Healthcare Financial Management articles from March 2009

Healthcare Financial Management archives from March 2009

Ratings agencies monitor impacts and risk of economic downturn.(Credit Ratings)
March 1, 2009... In a series of recent reports, the three major credit ratings agencies--Fitch, Moody's, and Standard & Poor's--have maintained negative outlooks for the not-for-profit healthcare sector, while identifying new issues emerging from the economic...

Don't forget the souvenirs.(NEWS WATCH)(medical tourism)(Brief article)
March 1, 2009... * DON'T FORGET THE SOUVENIRS: The current value of the annual medical tourism market is $20 billion. That number is expected to double by 2010, according to HealthLeaders.

SCHIP reauthorized and expanded.(SCHIP)(State Children's Health Insurance Program)(Brief article)
March 1, 2009... In a move seen as a first step toward healthcare reform under the new Obama administration, Congress passed legislation reauthorizing the State Children's Health Insurance Program (SCHIP). The legislation also expanded the program's funding to...

The Centers for Medicare & Medicaid Services (CMS) has finalized three national coverage determinations (NCDs) on preventable surgical "never events" including performing the wrong surgery on a patient, performing surgery on the wrong body part, and performing surgery on the wrong patient.(CMS)(Brief article)
March 1, 2009... The Centers for Medicare & Medicaid Services (CMS) has finalized three national coverage determinations (NCDs) on preventable surgical "never events" including performing the wrong surgery on a patient, performing surgery on the wrong body...

CMS has issued a final decision memorandum regarding the use of bariatric (weight reduction) surgery as a treatment for certain Medicare beneficiaries with type 2 diabetes.(CMS)(Report)(Brief article)
March 1, 2009... CMS has issued a final decision memorandum regarding the use of bariatric (weight reduction) surgery as a treatment for certain Medicare beneficiaries with type 2 diabetes. CMS will consider type 2 diabetes as a comorbidity in deciding whether...

Recent CMS transmittals of note for healthcare finance professionals.(CMS)
March 1, 2009... Recent CMS transmittals of note for healthcare finance professionals include Transmittal 1672: Payment for Co-Surgeons in a Method II Critical Access Hospital (Jan. 30, 2009); Transmittal 430: Long-Term Care Hospital Special Project (Jan. 16,...

Running on empty.(NEWS WATCH)
March 1, 2009... RUNNING ON EMPTY: 44 states and the District of Columbia are facing budget shortfalls in FY09, according to the Kaiser Family Foundation.

California court rules against balance billing.(State Watch)(Law overview)(Brief article)
March 1, 2009... In a decision filed on Jan. 8, 2009, the California Supreme Court unanimously ruled that "balance billing" is prohibited under state law. The issue of balance billing arises when a patient who is an HMO member seeks emergency care from a...

The Centers for Disease Control and Prevention (CDC) has released Ambulatory Surgery in the United States, 2006, which contains the first data on outpatient surgery visits since 1996.(CDC)(Brief article)
March 1, 2009... The Centers for Disease Control and Prevention (CDC) has released Ambulatory Surgery in the United States, 2006, which contains the first data on outpatient surgery visits since 1996. The report notes that the number of outpatient surgery...

Outpatient surgery visits to freestanding centers increased threefold from 1996 to 2006, whereas the rate for outpatient surgery visits to hospital centers was relatively unchanged.(CDS)(Survey)(Brief article)
March 1, 2009... Outpatient surgery visits to freestanding centers increased threefold from 1996 to 2006, whereas the rate for outpatient surgery visits to hospital centers was relatively unchanged. Visits to hospital centers, at 19.9 million, continued to...

The U.S. Department of Health and Human Services (HHS) has published a final rule in the Jan. 16 Federal Register that pushes the compliance deadline on adoption of ICD-10 code sets back by two years.(Federal Register)(International Statistical Classification of Diseases and Related Health Problems code)(Brief article)
March 1, 2009... The U.S. Department of Health and Human Services (HHS) has published a final rule in the Jan. 16 Federal Register that pushes the compliance deadline on adoption of ICD-10 code sets back by two years. The final rule replaces the ICD-9-CM code...

Oh, Canada!(NEWS WATCH)
March 1, 2009... OH, CANADA! A study of seven countries found that physician use of electronic medical records was lowest in Canada, according to the Commonwealth Fund.

Medicaid's role in state economies.(NEWS WATCH)(Law overview)(Brief article)
March 1, 2009... With 44 states facing budget shortfalls in FY09 or FY10, Medicaid is being eyed as a target for spending cuts. A January 2009 policy brief from the Kaiser Commission on Medicaid and the Uninsured argues that Medicaid cuts will adversely affect...

A related final rule, also published in the Jan. 16 Federal Register, adopts an updated X12 standard, Version 5010, for certain electronic healthcare transactions.(Federal Register)(Law overview)(Brief article)
March 1, 2009... A related final rule, also published in the Jan. 16 Federal Register, adopts an updated X12 standard, Version 5010, for certain electronic healthcare transactions; an updated version of the National Council for Prescription Drug Programs...

HHS announced that some 7.4 million children were enrolled in the State Children's Health Insurance Program.(HHS)(Department of Health and Human Services)(Survey)(Brief article)
March 1, 2009... HHS announced that some 7.4 million children were enrolled in the State Children's Health Insurance Program (SCHIP) in 2008--a 4 percent increase over the previous year. The enrollment data, compiled by CMS, also show that 334,616 adults were...

The Internal Revenue Service (IRS) has issued a report on community benefit and executive compensation practices at not-for-profit hospitals.(IRS)(Report)(Brief article)
March 1, 2009... The Internal Revenue Service (IRS) has issued a report on community benefit and executive compensation practices at not-for-profit hospitals. The report, which is based on responses to a questionnaire sent to 500 not-for-profit hospitals, found...

Say OM.(NEWS WATCH)(Survey)(Brief article)
March 1, 2009... SAY OM: In 2007, almost four in 10 U.S. adults had used complementary and alternative medicine in the past 12 months, according to the National Center for Health Statistics.

The Office of Inspector General (OIG) for HHS has released its FY08 annual performance report, noting that its oversight efforts produced a $17 to $1 ROI over the past year.(OIG)(return on investment)(Report)(Brief article)
March 1, 2009... The Office of Inspector General (OIG) for HHS has released its FY08 annual performance report, noting that its oversight efforts produced a $17 to $1 ROI over the past year. The report highlights $2.35 billion in HHS receivables that were court...

Missed opportunity.(NEWS WATCH)(Report)(Brief article)
March 1, 2009... MISSED OPPORTUNITY: Roughly half of individuals with health savings account (HSA)-compatible policies do not open HSAs despite the tax advantages of doing so, according to the Robert Wood Johnson Foundation and the Urban Institute.

Credit crunch has big impact on capital projects.(Quick Hits: Top News Stories of the Month)(Survey)(Brief article)
March 1, 2009... Hospitals are beginning to stop or postpone "shovel-ready projects," according to a survey from the American Hospital Association. Nearly half of hospitals surveyed have postponed projects that were to begin within the next six months.

RAC program moves forward.(recovery audit contractor)(Brief article)
March 1, 2009... The Centers for Medicare & Medicaid Services (CMS) has announced resolution of a dispute among the parties involved in the protest of the award of the recovery audit contractor (KAC) contracts. Astop worker order has now been lifted and CMS...

Study documents positive impacts of healthcare IT.(Brief article)
March 1, 2009... A study published in the Archives of Internal Medicine finds that when physicians in hospitals use healthcare IT to its full potential, there are fewer deaths, fewer complications, and lower healthcare costs.

Federal court denies request for Medicare payment data.(Brief article)
March 1, 2009... A federal court of appeals has reversed a lower court ruling that granted a consumer advocacy group access to all Medicare claims submitted by physicians in several localities during 2004.

Patient education reduces readmissions, emergency department visits.(Brief article)
March 1, 2009... Patients educated on after-hospital care instructions are 30 percent less likely to be readmitted or visit the emergency department, according to a new study funded by the Agency for Healthcare Research and Quality.

Healthcare IT efforts insufficient, report claims.(Brief article)
March 1, 2009... Current efforts aimed at the nationwide deployment of healthcare IT will not be sufficient to achieve medical leaders' vision of health care in the rest century and may even set back the cause, according to a report from the National Research...

HIPAA privacy rule impedes research.(Health Insurance Portability and Accountability Act)(Brief article)
March 1, 2009... The Association of Academic Health Centers reports that the privacy rule of the Health Insurance Portability and Accountability Act (HIPAA) is making it difficult for researchers to recruit participants and is creating barriers to diversity in...

Member spotlight: African Safari.
March 1, 2009... Jeff Shutak says his three-week photo safari to Botswana, Africa, was "nothing short of awe-inspiring." Jeff Shutak will never forget the sounds of an elephant wrapping its tusks around a palm tree in the middle of the night and shaking it...

EHR versus EMR: what's in a name?(electronic health records)(electronic medical records)
March 1, 2009... When it comes to the acronyms for electronic health records (EHR) and electronic medical records (EMR), what's in a name? Maybe nothing--so why the fuss? Or, maybe understanding the subtle differences between these two acronyms is the key to...

Solving the $31 billion uncompensated care problem.(VIEWS)
March 1, 2009... The U.S. healthcare system is under tremendous pressure to bring cost increases under control. The Centers for Medicare & Medicaid Services and the Office of the Assistant Secretary for Planning and Evaluation estimate that the country spent an...

Getting connected: how much health IT investment can $19 billion stimulate?(Column)
March 1, 2009... As I write this column, President Obama is preparing to sign the $787 billion economic stimulus package. The package includes just over $19 billion to support the implementation of electronic health records (EHRs)--a significant portion of the...

What we talk about when we talk about technology: I once had the task of coming up with a tagline for a healthcare technology association.(FROM THE EDITOR)(Column)
March 1, 2009... I prepared several options using the word technology in a phrase that I hoped was inspirational. When the board reviewed the choices, its response was uniform: They did not want to use the word technology. I'm sure I stammered something...

HFMA launches Healthcare Financial Pulse.(HFMA NEWS)(Healthcare Financial Management Association)
March 1, 2009... HFMA has launched the Healthcare Financial Pulse, an ongoing initiative to track in real time the challenges, opportunities, and emerging trends that are affecting the financial status and future shape of healthcare delivery--and to identify...

Wife of former HFMA chairman dies.(HFMA NEWS)(Fellow of the Healthcare Financial Management Association)(obituary of Beverly A. Hern)(Obituary)(Brief article)
March 1, 2009... Beverly A. Hern, the wife of former HFMA Chairman Warren Hern, FHFMA, of the Rochester Regional Chapter, died Feb. 8, 2009, after a battle against cancer. The couple had two children, Timothy and Tracy. Beverly, 57, was a retired middle school...

Great expectations--time for great preparations?(EYE ON WASHINGTON)
March 1, 2009... A young, charismatic candidate wins the White House by campaigning for change. A central plank in his progressive platform is healthcare reform, which entails providing universal coverage, controlling cost, and leveraging technology to improve...

Time for a change in your revenue cycle technology?(REVENUE CYCLE)
March 1, 2009... The late 1960s and early 1970s saw the advent of the first healthcare financial IT systems. These systems typically were big, centralized, mainframe-based data processing tools primarily used to manage order entry and charge capture--just what...

A fresh look at capital investments: facilities, clinical and information technology, physicians, and service lines have all been critical investments for hospitals. In today's turbulent environment, hospitals need to refocus on maximizing these investments.(Cover story)
March 1, 2009... [ILLUSTRATION OMITTED] The healthcare industry, once thought to be recession proof, is clearly being hit hard by the recent economic downturn. Healthcare providers can expect a broad and diverse impact: * Access to capital will be...

Don't panic: how CFOs are facing the new economic reality: evaluating capital projects ... accessing capital ... using process improvement and technology to control costs and protect revenue. Top CFOs explain their strategies for success in the economic crisis.(FEATURE STORY)(chief financial officers)
March 1, 2009... [ILLUSTRATION OMITTED] The healthcare industry is recession-proof. At least, that's been the theory. It doesn't take a Ben Bernanke-like mind, however, to disprove the axiom. A simple Google search illustrates that the healthcare industry...

Breaking down IT silos: a "connected" way to improve customer experience and the bottom line: the patient care cycle and revenue cycle can be integrated using new processes with existing technology.(FEATURE STORY)(information technology)
March 1, 2009... Much has been written about next generation processes enabled by new IT applications to support efficient, effective, safe, and high-quality clinical care. Attention also needs to be paid to the financial and administrative aspects of care--how...

Keys to engaging clinicians in clinical IT: clinical IT systems show tremendous promise for reducing costs and improving the consistency of health care across the nation--but these systems only work when all clinicians actively participate.(FEATURE STORY)(information technology)
March 1, 2009... Paperless records that can easily be read and universally accessed are widely regarded as vital tools for advances in patient safety, cost effectiveness, efficiency, and accountability in health care. These systems put a wealth of information...

Financing to meet community needs a guide for small hospitals: obtaining financing for capital projects may seem daunting today if you are the financial leader of a small hospital, but standing still is no option. The encouraging word is, you don't have to.(FEATURE STORY)
March 1, 2009... Defunct Wall Street investment banks were not in the habit of financing, or even visiting, small hospitals in Sidney, Mont., or Fredonia, Kan. But the financial market implosion and the tumbling of several well-known firms continue to...

What's next for revenue cycle technology? Study findings show the functionality providers are seeking from revenue cycle management systems.(FEATURE STORY)
March 1, 2009... Patient accounting systems have been at the heart of hospital automation for more than 30 years. As with many mature markets in healthcare IT, these systems are offered by established vendors whose products are widely adopted and tend to enjoy...

Online payments in the new retail environment: as self-pay receivables grow, an online business office can help increase collections and raise patient satisfaction.(FEATURE STORY)(Industry overview)(Survey)
March 1, 2009... As patients assume a growing share of financial responsibility for their health care, hospitals across the country are revamping their web sites--and, in some cases, creating separate patient portals--to attract increasingly price-conscious...

Targeted business intelligence pays off: organizations can tap into targeted pockets of data for meaningful business intelligence (BI)--without large-scale investments and headaches.(FEATURE STORY)
March 1, 2009... The benefits of BI have generated a great deal of attention. Innovative organizations that have begun to embrace these decision support systems are at a clear advantage. They have better information to guide more informed decisions on...

Implementing a patient estimating tool.(HFMA FORUMS TOOLBOX)
March 1, 2009... Economic obstacles--rising healthcare costs, consumerism, and an increase in self-pay patients--are increasing pressures to disclose cost before services are rendered. A patient estimating tool is critical to your ability to respond to...

Tough times call for data-driven decisions: but finding the right data sources requires ingenuity and resourcefulness.(LEADERSHIP AND MANAGEMENT)
March 1, 2009... The nation's economic crisis is posing major challenges for hospital and health system financial executives. They are wrestling simultaneously with the need to access capital, protect revenue streams, and control costs all in a highly uncertain...

3 steps for improving 'red flag' compliance: the new rules on identity theft "red flags" and address discrepancies from the Federal Trade Commission (FTC) require financial institutions and creditors--including hospitals--to implement programs for detecting, preventing, and mitigating identity theft.(INSIDE IT)
March 1, 2009... According to the FTC, identity theft results in billions of dollars in losses to individuals and businesses each year. Under FTC rules, each financial institution or creditor that holds a consumer account must develop "reasonable policies and...

What competitive strategy makes sense? What would you do?(STRATEGY CHALLENGE)
March 1, 2009... The Problem Community Medical Center (CMC) is faced with growing competitive threats. Can it and should it continue the primary care strategy that has been the hallmark of its service to its community and its ability to keep competitors at...

Calendar.(Calendar)
March 1, 2009... NATIONAL EVENTS March 16-19 Eleven seminars will cover financial HFMA's Winter Seminars management strategies and Savannah, Ga. operations, revenue cycle improvements, and managed...

George Boyadjis, FHFMA, CPA.(PEOPLE)(Fellow of the Healthcare Financial Management Association)(certified public accountant)(Milo Belle Consultants)(Brief article)
March 1, 2009... [ILLUSTRATION OMITTED] Boyadjis has joined Milo Belle Consultants, LLC, St. Paul, Minn., as practice leader, healthcare, life sciences, and emerging growth practices. Previously, he was general manager and CFO, American TeleCare, Inc.,...

Michael Dunford.(PEOPLE)(Cejka Search appointment)(Brief article)
March 1, 2009... [ILLUSTRATION OMITTED] Dunford has been appointed senior vice president, executive search division, Cejka Search, St. Louis. He also serves as managing member, Michael Dunford Associates, LLC, Fort Lauderdale, Fla.

Paul McVicker.(PEOPLE)(Salem Memorial District Hospital)(Brief article)
March 1, 2009... [ILLUSTRATION OMITTED] McVicker has been named assistant administrator, Salem Memorial District Hospital, Salem, Mo. Previously, he was vice president, information services, Hospital Industry Data Institute, Missouri Hospital Association,...

Thomas Safley, FHFMA.(PEOPLE)
March 1, 2009... [ILLUSTRATION OMITTED] Safley has been named CFO, St. Joseph Regional Medical Center, Lewiston, Idaho. Previously, he was CFO, Cascade Healthcare Community, Inc., Bend, Ore.

James C. Bohnsack.(PEOPLE)
March 1, 2009... Bohnsack has joined TransUnion, LLC, Irving, Texas, as vice president, health care. He had been senior director, business development, Connance, Inc., Waltham, Mass.

Steve Chrapla.(PEOPLE)
March 1, 2009... Chrapla has been named director, third-party solutions, Revenue Cycle Partners, Billings, Mont. He had been senior consultant, Gustafson & Associates, Sturgeon Bay, Wis.

Curt Ingram.(PEOPLE)
March 1, 2009... Ingram has joined re|solution, Broomfield, Colo., as regional director, business development. He had been director, portfolio acquisitions, Healthcare Funding Solutions/Sintex Services, Las Vegas.

David Roberts, FACHE, CHFP, CFP.(PEOPLE)
March 1, 2009... Roberts has been appointed director of operations, Prestige Advisors, Lansing, Mich. He had been director of finance, Sparrow Medical Group, Lansing.

Chris Vairo.(PEOPLE)
March 1, 2009... Vairo has been appointed vice president, business development, Trilogi, Inc., Omaha, Neb. He had been vice president, business development, West Asset Management, Omaha.

Joel Voss.(appointment)(Beaufort Regional Health System)(Brief article)
March 1, 2009... Voss has been named director of patient financial services, Beaufort Regional Health System, Washington, N.C. Previously, he was supervisor, patient financial services, Wake Medical Health and Hospitals, Raleigh, N.C.

Pia Labos, John Masini, Tom Roesch, Steve Smith, Dee Schneider, and Deanne Durant.(appointments)(MedAssist)(Brief article)
March 1, 2009... Labos, Masini, Roesch, Smith, Scheider, and Durant all have joined Chicago-based MedAssist as vice presidents, business development. Their previous positions were as follows: Labos, senior vice president, sales, Sallie Mac; Masini, regional...

Early look at coding trends under MS-DRGs.(DATA TRENDS)(medicare severity adjusted diagnosis related groups)(Statistical table)
March 1, 2009... Changes to the Medicare inpatient prospective payment system (IPPS) for FY08 include new Medicare severity-adjusted diagnosis-related groups (MS-DRGs). The new system completely replaces prior DRG definitions and uses cost-based relative...