Healthcare Financial Management articles from May 2006

Healthcare Financial Management archives from May 2006

RAND study finds widespread lapses in medical quality for all adults.(Healthcare Quality)
May 1, 2006... Virtually every person in the United States is at risk of not receiving needed care regardless of race, gender, income, or insurance status, according to a RAND Corporation report published March 16 in The New England Journal of Medicine. The...

That chasm isn't getting any narrower.(reports of injection deaths)(Brief article)
May 1, 2006... * THAT CHASM ISN'T GETTING ANY NARROWER: Healthcare-associated infections account for an estimated 2 million infections, 90,000 deaths, and $4.5 billion in excess healthcare costs annually, according to the latest data from the Centers for...

CMS.(Centers for Medicare and Medicaid Services)
May 1, 2006... HFMA staff review CHS notices regularly for transmittals that affect healthcare financial managers, and post links to those transmittals on HFMA's web site. For links to these and other key transmittals, bookmark HFMA's Regulatory Updates...

We'll take the loan repayment bonus, please.(about the employee's compensation and benefits )(Brief article)
May 1, 2006... * WE'LL TAKE THE LOAN REPAYMENT BONUS, PLEASE: Approximately 90% of surveyed medical groups nationwide reported that they monitor turnover-a 23% increase over last year-according to the American Medical Group Association. Retention techniques...

You think you have problems?(finance)(Brief article)
May 1, 2006... * YOU THINK YOU HAVE PROBLEMS? New York City Health and Hospitals Corp. has a projected operating shortfall of $572.9 million in FY06, which ends June 30, according to a report from the city's Independent Budget Office. In 2005, 43% of the...

Research showing how to improve care for heart failure rarely becomes routine, says study.(about heart failures)(Brief article)
May 1, 2006... In a RAND quality-related study, the authors found that many patients suffering from chronic heart failure do not benefit from research demonstrating how to improve their care because the research rarely finds its way into routine clinical...

Federal Register.(regulations)
May 1, 2006... HFMA staff review the Federal Register daily for information that affects healthcare financial managers, and post links to the Federal Register on HFMA's Regulatory Updates (www.hfma.org/news/reg) ... . The Centers for Medicare and Medicaid...

Now that's a shortfall.(reports of ventilators)(Brief article)
May 1, 2006... * NOW THAT'S A SHORTFALL: There are 105,000 ventilators in U.S. hospitals-about 100,000 of which are in use during a regular flu season, according to The New York Times. The national preparedness plan issued by President Bush in November said...

CMS to begin transition to revised inpatient prospective payment system.(Medicare)(United States. Centers for Medicare and Medicaid Services(CMS))
May 1, 2006... CMS has issued a notice of proposed rulemaking (Federal Register, April 25) that would begin the transition to the first significant revision of the inpatient prospective payment system since its implementation in 1983. When fully implemented,...

Was this word even in the dictionary 10 years ago?(about hospitalists)(Brief article)
May 1, 2006... * WAS THIS WORD EVEN IN THE DICTIONARY 10 YEARS AGO? The number of hospitalists in the U.S. is expected to grow to more than 30,000 in the next five to six years from 12,000 today, according to estimates from the Society of Hospital Medicine.

Congress, healthcare leaders weigh in on need for pricing transparency.(about healthcare pricing transparency)(Brief article)
May 1, 2006... In March, national lawmakers concentrated their gaze on healthcare pricing. At a March 15 hearing of the House Energy and Commerce Subcommittee on Health, witnesses testified on public reporting of healthcare prices. The hearing was held a day...

Massachusetts mandates health insurance for all residents.(about the legislative bills)
May 1, 2006... On April 12, Massachusetts Gov. Mitt Romney signed into law a landmark bill designed to guarantee health insurance for virtually all the state's residents. The bill, intended to extend coverage to Massachusetts' estimated 550,000 uninsured,...

Hey, big spender.(finance)(Brief article)
May 1, 2006... * HEY, BIG SPENDER: Massachusetts' new healthcare bill didn't come cheap: Lobbyists for major players in the state's healthcare industry were paid more than $7 million in 2005. According to public records, Eli Lilly was among the biggest...

Bredesen unveils Tennessee health initiative.(about the health insurance)(Brief article)
May 1, 2006... In late March, Tennessee Gov. Phil Bredesen introduced Cover Tennessee, a new strategy to provide affordable and portable health insurance to more than 600,000 uninsured Tennesseans. At an average monthly cost of about $50 for an...

Is "patient safety" becoming an oxymoron?(about the cost of patient safety)(Brief article)
May 1, 2006... * IS "PATIENT SAFETY" BECOMING AN OXYMORON? Patient safety incidents in U.S. hospitals grew from 1.18 million to 1.24 million among the 40 million hospitalizations covered by Medicare during 2002-04, according to a report by HealthGrades.

DRA allows states to expand Medicaid coverage: CMS.(finance)(Brief article)
May 1, 2006... The Deficit Reduction Act, passed in February, will allow states to cover more Medicaid beneficiaries at lower cost by giving states greater flexibility to use innovative approaches in providing health insurance and long-term care services,...

Supreme Court rules government must revisit Medicare payments.(about the rules of medicare payments)(Brief article)
May 1, 2006... Without comment, the Supreme Court refused to hear an appeal by HHS seeking to overturn an appellate court ruling that HHS must reopen cases to determine whether hospitals that serve poor patients should receive higher Medicare payment,...

Two-thirds of physicians oppose pay for performance: survey.(survery)(Brief article)
May 1, 2006... A survey of 2,726 physicians found that 62 percent do not support the push to publicize performance of healthcare providers and link Medicare payments to quality via pay-for-performance arrangements. The survey, conducted by HRA Research, also...

Bill mandating Illinois hospital charity care off the table for now.(about bill)(Brief article)
May 1, 2006... A bill requiring Illinois not-for-profit hospitals to provide charity care equal to at least 8 percent of their total operating costs or lose their tax exemptions has been postponed in the Illinois legislature until next year, reports...

Poll says 55 percent of Americans want healthcare reform similar to Massachusetts bill.(about americans health )(Brief article)
May 1, 2006... Fifty-five percent of Americans say they want a Massachusetts-style universal healthcare coverage in their states, according to an ABC News/The Washington Post random poll of 1,027 adults. For 75 percent of Americans, healthcare reform ranks...

Not lions, not tigers, but bears! Oh, my!(about bear hunting)
May 1, 2006... A 428-pound black bear towers over Loyd Welbern's desk at St. Edward Mercy Medical Center in Fort Smith, Ark., where he has served as director of business services for more than 31 years. Behind him, two Arkansas black bears are mounted on the...

Age of robotic care for the elderly?(about robot)(Brief article)
May 1, 2006... A robot that sees, hears, and smells may be Japan's answer to caring for the country's burgeoning elderly population. The robot, known as "RI-MAN," was created by a government-funded Japanese research institute as an alternative provider...

First-class service-for employees.(employee relation of Littleton Adventist Hospital)
May 1, 2006... A Colorado hospital is giving new meaning to the words "employee satisfaction" with a concierge program that provides services such as home repairs, babysitting referrals, grocery shopping, and pet walking. Littleton Adventist Hospital in...

Physician neckties a potential "bug haven".(about the overcoats of doctors)(Brief article)
May 1, 2006... Hospitals could help stop the spread of deadly hospital superbugs by encouraging physicians not to wear neckties and traditional white overcoats, according to the British Medical Association. The BMA says ties and overcoats are not...

20 years ago in hfm.(about the hospitals)(Brief article)
May 1, 2006... hfm's May 1986 cover story, "How Strong Is Your Hand When the HMO Opens the Bid?," discussed the rapid growth of the health maintenance organization industry and ways that hospitals should respond to this trend. "Game theory reveals that...

In Nashville, nurses take their CFO to work.(Chief financial officers)(about nurses)(Brief article)
May 1, 2006... Looking for a way to increase collaboration between nurses and finance execs? Mike Johns, vice president of finance for Baptist Hospital in Nashville, Tenn., recently initiated a program called "Take Your CFO to Work." Based on a concept...

Site seeing.(ETCETERA)
May 1, 2006... When was the last time you visited www.hfma.org? You could be missing out on some of the latest additions to HFMA's web site, including: Loss Trapping Rules Affect Not-for-Profit Leasing Arrangements, a document that discusses how the...

You are in my heart: twelve months and 40,000 miles later--what a memorable year!(FROM THE CHAIRMAN)
May 1, 2006... During the past 12 months, I have had the honor and privilege of serving as Chairman of HFMA. I have traveled approximately 40,000 miles, from South Padre Island, Texas, to Anchorage, Alaska, and even across the pond to St. Andrews, Scotland. I...

Consumer-directed care: what will it mean to your business office?(hfma roundtable)(Discussion)
May 1, 2006... As healthcare costs continue to escalate, consumer-directed care is emerging as a means for patients to gain greater control over their healthcare decisions-including where their dollars are going. While no one knows what effect this trend...

Pat Williams: leading to win.(hfm Q&A)(Interview)
May 1, 2006... Pat Williams is senior vice president of the Orlando Magic, the National Basketball Association franchise in Orlando, Fla. Williams is widely recognized throughout the sports world as the consummate promoter and astute talent scout. His zany...

Healthcare financial etudes: it's not just about technique--it's also about artistry.(FROM THE EDITOR)
May 1, 2006... People often say that about virtuoso musicians. Both technique and artistry are qualities musicians work hard to get. To become a concert pianist, for example, you might start by picking up a book of Czerny exercises. Carl Czerny was a...

HFMA launches web site with enhanced functionality.(service of Healthcare Financial Management Association)
May 1, 2006... Looking for insight from experts in healthcare finance, news on the latest developments in the industry, and tips on a wide range of healthcare finance issues? You'll find all this and more on HFMA's web site, which was recently redesigned to...

Unsafe at any cost: mediocre U.S. health care: a new report suggests Americans need to start questioning some assumptions.(about health care)
May 1, 2006... We are well known for our popular "truisms"--the "givens" that tend to govern our thinking and that hardly anyone ever challenges. Statements like: * "Americans have the highest standard of living in the world." * "Everyone else in...

Financing the Future II, report 5: strategies for financially distressed hospitals executive summary.(Healthcare Financial Management Association's financing the future)
May 1, 2006... HFMA's Financing the Future series began a process of highlighting strategies hospitals and other healthcare providers could use to improve access to capital. HFMA's Financing the Future II project continues this process. By providing practical...

The balancing role of balance billing.(about health care charges)
May 1, 2006... One of the most controversial issues in managed care today is the payment rate for noncontracted providers of emergency services. In a market-based managed care scheme, health plans and providers agree on the rate of payment for healthcare...

Jurisdictional issues related to PRRB appeals.(Provider Reimbursement Review Board)
May 1, 2006... Suppose a provider has a dispute with its fiscal intermediary over a Notice of Program Reimbursement. Even if the dispute has merit, the provider will not prevail in an appeal before the Provider Reimbursement Review Board if the PRRB does not...

The big squeeze in search of a sustainable future for suburban community hospitals: suburban community hospitals face a moment of truth: how well are they prepared for mounting competitive challenges that could threaten their primary revenue sources?(about suburban community hospitals )(Cover story)
May 1, 2006... "Suburban Hospitals Expand, While Urban Facilities Struggle," declares a recent headline. Is this headline accurate? It's true in numerous suburban hospital markets where strong demographics and a favorable payer mix effectively support...

A CFO's guide to the marketing galaxy: if you are frustrated with marketing budgets that are based on cost, try starting with a strategic perspective.(management of Chief Financial Officers )
May 1, 2006... The idea here is that too much focus is often placed on the cost of marketing without a broader understanding of opportunities in acquisition and retention, or of the likelihood of success based on the organization's market position. This...

Step up to the step-down method: have you tried the Medicare cost report step-down method of cost allocation? If not, read on.(about the health care cost)
May 1, 2006... Knowledge is power. -Francis Bacon Understanding financial performance by product line is vital in today's world of reducing margins and tight competition. To be effective financial leaders, CFOs need to be empowered with information...

Planning your cancer service line three steps to success: a three-step approach can help you boost the success of your cancer program.(about treatment of cancer)
May 1, 2006... Cancer is probably the most challenging of all hospital service lines, in terms of business planning and development. Cancer patients are treated by a multitude of specialists, clinical providers, and support service personnel. And because many...

Staying on course with strategic metrics: are you using strategic metrics? If not, you might be straying off course and not know it.(FEATURE STORY)
May 1, 2006... Metric ('me-trik) Function: noun. A standard of measurement. --Merriam-Webster Online Dictionary Charting a successful course in today's competitive market requires healthcare organizations to employ a rigorous strategic planning...

5 facility planning mistakes (and how to avoid them): disciplined facility planning may not eliminate cost pressures, but it can provide a valuable framework for difficult--and inevitable--decisions and compromises.(FEATURE STORY)
May 1, 2006... Financial managers are facing unprecedented demand for capital to support ambitious facility development projects. At the same time that many hospitals need to overcome decades of near neglect of their acute care facilities (while focusing...

Diversity's next challenge: senior healthcare executives need to look for, and lead their organizations in eliminating, inequities in their organizations' culture.(COMMENTARY)
May 1, 2006... For diversity management programs to be successful, the business culture of the health delivery system must change. The cultural change process is disruptive, expensive, threatening to the status quo, and generally viewed as not in the...

The monthly reserve valuation process.(healthcare financial management)
May 1, 2006... Accounts receivable reserves play a critical role in the financial success of a healthcare delivery organization and affect the income statement and balance sheet, community benefit (particularly for not-for-profit hospitals), capital and...

HIPAA enforcement rule will more teeth equal bigger bite? It's no secret that the federal government is promoting adoption of healthcare IT--with fervor.(DIGITAL PERSPECTIVES)(Health Insurance Portability and Accountability Act of 1996(HIPAA))
May 1, 2006... Take a quick glance at the web site of the Office of the National Coordinator for Health Information Technology and you'll see a dizzying array of new commissions, panels, and communities that are working on many initiatives, activities, and...

Who's in charge of your growth agenda? "If you had to cut 10 percent out of your operating budget tomorrow, what would you cut?".(NEW REVENUE GROWTH)
May 1, 2006... That was the question asked recently in a meeting with a group of COOs and CFOs. In a matter of minutes, the group had generated a list of more than 30 specific cost-reduction ideas. Then came the next question: "If you had to grow your top...

The balance sheet: a snapshot of your financial health: for hospital CFOs who think beyond current revenue, actively managing the balance sheet--the "forgotten financial statement"--offers a strategic opportunity.(CAPITAL FINANCE)
May 1, 2006... The balance sheet reflects the historical strength of an organization, and has long been thought of as a "snapshot" of an entity's financial position. In today's corporate world, the balance sheet has taken a back seat to the income statement,...

Calendar.(Calendar)
May 1, 2006... NATIONAL May 16 This HFMA Executive Briefing will HFMA Executive Briefing-Healthcare explore the topics of structuring Transactions: Key Issues and a successful joint clinical Strategies...

Linda B. Hodges (First Illinois Chapter).(PEOPLE)(appointed Ms.Linda Hodges as vicepresident by Witt/Kieffer)(Brief article)
May 1, 2006... Ms. Hodges has joined Witt/Kieffer, Oak Brook, Ill., as vice president and practice leader for information technology. Previously, she was executive vice president, Hersher Associates, Ltd., Northbrook, Ill.

Hubert U. King, CPA (Indiana Pressler Memorial Chapter).(QHR Strategic Initiatives appoints vice president)
May 1, 2006... Mr. King has been appointed vice president, business development, QHR Strategic Initiatives, Plano, Texas. Formerly, he was vice president and CFO, Porter Memorial Health System, Valparaiso, Ind.

Laurie R. Beyer, CPA (Maryland Chapter).(PEOPLE)(Laurie R. Beyer appointed at Union Hospital )(Brief article)
May 1, 2006... Ms. Beyer has joined Union Hospital of Cecil County, Elkton, Md., as senior vice president of finance and CFO. She had been corporate controller and director of physician services finance, St. Agnes Hospital, Baltimore.

Tyler Felt (Utah Chapter).(PEOPLE)(Mountain West Medical Center appoints Tyler Felt )(Brief article)
May 1, 2006... Mr. Felt has joined Mountain West Medical Center/Community Health Systems, Tooele, Utah, as controller. He had been founder and chief consultant, Felt Consulting, Salt Lake City.

Julie A. Micheletti: the more things change, the more they stay the same.(PEOPLE)(Brief article)
May 1, 2006... Although my background is in nursing, I have been an active member of HFMA for more than 20 years. And over that time, the Association has given me many opportunities both to learn and to share what I had learned with others. HFMA provides the...

Analyzing the key indicators for total utilization and departmental volumes.(DATA TRENDS)
May 1, 2006... Financial leaders should know what data constitute the key indicators of a hospital's utilization. Quarterly data from 55[degrees] hospitals describing total utilization and volumes for selected departments provide a basis for describing these...

Turning adversity into advantage: burdensome regulations, heavy-handed contracting by health plans, unfair competition from physicians and other hospitals, and so on and so on.(FROM THE PRESIDENT)
May 1, 2006... All of these concerns are real and serious to hospitals, especially suburban, community hospitals with limited means. And it is easy to become caught up in why an organization can't be successful given these challenges. But using these...