Accounting & Financial Management
In an era of mounting fiscal uncertainty marked by downward trending net revenue at hospitals, the need for cost reduction has never been greater. Yet, many cost reduction efforts fail due to a lack of understanding about "the how" of achieving real, measurable cost savings.
New research suggests that socioeconomic factors can account for most of the geographical variation in Medicare spending. As a result, larger socio-demographic issues must be considered when assessing the quality of care offered by healthcare providers.
The Centers for Medicare & Medicaid Services has published a final rule updating the hospice wage index and payment rate for Fiscal Year 2015. It adopts a number of payment reforms addressing concerns about program integrity, beneficiary protection and quality.
A program that combines a mobile app, analytics and direct intervention is showing promise in reducing the costs associated with hospitals' most expensive patients -- the so-called "super-utilizers."
According to the KISS principle, most systems work best if they're kept simple. Simplicity is the key goal in design, and unnecessary complexity should be avoided. Clinical documentation improvement and ICD-10 preparation are no exception.
US not-for-profit children's hospitals are likely to remain financially stable in the next year or two although changes on the horizon, including those related to healthcare reform, could affect the sector's traditional niche role.
Inpatient rehabilitation services are already a big target area for recovery audit contractors, and there will likely be more denials as audits ramp back up. Providers must remain consistent, proactive and vigilant to protect their revenue.
Working together, CFOs and CIOs can breathe new life into their growth strategy by thinking beyond architectural and functional limits of their EHRs. They must embrace new ideas and technologies that will introduce market advantages and the financial elixir of much-needed share gains.
The 340B program is critical for hospitals and other providers that serve some of our country's poorest and most vulnerable patients. When providers monitor compliance and track 340B drugs properly, the program can fulfill its intended purpose.
A Mississippi health system and three hospitals in Texas, Indiana and Alabama are illustrating how hospitals can thrive in a tough economic environment. The facilities recently won awards for their leadership in initiatives to improve financial sustainability and achieve significant financial performance improvements.