October 2020

Cover Story

Trend | Labor Cost Management

How hospitals' labor cost responses to the COVID-19 pandemic differed, and what the lessons learned mean for the future

The pandemic forced aggressive hospital cost controls to offset a historic revenue collapse. Labor cost control was key to that response and could see long-term implications.

Features

How To | Financial Sustainability

How to manage risk-based payment in the era of the global pandemic

To succeed with risk-based contracts through the COVID-19 pandemic and beyond, healthcare organizations require analytic capabilities for modeling the revenue impact of the crisis through all its phases.

Article | Telemedicine

Telemedicine is exploding, but where is the ROI for health systems?

Telehealth is well on its way to having much broader acceptance and use than was seen at any time prior to the COVID-19 crisis. Yet there continue to be barriers and challenges in its widespread adoption.

Article | Revenue Cycle

Better together: How TPC's collaborative platform helped members achieve $30 million in revenue cycle improvement

An initiative that incorporates HFMA’s MAP Keys has significantly reduced vendor management costs, enhanced net revenue and strengthened efficiency and performance among 11 collaborating health systems.

Columns

Column | Healthcare Business Trends

'Video Killed the Radio Star': How will it impact the industry?

COVID-19 has accelerated the use of video in healthcare, but virtual interactions are not likely to completely replace in-person interactions. Nonetheless, the world of healthcare may never be the same as it was before the pandemic.

Column | Healthcare Business Trends

Status check on Haven's ambitious healthcare venture

The healthcare collaboration by Amazon, Berkshire Hathaway and JPMorgan Chase, announced in January 2018, has encountered challenges in the past two years that have caused it to fall short of initial expectations.

Column | Leadership Skills Development

Tamping down fear: How leaders can help their employees manage unprecedented anxiety levels

With fear, stress and anxiety surging amid current events, leaders of organizations should set a tone of calm and reassurance.

Column | Technology

Why humanizing technology maximizes patient engagement and increases financial value for health systems

Going digital has become a buzzword in the healthcare industry, and while answers abound to help healthcare leaders achieve this goal, the right question is hardly ever asked.

Column | Consumerism

Price transparency: the next chapter

HFMA President and CEO Joe Fifer discusses the latest developments in the societal movement toward full price transparency in healthcare.

Departments

Column | Staff Development

Georgia Chapter’s ‘Meet Max’ series captures HFMA member stories

Max Smith of the Georgia Chapter discusses details of the ‘Meet Max’ series. New episodes are uploaded roughly every other week to the Georgia Chapter YouTube Channel or at georgiahfma.org.

News | Healthcare Business Trends

News briefs October 2020: Trends in hospital volumes and margins, and other forces shaping healthcare finance

Read about the key factors that have shaped healthcare finance policy and practice.

Column | Staff Development

Phoenix Children’s Hospital hires HFMA members Perez and Yeager, promotes member Phillips

Phoenix Children’s Hospital promotes an HFMA member and hires two others – one from the Midwest. Plus, two more members share their new job roles.

Supplements

Article | Patient Financial Communications

Customizing patient financing solutions and easing the financial burden for patients

Discover how a provider of patient financing company uses a patient-focused approach to ensure each patient receives the same care with their financial obligations as they do with their clinical care.

Business Profile | Operations and Other Technology

Innovating for Minimally Invasive Care

While looking ahead to a post-COVID world, a global technology company focused on minimally invasive care developed a surgical system equipped with data analytics capabilities that can provide organizations with insights to refine robotic-assisted surgery programs.

Executive Roundtable | Value-Based Payment

Ripple effects of the pandemic on the move toward value

In this HFMA executive roundtable, seven executives for health systems and health plans share how the pandemic has impacted their organization’s move toward value — and what it will take to foster transparency and trust under these models.

Article | Patient Experience

Maximizing recoveries while ensuring patient satisfaction

As a provider, gain insight on how to look for a potential partner such as having ability to ensure patient satisfaction, understanding the revenue cycle and providing detailed reporting and analytics.