From its very inception, HFMA has embraced the idea of thought leadership and professional practice. The Association’s flagship publication – once Hospital Accounting, now hfm – has always been a primary source for feature articles, commentaries and other content aimed at advancing the field of healthcare finance. Although its initial focus was on hospital finance, that focus gradually expanded to encompass all of healthcare.
HFMA also has increasingly adopted a visionary approach as its thought leadership efforts have evolved and grown in both scale and intent. Many of the Association’s most ambitious initiatives have emerged over the past 20 years. The guidance and insight HFMA has issued through its various efforts have helped to inform industry efforts to define standards and policy around healthcare finance, including regulatory decisions issued by CMS.
Here is a glimpse at just a few prominent ventures that have cemented HFMA’s reputation as the industry’s leading authoritative source of insight into what constitutes exemplary healthcare financial management.a
Principles & Practices Board
One of HFMA’s first initiatives aimed at using thought leadership to advance the field of healthcare finance is the Principles & Practices (P&P) Board. HFMA established the 12-member P&P Board in 1975 to reevaluate, clarify and establish accounting principles and financial reporting practices to meet the unique characteristics of healthcare organizations. The Board works directly with the FASB, the GASB and the American Institute of Certified Public Accountants to address the financial reporting needs of healthcare organizations and improve consistency in accounting and financial reporting.
In his President’s Message in the October 1975 issue of Hospital Finance Management, Bernard C. Scott, FHFMA, wrote this prescient statement: “One of the major accomplishments of the previous administration under Arnold Silver has been the creation of a Health Care Accounting Principles & Practices Board. Activating this group is planned for this year. It is a formidable task that will require considerable effort, but the accomplishments of this group could be far reaching and most meaningful to our industry.”