Rolling forecasting will help get hospitals through the COVID-19 crisis
The upheaval hospitals and health systems are experiencing as a result of the COVID-19 pandemic has made traditional annual budgeting processes inadequate. Organizations should consider adopting instead a budgeting process based on rolling forecasting.
Decline in healthcare spending contributing to economic downturn
HFMA's Chad Mulvany says the nation's economy and the health of its citizens could suffer if regular healthcare services continue to lag due to ongoing public concerns about COVID-19.
“Medicare for All” isn’t equitable for all hospitals
A payment model in which 100% of payments are based on Medicare rates should take into account the inherent disadvantages of such an approach for the large hospitals, including academic medical centers, that provide most Medicare outlier cases.
Implications for a CFO-led strategic response to a Medicare-based payment system
If a payment model that bases payment on Medicare rates is adopted, CFOs should prepare for its financial implications by implementing a modified benchmarking system that accounts for outliers.
A single-payer system based on Medicare rates poses inherent challenges
A payment model under which 100% of payments are based on Medicare rates r\aises important questions of how to fund such a plan.
Analytics help create an integrated health system
For health systems that have gone through a period of growth, strong strategic financial planning, enhanced service line analytics, appropriate benchmarking, standardized costing practices, and rolling forecasting can help realize the efficiencies of scale that growth provides.
5 areas where hospitals can improve both financial performance and patient care
Data Trends: CMS data in the Medicare Provider Analysis and Review file indicates U.S. hospitals' average loss per admission increased 5% from 2016 to 2018.
Strategy, technology and tactics for sustainable performance improvement
Results of a recent survey, in which hospital and health system leaders described areas where their organizations have the greatest need for performance improvement, point to four key strategic areas of focus for these leaders.
Bad debt expense benchmarks: U.S. acute care hospitals show improvements since 2015
Data Trends: Bad debt expense as a percentage of revenue for U.S. hospitals declined from 2015 through 2018.
Malpractice cost analysis shows declines in premiums, paid losses and self-insuranceMalpractice cost analysis shows declines in premiums, paid losses and self-insurance
A study finds that the combined cost of malpractice premiums, paid losses and self-insurance costs for acute care hospitals with a filing available ending between 2013 and 2017 declined over the five-year period.