hfm

Zoe Chance, who teaches at Yale’s School of Management, tells students that they should ask a “magic question” when they are faced with a difficult situation: “What would it take?” That question can open their thinking “to ditch conventional ideas and consider a new approach,” Chance writes in her book, Influence is your superpower.a I…

Eighty-four percent of health systems report that lower reimbursement from payers is a top cause of low operational margins, according to an HFMA survey. Hospital revenue cycle leaders understand that not only are reimbursements lower, but if there are any errors or inefficiencies in coding bills that can also lengthen the process of getting paid.…

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…

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…

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…

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, 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…

Unlike other consumer people-oriented businesses, healthcare essentially operates independently of its end-users (also called patients, consumers and/or customers). Individuals engage providers to diagnose and treat their ailments, while third parties largely pay for any services rendered. This convoluted relationship among providers, patients and payers creates two fundamental anomalies within healthcare business models that distort the…

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…

Healthcare organizations in the United States continue to lose money on hospital-owned medical practices. According to the American Medical Group Association (AMGA), the median loss per employed physician is just under $250,000.a Many factors contribute to these losses, but the basic driver is supply and demand. Shortages in the physician workforce are driving up physician…