Asset impairment issues for hospitals to consider in the wake of COVID-19
For health systems, the decline in financial performance due to COVID-19 creates a triggering event for interim or annual impairment testing of certain assets on the balance sheet.
Why a more modern cost accounting approach in healthcare is needed post-COVID-19
A recent survey by HFMA and Strata Decision Technology found that, although 85% of health systems and 57% of hospitals and medical centers havecost accounting systems, most are not fully adept in using cost data to reduce total cost of care.
Yes Virginia, there is a cost shift: Hospitals with higher occupancy rates due to COVID-19 provide more evidence
HFMA's Chad Mulvany says that even though the COVID-19 pandemic is a unique circumstance, emerging margin data from hospitals in the Northeast provide additional evidence in support of the cost shift.
How hospitals can preserve cash amid rising costs, crashing revenues brought on by COVID-19
The need to preserve cash is becoming more acute amid plummeting revenues and rising costs. Leaders and industry consultants are getting creative in search of solutions.
Practices can qualify for CARES funding even without COVID-19 patients, HHS says
Practices can qualify for CARES Act grants even if they have no diagnosed or suspected COVID-19 patients.
3 tips for effective financial leadership during the coronavirus crisis
Healthcare finance leaders can provide crucial stewardship during the COVID-19 pandemic, an industry expert says.
Activity-Based Costing: When to Walk and When to Run
A modified approach to activity-based costing can balance an organization’s desire for operational excellence with its need for repeatable, low-maintenance solutions.
How healthcare leaders can look beyond election years and business cycles to what really matters
Healthcare leaders should look beyond political and business cycles and focus on the issues that require their attention in 2020, says HFMA President and CEO Joe Fifer.
Cost transformation requires accountability
Incumbent providers will be put to the test as the healthcare business model shifts to a price-competitive, retail-focused market. All stakeholders within the organization must understand what is at stake and their responsibilities for achieving results.
A look into the cost-accounting systems of the future
Access to real-time data allows healthcare leaders to act on the activities that need immediate attention before they escalate to more serious problems.