Friday, June 26: Co-owning Margin

COVID-19 is unifying cross-departmental teams and creating a greater sense of shared responsibility for financial sustainability. Get the inside scoop on new value-focused payment models as well as strategies for leveraging strengthened partnerships with margin influencers to reduce waste, lower costs and maximize payments.  

Information on CPE credits

Day at a glance

10:00 – 11:05 a.m., CT Featured General Session
11:05 – 11:15 a.m., CT Break
11:15 a.m. – 12:05 p.m., CT Concurrent Sessions
12:05 – 12:15 p.m., CT Break
12:15 – 1:05 p.m., CT Cocurrent Sessions
1:05 – 1:15 p.m., CT Break
1:15 – 2:05 p.m., CT Concurrent Sessions
2:05 – 2:15 p.m., CT Break
2:15 – 3:15 p.m., CT Featured General Session

Session Descriptions

What's your (new) financial persona? (GS3)

Where do you fit when looking at diversifying future revenue streams: Do you lean toward a defensive position — reverting to your core business; or an offensive position — focusing on growth strategies that will generate new and diversified revenue streams and capture margin? This challenge has taken on a new urgency in a post-COVID-19 economy. In this session, you’ll explore potential paths for organizational recovery that depend less on traditional core revenue streams. Rather, you'll be challenged to think about co-owning margins with new partners and solutions, examine what it would take to capture the equivalent NPR from strategic diversification, and create a framework for the future that is metric- as well as outcome-based.

Date and Time

June 26, 10:15 – 11:05 a.m., CT

The Business of Caring: Increasing Value Through Outcomes-Based Staffing (D01)

The economic impact of the global novel Coronavirus (COVID-19) pandemic has caused consumers to take a hard look at their finances and financial planning needs. As we enter the next chapter, it is crucial for healthcare organizations to reexamine their financial policies and payment options to adapt to new patient expectations when it comes to touchless payment options and continue to build trust through positive billing experiences. This session will help attendees understand the different payment options that can be made available and how to best address those options with each patient. In addition, the speakers will share the pros and cons of in-house financing plans versus third-party financing options and the experience and impact of each for both patient experience and provider. 

Date and Time

June 26, 11:15 a.m. – 12:05 p.m. CT

Reducing Cost by Eliminating Waste (D02)

Participate in a facilitated large-group discussion about strategies to evaluate waste versus cost with the patient experience in mind. You'll learn about Virginia Mason’s areas of focus that have contributed favorably to the health system’s margin.

Date and Time

June 26, 11:15 a.m. – 12:05 p.m., CT

Re-broadcast: It Takes a Community: Understanding Costs with the L7 Model (D03)

Standard cost accounting using ratios of cost to charges (RCC) offers minimal value. In this session, you’ll explore the framework for assessing your current cost accounting methodology, understanding the accuracy of your cost data, and benchmarking against peers with the HFMA-Strata L7 Cost Accounting Adoption Model. Panelists from provider organizations will review their organizations’ experience accessing accurate cost data by using advanced cost accounting, as measured by the L7 Model.

Date and Time

June 26, 11:15 a.m. – 12:05 p.m., CT

Effective Management of Physician Subsidy Levels (E01)

This session will present an effective process for assessing physician financial performance from an operational and strategic standpoint. The speakers will share a defined process to manage physician financial performance, including how to use cost accounting concepts to establish and manage appropriate operating budget results as well as how to use ROI concepts to assess and monitor strategic benefits in comparison to subsidy loss levels.

Date and Time

June 26, 12:15 – 1:05 p.m., CT

Why you should replace adjusted discharges (E02)

The use of adjusted discharges as a metric of output to assess facility wide productivity and efficiency is flawed and leads to invalid conclusions. It does not account for the increasing volume and complexity of outpatient procedures. During this session, Providence St. Joseph Health System will share how it effectively uses equivalent discharges and demonstrate why this metric is better suited to health systems.

Date and Time

June 26, 12:15 – 1:05 p.m., CT

Maximum payment adjustments: Best practices in quality reporting (F01)

With a focus on small and rural practices, you'll learn some of the "behind the curtain" insights into the Quality Payment Program (aka MACRA) and explore what goes into achieving an exceptional performance score. Topics will include quality measures selection and performance management, promoting interoperability performance improvement, and improvement activities selection and compliance. 

Date and Time

June 26, 1:15 – 2:05 p.m., CT

HFMA's 3rd Annual Startup Cup Competition (F02)

Join this session to vote on HFMA's 2020 Startup Cup winner. Hear pitches from the 5 finalists of HFMA's Startup Cup Competition, companies within the healthcare space that are bending the cost curve. Each finalist will present a short pitch on their product or service. Attendees will then vote and provide feedback on which startup best demonstrates the most innovative products and solutions to improve performance, patient care and lower cost.  

The winner of HFMA's Startup Cup will be featured in a "Trendsetter" article will be published on HFMA.org, in hfm Magazine, on HFMA's social media and featured in HFMA communications. 

Date and Time

June 26, 1:15 – 2:05 p.m., CT

Startup Cup finalists:

Into a Brave New World: Health System Strategy for the COVID-19 Era (GS4) 

This presentation will provide an overview of the major implications of the changing environment for health system strategy, with a particular focus on how broader consumer-focused trends, already in motion, will be impacted in the aftermath of the pandemic. Particular attention will be paid to implications for payer and employer contracting, physician alignment, and consumer engagement. 

Date and Time

June 26, 2:15 – 3:15 p.m., CT