An open letter to Congress on nonprofit hospital finances
There’s a lot of bad information out there on nonprofit hospital finances. Part of the problem is run-of-the-mill scapegoating — stakeholders with an agenda using our business complexity to muddy the water. Part of the problem is classic misuse of information — good people with good intentions making the wrong assumptions. And part of the…
News Briefs: Providers face trying times in the first month after the Change Healthcare cyberattack
Healthcare providers struggled financially and operationally in the first 30 days after a Feb. 21 cyberattack forced the shutdown of Change Healthcare’s claims submission and payment systems, among more than 100 other applications. As of the week of March 18, parent company UnitedHealth Group had restored Change Healthcare’s payment platform and was reporting progress in…
How to keep your balance sheet steady in tumultuous times
The balance sheet contributes significantly to cash flow at most not-for-profit (NFP) hospitals and health systems. Yet few organizations have developed a strategy that reflects the balance sheet’s contributions to financial sustainability. Throughout the operational and financial turmoil of the past few years, many health systems have relied on their balance sheet to compensate for…
How providers can optimize payer contract negotiations
Negotiating payer contracts can be both challenging and frustrating. Payers have significant leverage at the bargaining table, enhanced by payer consolidations and the emergence of dominant local, regional and national plans. But by adopting a transparent data-driven strategy in negotiations with a payer, a provider organization can create an opportunity for building a strong partnership…
Grace-Marie Turner: How to advocate for enlightened healthcare policy
Managing the finances of our nation’s hospitals and health systems is a task whose complexity is little understood by those outside the profession. Beyond being adept at managing complex healthcare financial matters, leaders also must focus intently on ensuring their organizations are delivering high-quality, cost-effective care. In addition to this knowledge and skill, finance leaders…
HFMA members step into new leadership roles in healthcare finance
Several HFMA members have kicked off 2024 by taking on new healthcare finance leadership roles. Here’s an overview of some of the hirings announced during the first quarter of the year. John Ceelen is the new CFO at Bellin and Gundersen The recently merged Bellin and Gundersen Health System in Green Bay, Wis., has tapped…
Joshua Corman unpacks the consequences of the Change Healthcare cyberattack on an HFMA podcast episode
The February cyberattack on Change Healthcare, a unit of UnitedHealth Group, continues to cause concern and frustration for providers.a The March 25 episode of HFMA’s “Voices in Healthcare Finance” podcast featured an interview about the long-term effects with Joshua Corman, founder of I Am the Cavalry, an organization focused on cybersecurity, and former chief strategist for…
Dennis Dahlen: Of Blackcats and the dark web: The value of HFMA in times of crisis
The repercussions from the large-scale cyberattack perpetrated by ALPHV Blackcat on Change Healthcare — a company that touches one out of three patient records — likely will be felt for months, the American Hospital Association (AHA) suggests. That’s why it was so important that HFMA take a lead role in getting answers for members and…
Georgia Chapter engages new members via a webinar series
Education is the cornerstone of HFMA’s Georgia Chapter. So it’s no surprise that members can’t seem to get enough of the Chapter’s robust educational programming. In fact, they’ve asked for even more — more topics, more opportunities and more ways to access content. In response, the Chapter added another layer to its already strong educational…
Battle of the Bots: As payers use AI to drive denials higher, providers fight back
Two fighters face each other in the ring, circling together, assuming there will be a single victor. One, representing the U.S. health insurance industry, has made huge investments in aggressive technology over the past several years to automate claim processing and reviews, making it hard for the other fighter — representing the nation’s healthcare providers…