Summer 2022

Cover Story

Article | Leadership

Igniting the spark for healthcare transformation

Wildfires in the nation’s healthcare system, from misaligned incentives to disparities in health outcomes and care access, have led to devastating consequences, says HFMA Chair Aaron Crane.

Features

Article | Cost Effectiveness of Health

Why health systems may find an acute care at home strategy attractive

The potential for improved outcomes is just one important reason to consider pursuing an acute care at home strategy. Even in the absence of payment, health systems may ultimately find pursuit of such a strategy beneficial.

Article | Leadership

To achieve effective nurse staffing, you need CFO-CNO alignment

To respond effectively to ongoing disruptions in the nursing workforce, which have been exacerbated by COVID-19, health system finance and nursing leaders need to come together to find a new financial, clinical and operational approach to improving performance.

Article | Board Governance

More not-for-profit health systems opt to pay board members

The goal is to lure and keep qualified board members, who are becoming harder to find.

Research & Reports | Operations Management

5 tips for building an effective cost reduction program

An HFMA-Strata survey found only 6% of hospitals characterize the effectiveness of their cost reduction programs as extremely effective. One commonality among the most successful programs? Formal, ongoing cost reduction processes.

Columns

Column | Leadership

Aaron Crane: It’s past time for a prescribed burn in the healthcare industry

HFMA National Chair Aaron Crane compares our healthcare system to an unmanaged forest and encourages healthcare finance professionals to act to bring about needed change and innovation.

Column | Legal and Regulatory Compliance

Proposed nursing home regulations send an important message to all providers

A statement issued by the Biden administration on Feb. 28 proposed major reforms for the nation’s nursing homes but also has important implications for healthcare organizations of all types.

Column | Leadership

Jill Geisler on crisis management: Lead like Zelenskyy

Leaders must be prepared to respond to critical situations. Looking to the example currently being set by Ukraine’s Volodymyr Zelenskyy, Jill Geisler discusses what leaders need to know and do.

Column | Cost Effectiveness of Health

David Johnson: Cracks in the foundation - Overcoming regulatory headwinds

Healthcare leaders have an important opportunity today use the new regulations to drive value-based care throughout their organizations. But that doesn’t mean completely relinquishing their traditional revenue streams. To seize this opportunity, they should undertake a dual transformation that promotes more efficient operation of their traditional businesses, while nurturing and growing new businesses focused on population health and value.

Column | Finance and Business Strategy

Access trapped capital through structured real estate and noncore asset deals

Real estate and non-core assets can represent a significant — and often largely untapped — resource for health systems pursuing any number of financial or operational goals.

Column | Cost Effectiveness of Health

Voice of Experience: Health system success requires focus on cost-effectiveness, says long-time HFMA member

Edward M. Prunchunas, a 47-year HFMA member, shares his insights and observations about the transformation of the U.S. healthcare system over the years and what are the essential leadership components for achieving success as he prepares to retire as executive vice president of finance, treasurer and CFO of Cedars-Sinai Health System.

Column | Leadership

Joe Fifer: Solving the nurse staffing crisis — We’re all in this together

HFMA President and CEO Joe Fifer offers perspectives on solving the nurse staffing crisis.

Departments

Article | Staff Development

How HFMA/Boise State master’s degree cohort members are putting new knowledge to work

Abby Birch, Grayson Johnston and Jacob Dalmas, three members of the first HFMA/Boise State master's in Population and Health Systems Management cohort, discuss their experiences in the program.

Column | Leadership

Innovative venue sourcing: Minnesota Chapter hosts event at business partner facility

Hannah Weishalla talks about the Minnesota Chapter’s recent conference held at a business partner’s facility and shares tips for other chapters considering a similar collaboration.

Column | Leadership

Orlando Health hires Leslie Flake as CFO

Leslie Flake, James Siegel and Brett Tande have new CFO positions. Denise Tobin joins Cascade365, and Dan Moncher retires after 24 years at Firelands Health.

News | Labor Cost Management

News Briefs: Hospital labor costs rose by almost 40% between 2019 and early 2022

As published in hfm magazine, a monthly roundup of top news for healthcare finance professionals.

Supplements

Article | Billing and Collections

Revecore helps hospitals outsource complex claims for faster and increased recovery

Complex claims while small in volume can consume significant revenue cycle staff time. Outsourcing of these complex claims to a well-established vendor like Revecore can free up your internal staff time as well as producing timely and full collection.

Article | Business Intelligence

Syntellis is a trusted leader for software, data and intelligence

Syntellis’ Axiom and Connected Analytics is a Peer Reviewed and recommended software solution to assist healthcare organizations address challenges in budgeting, planning, financial management, cost accounting, decision support, reporting, and financial and clinical analytics.

Executive Roundtable | Artificial Intelligence

Leveraging artificial intelligence to advance organizational strategy

What is a Bot and how can it help you? What does a Data Scientist do and why do you need one? Find out these answers and how AI can help automate your processes, empower current revenue cycle staff while addressing staff shortages, and help plan to address future revenue cycle spikes.

Executive Roundtable | Healthcare Business Trends

2022 healthcare trends driving change in patient financial engagement