Inside HFMA: HFMA’s small group Executive Councils meet to solve big problems
HFMA Executive Councils are communities of thought leaders who meet regularly to address challenges and network in job-specific groups. They seek HFMA’s support to delve into understanding the current state of the healthcare finance industry and their respective focus areas. and they look to HFMA to provide them with aggregate data that can help them…
Healthcare’s leadership challenge: balancing immediate needs with future readiness
Amid rising financial challenges and pressures to maintain high standards of care, a survey of healthcare finance professionals suggests leaders are more focused on directing resources toward financial sustainability strategies and compliance than innovation. The findings raise concern that leaders are overemphasizing financial viability and regulatory compliance over investments that could transform care delivery and…
Revenue cycle leaders: How they optimized financial performance for outpatient and ancillary services
Over the last decade, outpatient and ancillary services have typically yielded high profit margins for healthcare organizations. However, today’s organizations cannot ignore consumers’ demand for low-cost, high-quality care. This, coupled with inflation and, per updated Peterson-KFF data, an increase in the cost of hospital outpatient services by 8.3% specifically, has opened the door for lower-cost…
How healthcare leaders can automate workflows and improve financial performance
1. How do you help healthcare organizations navigate the biggest challenges in healthcare? Sage Intacct allows healthcare finance leaders to eliminate manual processes, automate workflows and improve financial performance across the organization. Sage enables multi-entity healthcare organizations to consolidate hundreds of entities in minutes. Not only does this simplify intercompany accounting, but it can also…
Gordon Edwards: Lessons learned from the CFO of a children’s hospital
Gordon Edwards, CFO of Akron Children’s Hospital, has a credo he lives by: “We improve the health of kids.” It’s a credo that reflects his belief that children’s hospitals are among the most rewarding places to work in healthcare. “Children’s hospitals are just happier places, because everyone is dedicated to providing children with the opportunity…
How ACOs should prepare for the 2025 requirements around quality reporting
This year, MSSP ACOs face increased pressure to enhance care quality and manage costs with the transition from manual to electronic clinical quality measures (eCQMs) and the MSSP’s intensified compliance requirements. This shift to electronic reporting is a financially driven transformation. The reporting complexity has increased significantly as ACOs are now required to report on…
Regina Herzlinger: Why it is important to champion innovation in healthcare
Regina Herzlinger, Nancy R. McPherson Professor of Business Administration at the Harvard Business School, emphasizes the importance of education in promoting innovation in healthcare. She highlights the need for healthcare organizations to consider the six exogenous forces of innovation, including competition, financing, technology, accountability, public policy, and consumer ratings. She also stresses the need for healthcare organizations to have a portfolio of revenue and supply sources, and the potential for technology to improve healthcare technology. Additionally, Herzlinger argues that education is crucial for sustaining innovation, particularly in the areas of technology, cost control, and consumer involvement.