across the board, from the process of selecting performance metrics to assessing
clinicians’ ability to capture details of the patient encounter to performing experience mapping. Our work in data analytics is assisting healthcare providers in understanding the relationship between process change and quality outcomes, examining total costs of care, and reducing hospital admissions and
lengths-of-stay to help cost-optimize the system.
When it comes to helping organizations derive greater value from their healthcare IT investments, KPMG is well positioned to provide services along the entire business spectrum from strategy through execution. Following previous technology investments over the
past several years, KPMG recently announced its acquisition of healthcare consulting firm Beacon Partners, a top-ranked management consulting firm providing clinical, financial, and operational improvements to health systems nationwide.
KPMG can assist healthcare organizations with implementing the strategies, operational enhancements, enablement of technologies, security, and analytics required to be successful in a new, converged healthcare ecosystem. The acquisition of Beacon Partners,
coupled with KPMG’s existing capabilities, provides clients with access to an integrated healthcare transformation service provider.
Strategic alignment is important. I think it’s valuable to seek an advisor who can provide holistic approaches, deep industry insights, and next-generation data intelligence. Progress can’t exist in silos; taking into account long-standing business models, processes,
and technologies while setting the stage for further developments in the future is imperative. This must be balanced with a changing regulatory environment. And finally, although the healthcare industry has a wealth of internal and industry data, it is critical for this data to be mined using advanced
analytics tools to achieve actionable insights that help organizations improve outcomes and elevate quality measures.
Cultural fit is also key. Choosing an advisor is as much about the relationship as it is about the services being offered. Select people you want to work with. At the end of the day, you want to team with people with whom you’re in lock step, who share a vision of where
you’re going, and who inspire confidence in their ability to deliver.
Visit our website for the following white papers:
Publication Date: Monday, June 01, 2015
In this Business Profile, Bruce Haupt, president and CEO of ClearBalance, discusses how a patient loan program can increase patient collections, reduce bad debt, and speed cash flow.
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
In this Business Profile, Jerry Bruno, principal with Deloitte Consulting LLP, discusses the importance of choosing revenue cycle solutions that help an organization meet the challenges of a quickly evolving healthcare environment.
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
In this business profile, Lane Jackson, a partner in the Grant Thornton LLP Health Care Advisory Services practice, with extensive experience in overseeing system implementations and revenue cycle reorganizations, discusses best practices for elevating revenue cycle performance during an EMR implementation. Grant Thornton LLP is a sponsor of the Large System Controllers Council Affinity Group.
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
In this business profile, Amy Gross, senior vice president of Key Government Finance, discusses the benefits of private placement transactions to support large-scale financing projects.
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
In this business profile, Doug Polasky, executive vice president at Xtend Healthcare, explains the importance of having sound workflow processes in a consolidated business office to ensure optimal performance and reduce costs.
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
In this business profile, sponsored by SSI, Jay Colfer, vice president of sales and marketing, shares how patient access solutions are reversing the trend toward increased bad debt resulting from the rise in high-deductible consumer health plans.
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
In this business profile of Deloitte Consulting, Matthew Hitch and David Betts explore the potential benefits of elevating the customer experience and outline strategies to change service delivery.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
TriMedx helps health systems control costs and uncover savings opportunities by optimizing the clinical engineering function.
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
Announcements from several commercial payers and the Centers for Medicare and Medicaid Services (CMS) early in 2015 around increased efforts to form value-based contracts with providers seemed to point to an impending rise in risk-based contracting. Rather than wait for disruption from the outside in, health care providers are now making inroads on collaborating with payers on various risk-based contracting models to increase the value of health care from within.
Yuma Regional Medical Center (YRMC) is a not-for-profit hospital serving a population of roughly 200,000 in Yuma and the surrounding communities.
Before becoming a ZirMed client, Yuma was attempting to manually monitor hundreds of thousands of charges which led to significant charge capture leakage. Learn how Yuma & ZirMed worked together to address underlying collections issues at the front end, thus increasing Yuma’s overall bottom line.
Kindred Hospital Rehabilitation Services works with partners to audit the market and the facility’s role in that market to identify opportunities for improvement. This approach leads to successes; Kindred’s clinical rehab and management expertise complements our partners’ strengths. Every facility and challenge is unique, and requires a full objective analysis.
As the critical link between patient care and reimbursement, health information enables more complete and accurate revenue capture. This 5-Minute White Paper Briefing shares how to achieve cost-effective revenue integrity by your optimizing HIM systems.
Speedier cash flow starts with better CDI and coding. This 5-Minute White Paper Briefing explains how providers can improve vital measures of technical and business performance to accelerate cash flow.
Qualified coders are getting harder to come by, and even the most seasoned professional can struggle with the complexity of ICD-10. This 5-Minute White Paper Briefing explains how partnerships can help improve coding and other key RCM operations potentially at a cost savings.
The point of managing your revenue cycle isn’t just to improve revenue and cash flow. It’s to do those things effectively by consistently following best practices— while spending as little time, money, and energy on them as possible.
How Lucile Packard Children’s Hospital Stanford increased payments received within 45 days by 20% and reduced paper submission claims by 70% by using ZirMed solutions.
The reasons claims are denied are so varied that managing denials can feel like chasing a thousand different tails. This situation is not surprising given that a hypothetical denial rate of just 5 percent translates to tens of thousands of denied claims per year for large hospitals—where real‐world denial rates often range from 12 to 22 percent. Read about how predictive modeling can detect meaningful correlations across claims denials data.
Emergency Mobile Health Care (EMHC) was founded to be and remains an exclusively locally owned and operated emergency medical service organization; today EMHC serves a population of more than a million people in and around Memphis, answering 75,000 calls each year.
Since the Physician Quality Reporting Initiative (PQRI) introduction, CMS has paid more than $100 million in bonus payments to participants. However, these bonuses ended in 2015; providers who successfully meet the reporting requirements in 2016 will avoid the 2% negative payment adjustment in 2018, so now is the time to act! Included in this whitepaper are implications of increasing patient responsibility, collections best practices, and collections and internal control solutions.
Getting paid what your physician deserves—that’s the goal of every biller. Yet even for the best billers, achieving that success can be elusive when denials stand in the way of success, presenting challenges at every turn. Denials aren’t going away, but you can learn techniques to manage and even prevent them.Join practice management expert Elizabeth W. Woodcock, MBA, FACMPE, CPC, to: Discover methods to translate denial data into business intelligence to improve your bottom line, determine staff productivity benchmarks for billers, and recognize common mistakes in denial management.
Physician practices must improve organizational efficiency to compete in this era of reduced reimbursement and escalating administrative costs.
Many healthcare organizations are pursuing next-generation health information systems solutions. Learn more about Navigant's work with University of Michigan Health System.
The proper implementation of healthcare information technology systems is crucial to an organization’s financial health.
HFMA’s Buyer’s Resource Guide is a comprehensive vendor directory that helps healthcare finance professionals find products and services.
HFMA's print, email, online, and mobile opportunities provide you maximum reach and impact. We will work with you to build a plan that meets your needs. Contact a sales rep.
HFMA's MAP App is a web-based application that helps organizations track results, compare data with peers, and improve revenue cycle performance. Schedule a demo.
Access all the tools and resources you need to develop your personal skills. Organized into distinct career levels, this tool creates a career plan specific to your career goals.
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