Financial Leadership

hfm Magazine: June 2017

June 1, 2017 2:28 pm

Cover Story

Exploring Opportunities for Transforming a Healthcare Organization’s Cost Structure

One health system undertook a four-step process for performance improvement that involved developing organizational improvement targets and engaging division leaders to meet the targets at the division level.

By William J. Doherty, MD, FACHE, Michael Connelly, CPA, FACHE, Kimberly Neese, and Gavin McDermott, CFA

From the President’s Desk

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Expanding on thoughts in his June 2017 column in hfm, HFMA President and CEO Joe Fifer talks about short-term and long-term strategies in healthcare finance. 

HFMA Video Spotlight

Consciously Lowering the Cost of Care   
Gordon T. Edwards, CFO for Marshfield Clinic Health System, discusses the high cost of hospital care and how Marshfield treats patients outside the hospital care setting at a lower cost.

Early Edition

Tackling the Challenge of Stranded Assets in the Acute Care Hospital Sector
The healthcare industry’s increasing focus on value versus volume has caused a shift of care from inpatient to outpatient settings, leaving many hospitals with stranded strategic fixed assets.
By Ejaz Elahi and Lauryl Campbell

Building a Successful Investment Program in a Changing Economy 
Changes in the economy are bringing new challenges for healthcare finance leaders who oversee investment programs. 
By Lisa Schneider, CFA

Case Study   
How Allina Health Used Data to Improve Quality and Reduce Cost  
Data can be the key to improving financial performance while maintaining patient satisfaction.  
By Penny Wheeler, MD


Special Section: Chair Profile
Called to Authentic Stewardship   
Carol A. Friesen, FHFMA, 2017-18 Chair of HFMA, speaks of the need for finance leaders to be committed stewards in their organizations, intent on making a positive contribution to the transformation of the nation’s healthcare system.   

APCs: An Important Primary Care Resource for Value-Based Care   
Health systems should look to advanced practice clinicians, including nurse practitioners and physician assistants, as qualified providers who can fill the gaps in primary care resulting from a declining supply of primary care physicians. 
By David Fairchild, MD, MPH, Erik Dukes, MD, Lee Greer, MD, MBA, and Ewa Kisilewicz, MBA

Case Study
Finding Cost Savings at HackensackUMC: A Six-Year Retrospective 
A New Jersey hospital saved more than $12 million over six years by implementing an employee gainsharing program. 
By Michael A. Camuso, CCP, CBP, GRP, PHR, Robert Masternak, Lani Garris, MAS, BSN, RN, CNOR, and Mary E. Bautz, CCP

Closing the Loop by Selling Bad Debt
The increase of deductibles and self-pay accounts have hospitals and health systems looking at the sale of bad debt as a way to increase income.
By Richard R. DeSoto

Focus Area

Cost & Quality            
Transforming Healthcare Analytics to Manage Costs   
Healthcare providers must transform how they analyze and use data by applying today’s improved data analytics techniques if they are to meet the requirements of value-based care of improved quality and reduce costs. 
By Caroline M. Kolman, PE

Revenue Cycle             
Embedding Revenue Cycle Leaders Into Physician and Hospital Operations
Ochsner Health System, New Orleans, gained $18 million in revenue by implementing a collaboration strategy between clinical personnel and revenue cycle leaders.
By Greg Douglass and William Thacker 


From the Chair
Where Passion Meets Purpose: HFMA’s 2017-18 Chair Theme 
Healthcare finance leaders are challenged to apply their knowledge and imaginations as stewards of their organizations to help transform health care to the benefit of patients and their families. 
By Carol A. Friesen, FHFMA, MPH

From the President
Fishing Lessons   
Providers may object when value-based savings accrue to health plans. Although those objections have merit, other factors should be considered when formulating strategy. 
By Joseph J. Fifer, FHFMA, CPA

Eye on Washington       
Can We Get a National Action Plan for Patient Safety?   
Bipartisan collaboration among the nation’s political leaders is required to develop an action plan for ensuring patients receive safe, high-quality care within the U.S. healthcare system. 
By Tejal K. Gandhi, MD, MPH, CPPS

Business Intelligence        
Leveraging the Cloud for Efficiency and Savings   
Healthcare organizations seeking secure, efficient access to information need look no further than the cloud.
By Paul M. Perry, FHFMA, CITP, CISM, CPA

Healthcare Value 
Turn of the Worm   
Employers are proactively implementing strategies to control increasing healthcare costs. 
By James H. Landman, JD, PhD

How All Parties in Health Care Can Support Each Other   
Health systems, health plans, physicians, and patients should all be willing to work together, rather than individually, to find ways to help bend the cost curve of the nation’s healthcare system.  
By Keith D. Moore, MCP and Dean C. Coddington


HFMA Executive Roundtable 
Sustaining Financial Performance When Onboarding an Integrated Health Information System   
When organizations implement or re-implement health information systems (HIS) that integrate clinical and financial functions, they can experience significant financial disruptions. In this roundtable, several hospital leaders offer strategies for sustaining financial performance amid an evolving information technology environment.

HFMA/Navigant Revenue Cycle Research Study
The Future of the Revenue Cycle
HFMA and Navigant surveyed 125 hospital and health system chief financial officers (CFOs) and revenue cycle executives to learn about next-generation revenue cycle management trends. Survey findings reveal key improvement opportunities, including a need to optimize revenue cycle technology, enhance revenue integrity efforts, and better engage patients around their financial obligations.


Business Profile 

ROi: Delivering a Complete Provider-Driven Supply-Chain and GPO Strategy   
Greg Firestone, vice president, strategic customer relations for ROi, discusses a revolutionary approach to supply-chain management.

Business Profile 
TriMedx: Unlocking the Full Potential of an Organization’s Clinical Assets    
Henry Hummel, CEO, Chris Dunkerley, CFO, and Shane Landrum, senior vice president for TriMedx discuss how a strong clinical engineering function can help organizations fully leverage their clinical assets.

Business Profile 
Grant Thornton: Providing Robust Due Diligence to Facilitate Successful Health System Mergers and Acquisitions    
Scott Davis and Stephen Thome of Grant Thornton LLP Health Care Advisory Services discuss the importance of comprehensive due diligence and offer strategies for ensuring a process that supports smooth mergers and acquisitions.


How to mix business and pleasure, Texas-style.    
Robert Barbier pulled off more than a hat trick when his latest business venture was able to combine his love of family, football, new friends, and his beloved alma mater.


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