Enterprise Risk Management

hfm Magazine: April 2018

March 30, 2018 12:59 pm

Cover Story

Building an ERM Framework for Value-Focused Health Care 
Healthcare providers are increasingly taking on payment risk as a result of value-based payment arrangements being implemented by the federal government and the private sector. 
By Paul Tuten

From the President’s Desk

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Expanding on thoughts in his April 2018 column in hfm, HFMA President and CEO Joseph J. Fifer, FHFMA, CPA, talks about the need to develop a shared understanding of value.

Video: The Benefits of Behavioral Economics

David Asch, MD, executive director of the Penn Medicine Center for Healthcare Innovation, discusses how behavioral economics can help the healthcare industry enable health-oriented behavior.


Early Edition

Building a Resilient Managed Medicaid Program in the Face of Uncertainty 
The experiences of Passport Health, a Managed Medicaid provider-sponsored health plan I Kentucky, provide a case example of how such a plan, through collaborations with state agencies, can thrive and grow in an economically disadvantaged area.  
By Mark B. Carter and Mike Minor

Setting a Course for Growth Through Optimal Service-Line Performance
To succeed under value-based care, health systems must develop the means to effectively manage their service lines across complete episodes of care, which involves an evolutionary process with stages from beginner to advanced to innovator status.  
By Jennifer Ittner and Alina Henderson

Healthcare Matters
Amazon in Health Care? Yawn . . .  
The recently announced affiliation involving Amazon, Berkshire Hathaway, and JPMorgan Chase affiliation is widely seen as an important development in health care, but there is reason to believe it would not pose a truly significant force for change in the U.S. healthcare system.  
By Jeff Helton, PhD, FHFMA, CMA, CFE

On Point
Provider-Sponsored Health Plans: Cautions and Opportunities  
Establishing a provider-sponsored health plan can pose a considerable challenge for a hospital or health system, but some of these organizations may find that it is an effective strategy.  
By Lia Winfield, PhD  


ERM: Evolving From Risk Assessment to Strategic Risk Management 
Hospitals and health systems must learn how to manage risk effectively to successfully face new challenges in health care. 
By Terry Puchley and Chris Toppi

How Healthcare Providers Can Reap the Benefits of an Actuarial Mindset
A study of foundation strategies of hospitals in New York State aimed at promoting philanthropy yielded insights for foundation activities of all U.S. hospitals.
By Lindsy Kotecki, FSA, MAAA

4 Strategies to Unlock Healthcare Performance Management Constraints
Hospital and health system finance leaders should play a central role in ensuring their organizations are applying high-quality enterprise performance management approaches that improve their organizations’ strategic agility in addressing enterprise risk. 
By Daniel Seargeant, DrPH and Jay Spence

Protecting Revenue at Risk 
A pocket guide to help hospitals and health systems navigate pay-for-value programs.  
By Warren E. Beck, Cherie Kelly-Aduli, and Brian B. Sanderson

Focus Area

The Tax Cuts and Jobs Act: Takeaways for Healthcare Finance Leaders
The Tax Cuts and Jobs Act is likely to have a unique effect on the healthcare industry.     
By Evangeline (Evie) Lalangas, Dan Kroll, and Austin Carlson


From the Chair
Assessing Risk in Healthcare Finance Calls for Stewardship 
Amid the healthcare industry’s ongoing transformation, healthcare leaders are called upon to be stewards in guiding their organizations through change and managing financial and operational risk. 
By Carol A. Friesen, FHFMA, MPH

From the President
Has Value Become a Buzzword? 
Our shared vision of value is at risk. We won’t attain high-value health care unless we agree on what that means.  
By Joseph J. Fifer, FHFMA, CPA

Healthcare Innovation         
The Future of the Hospital   
Reduced utilization of hospitals has many calling their future usefulness into question. 
By James H. Landman, JD, PhD

Developing a Future Generation Integrated Healthcare System
To envision new and better ways to rapidly reduce healthcare costs, the U.S. healthcare industry should take a lesson from approaches used by other countries, including China.
By Keith D. Moore, MCP and Dean C. Coddington


Data Trends 
12-Year Trend Shows Steady Rise in Acute Care Hospital Administrative and General Costs  
An analysis of Medicare cost reports shows that U.S. Hospitals saw a gradual increase in their administrative and general costs from 2004 through 2016. 


HFMA Research Highlight   
Value-Based Payment Readiness
Sponsored by Humana
This article discusses key takeaways from a September 2017 HFMA survey of senior financial executives about value-based payment readiness and how it has changed in recent years. 

HFMA White Paper Highlight  
CEOs Meet to Discuss Critical Healthcare Trends 
Sponsored by Navigant Consulting 
This article highlights a white paper that shares top insights from a Fall 2017 gathering of senior healthcare leaders. Within the meeting, executives offered their perspectives on healthcare trends and gave recommendations for future work.


Business Profile   
HealthTrust: Optimizing Purchased Services
Andrew Motz, assistant vice president, supply chain consulting at HealthTrust, discusses the value of a data-driven approach when procuring purchased services.

Premier: Pursuing Data-Driven Workforce Management 
This article discusses how Premier Inc. partners with health systems to reimagine workforce management, offering integrated data and advisory services to improve efficiency, reduce costs, and drive performance.


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