Healthcare Financial Management articles from November 2008

Healthcare Financial Management archives from November 2008

Experts urge focus on mission, fundamentals amid market Turmoil.(Market Turmoil)
November 1, 2008... The global economic crisis and freezing of credit markets is severely limiting hospitals' ability to access capital, damaging investment performance, and forcing many hospitals to devote additional cash to funding pension plans, according to...

Unclear on the concept.(NEWS WATCH)
November 1, 2008... UNCLEAR ON THE CONCEPT: Although employees with consumer-directed health plans were healthier at enrollment and had a predicted lower cost of care, their healthcare costs exceeded expected costs by 12%, according to a study reported in...

Children's health linked to parents' income, education.(Health Coverage and Access)(Brief article)
November 1, 2008... The health of children is affected by the education and income levels of their parents, according to a state-by-state study published Oct. 7 by the Commission to Build a Healthier America at the Robert Wood Johnson Foundation. For the study,...

The Centers for Medicare & Medicaid Services (CMS) has issued a notification that describes changes to, and billing instructions for, payment policies implemented in the October 2008 ambulatory surgical center (ASC) update.(CMS)(Brief article)
November 1, 2008... The Centers for Medicare & Medicaid Services (CMS) has issued a notification that describes changes to, and billing instructions for, payment policies implemented in the October 2008 ambulatory surgical center (ASC) update. This notification...

On Oct. 3, CMS provided instructions on the calculation of reasonable charges for payment of claims for splints, casts, dialysis supplies, dialysis equipment, and intraocular lenses furnished in CY09.(CMS)(Brief article)
November 1, 2008... On Oct. 3, CMS provided instructions on the calculation of reasonable charges for payment of claims for splints, casts, dialysis supplies, dialysis equipment, and intraocular lenses furnished in CY09. For intraocular lenses, payment is made on...

CMS has revised the Medicare Claims Processing Manual, Pub.100-04, Chapter 4, [section] 240, to provide instructions regarding how contractors are to establish the payment for implanted prosthetic devices furnished to Medicare beneficiaries who are inpatients of hospitals paid under the OPPS when the beneficiary does not have Part A coverage on the date the device is implanted.(CMS)(United States. Centers for Medicare and Medicaid Services)(Brief article)
November 1, 2008... CMS has revised the Medicare Claims Processing Manual, Pub.100-04, Chapter 4, [section] 240, to provide instructions regarding how contractors are to establish the payment for implanted prosthetic devices furnished to Medicare beneficiaries who...

Jumping on that e-bandwagon.(NEWS WATCH)(health care industry used online source for medicines)(Brief article)
November 1, 2008... * JUMPING ON THAT E-BANDWAGON: More than 35 million prescription transactions were sent electronically in 2007, a 170% increase over the previous year, according to a June 2008 report from eHealth Initiative.

CMS approves $10.6b, three-year Massachusetts Medicaid waiver to allow state to continue health insurance law.(State Watch)(United States. Centers for Medicare and Medicaid Services)(Brief article)
November 1, 2008... The Centers for Medicare & Medicaid Services (CMS) on Sept. 30 agreed to grant Massachusetts a three-year, $10.6 billion Medicaid waiver that will allow the state to continue its health insurance law. The waiver will allow the state to spend...

That's only a month away.(NEWS WATCH)
November 1, 2008... * THAT'S ONLY A MONTH AWAY: At the end of 2007, at least 3.5,000 prescribers were actively e-prescribing. Estimates indicate there will be at least 85,000 active users of e-prescribing by the end of 2008, according to the eHealth Initiative.

40+ states considering pharmaceutical bills, resolutions in 2008.(NEWS WATCH)
November 1, 2008... With more than 120 million Americans taking one or more prescription drugs annually, it is not surprising that most states are addressing prescription drug policies. Discount and subsidy programs are a particular focus, as well as data mining,...

In a final rule (Federal Register, Sept. 26, 2008), CMS has provided requirements for an eligible entity to enter into a contract under the Medicaid integrity audit program.(FEDERAL REGISTER)(United States. Centers for Medicare and Medicaid Services)(Brief article)
November 1, 2008... In a final rule (Federal Register, Sept. 26, 2008), CMS has provided requirements for an eligible entity to enter into a contract under the Medicaid integrity audit program. The final rule also established the contracting requirements for...

CMS has implemented a final rule (Federal Register, Sept. 26, 2008) setting forth the criteria CNS contractors will use for terminating a provider or supplier from nonrandom prepayment complex medical review as required under the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (MNA).(FEDERAL REGISTER)(Brief article)
November 1, 2008... CMS has implemented a final rule (Federal Register, Sept. 26, 2008) setting forth the criteria CNS contractors will use for terminating a provider or supplier from nonrandom prepayment complex medical review as required under the Medicare...

This tells us something.(NEWS WATCH)
November 1, 2008... * THIS TELLS US SOMETHING: According to the CDC, 82 percent of Medicaid patients use the emergency department versus 21 percent with private insurance.

By means of an interim final rule with comment period (Federal Register, Sept. 18, 2008), CMS revises the regulations governing the Medicare Advantage (MA) program (Part C), prescription drug benefit program (Part D), and section 1876 cost plans.(FEDERAL REGISTER)(United States. Centers for Medicare and Medicaid Services)(Brief article)
November 1, 2008... By means of an interim final rule with comment period (Federal Register, Sept. 18, 2008), CMS revises the regulations governing the Medicare Advantage (MA) program (Part C), prescription drug benefit program (Part D), and section 1876 cost...

Blame it on all that bad economic news.(NEWS WATCH)(Brief article)
November 1, 2008... * BLAME IT ON ALL THAT BAD ECONOMIC NEWS: Total U.S. spending on pharmaceuticals is projected to top $247 billion in 2008; more than 120 million Americans take one or more prescription drugs annually, according to the National Conference of...

States see rising enrollment in Medicaid as economy falters.(Quick Hits: Top News Stories of the Month)(Brief article)
November 1, 2008... With states confronting a weakening economy, enrollment in Medicaid began to rise in FY08, with states expecting even larger increases for FY09, according to a new 50-state survey released Sept. 29 by the Kaiser Family Foundation's Kaiser...

Problems paying medical bills increased between 2003 and 2007.(Quick Hits: Top News Stories of the Month)(Brief article)
November 1, 2008... The proportion of Americans in families with problems paying medical bills increased to 19.4 percent in 2007, up from 15.1 percent in 2003, according to a national study released Sept. 24 by the Center for Studying Health System Change (HSC)....

CMS announces Medicare premiums, deductibles for 2009.(Quick Hits: Top News Stories of the Month)(Brief article)
November 1, 2008... The Centers for Medicare & Medicaid Services (CMS) has announced that the standard Medicare Part B monthly premium will be $96.40 in 2009, the same as that for 2008. This is the first year since 2000 that there was no increase in the standard...

VA to increase benefits for Veterans with mild traumatic brain injuries.(Quick Hits: Top News Stories of the Month)(Department of Veterans Affairs )(Brief article)
November 1, 2008... The Department of Veterans Affairs on Sept. 23 announced changes in the way it will evaluate traumatic brain injuries and burn scars for purposes of determining the appropriate level of compensation veterans receive for these injuries. At the...

Hospital charges up 8 percent in 2006: AHRQ.(Quick Hits: Top News Stories of the Month)(Brief article)
November 1, 2008... Hospital charges rose 8 percent to $943 billion in 2006 nationwide, up from $873 billion the prior year, according to the Agency for Healthcare Research and Quality.

Millions of low-income adults can't get Medicaid: report.(Quick Hits: Top News Stories of the Month)(Brief article)
November 1, 2008... A new report from AARP released Sept. 12 looks at why millions of low-income adults cannot get Medicaid. The report, Millions of Low Income Americans Can't Get Medicaid: What Can Be Done? from AARP's Public Policy Institute, outlines key policy...

A father's gift: Chuck Acquisto's first-birthday gift to his son was a collections of advice from famous and successful people around the world.(Member Spotlight)
November 1, 2008... [ILLUSTRATION OMITTED] Not long after Chuck Acquisto's first child, Nicholas, was born, he knew he wanted to do something very special to celebrate his son's first birthday. Acquisto, president of HFMA's Northern California Chapter and...

Management Lessons from Mayo Clinic.(Book review)
November 1, 2008... Management Lessons from Mayo Clinic Leonard L. Berry and Kent D. Seltman McGraw Hill, 2008 [ILLUSTRATION OMITTED] In the healthcare industry, Mayo Clinic has a reputation for being the best. This book affords a glimpse inside...

"Bank" is not a four-letter word for health care.(VIEWS)(Viewpoint essay)
November 1, 2008... Jack Welch, the venerable former CEO of General Electric, once said, "Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion." Today, as we face the most significant...

Running the race: I'm not a runner.(making connections)(Viewpoint essay)
November 1, 2008... Not in the literal sense, at least. But like all of us in healthcare finance, I know that I have to keep moving to stay ahead. An African proverb describes how a gazelle wakes up in the morning and thinks, "To survive today, I must run...

The look of turmoil: matching ideas and images is the task of choosing a magazine cover.(FROM THE EDITOR)(Editorial)
November 1, 2008... This mouth, choosing a topic for the cover story was no problem: The credit market turmoil was the only possibility. The problem was selecting an image appropriate for the deepening, spreading crisis. Well, there's always a photo of a Wall...

HFMA continues payment reform efforts.(HFMA NEWS)(Conference news)
November 1, 2008... Our current payment system often works against the very actions that are needed to improve health care, noted HFMA President and CEO Richard L. Clarke, DHA, FHFMA, while addressing a cross-section of the nation's healthcare leadership at...

HFMA leaders cited in New York Times article.(HFMA NEWS)(Healthcare Financial Management Association)(Brief article)
November 1, 2008... The New York Times recently cited HFMA President and CEO Richard L. Clarke, DHA, FHFMA, and National Chairman-Elect Catherine A. Jacobson, FHFMA, CPA, in an article on the effects of disappearing credit on hospitals. In the Oct. 15...

Regional healthcare planning benefits all.(HEALTHCARE REFORM)
November 1, 2008... Encourage Regional Planning Five counties in southeastern Pennsylvania are now home to more heart programs than the entire state of New Jersey, which has double the population. Community hospitals have seized upon open heart...

Chargemaster maintenance think 'spring cleaning' all year round.(REVENUE CYCLE)(Statistical data)
November 1, 2008... Because new services are added frequently, coding requirements are ever changing, and numerous conditions render many charges obsolete, health systems benefit from a well-maintained chargemaster. Routine, consistent management is required to...

Examining the impact of the new Stark rules on joint ventures.(MEDICARE/MEDICAID)
November 1, 2008... The most significant changes to the Provider Reimbursement Review Board (PRRB) rules in decades became effective Aug. 21, 2008. The hospital inpatient prospective payment system (IPPS) final rule, issued in late August by the Centers for...

Planning during turmoil: credit challenges and healthcare finance: healthcare finance leaders discuss the impact of the crisis in the financial markets on hospitals' ability to access capital.(Cover story)
November 1, 2008... [ILLUSTRATION OMITTED] Amid the current crisis in the financial markets, one question weighs on the minds of most Americans: Will the unprecedented actions the U.S. federal government has taken to try to stabilize the nation's economy be...

Taking a good look at the competition: a focused analysis of your competition can make all the difference between simply reacting to a competitive marketplace and thoughtfully shaping a successful future.(FEATURE STORY)(Statistical data)
November 1, 2008... [ILLUSTRATION OMITTED] Don't underestimate the competition! Healthcare executives know this, but organizations sometimes fail to incorporate an effective market analysis of their competitors into their planning activities because...

Transforming revenue management: a health system shares lessons it learned while planning, designing, and deploying a next-generation patient administrative/revenue management model.(FEATURE STORY)(Partners HealthCare )(Cover story)
November 1, 2008... Transforming a healthcare organization's patient administrative/revenue management process cannot be accomplished overnight. It requires a long-term strategy encompassing significant changes to the operating model, governance structure,...

The future of healthcare IT what can we expect to see? Although the future of healthcare IT is difficult to accurately predict, there are several classes of technologies that an IT strategy should include.(FEATURE STORY)(Company overview)
November 1, 2008... Defining the future of healthcare IT in 10 to 15 years requires predictions of change for IT, the healthcare provider sector, and IT specific to the healthcare provider sector. It is difficult to make an accurate definition. To a degree,...

What's new with the FHA's Section 242? The federal government is working to increase awareness of a 40-year-old mortgage insurance program that could be just what borrowing hospitals need in this time of tight credit.(FEATURE STORY)(Federal Housing Administration)(Cover story)
November 1, 2008... The Federal Housing Administration's (FHA) hospital mortgage insurance program has committed to insure 366 mortgages worth $14.2 billion, and still some hospitals have never heard of it. But as municipal or monoline bond insurers have been...

LOS management the path to efficiency: best-practice benchmarks and up-to-date data collection technology can help hospitals manage length of stay (LOS) to improve care delivery.(FEATURE STORY)(Cover story)
November 1, 2008... It's not news that inefficiencies in hospitals prolong patient length of stay (LOS). It is news, however, that tools have become available to identify specific areas of inefficiency, particularly those contributing to excessive LOS, and point...

Improving patient flow in the emergency department: there are nine strategies hospitals can incorporate to more effectively manage patient flow in the emergency department without sacrificing quality of care.(FEATURE STORY)
November 1, 2008... In a consumer-driven healthcare marketplace, successful patient outcomes and high levels of customer satisfaction define hospital success. Healthcare organizations must deliver excellent and timely care in environments that reward teamwork and...

Asset retirement obligations a reporting concern for healthcare facilities: retiring assets may not be such a simple matter for a hospital if there are environmental concerns.(FEATURE STORY)
November 1, 2008... All healthcare organizations are required to account for asset retirement obligations (AROs)--those costs related to environmental problems that may have to be corrected prior to the disposal of an asset by sale, abandonment, or destruction....

Release of information are hospitals taking a hit? Attempts by state legislatures to reduce fees for release-of-information requests could make it unprofitable for outsourcing companies to provide this service, potentially leaving hospitals to bear the expense.(FEATURE STORY)
November 1, 2008... For most businesses, "ROI" stands for "return on investment." In healthcare, ROI also refers to "release of information," the complicated, risk-prone, and often misunderstood process of releasing protected health information. Release of...

Medicare checklists for assessing reimbursement under MS-DRGs.(HFMA FORUMS TOOLBOX)(Medicare severity diagnosis-related groups)(United States. Centers for Medicare and Medicaid Services)
November 1, 2008... Accurate Medicare reimbursement for hospitals depends on the accuracy of the bill submitted. Although this has been the case for many years, it is even more critical after the transition to Medicare severity diagnosis-related groups (MS-DRGs)....

EHRs are not IT projects: decisions with respect to advanced clinical information systems that ultimately will form an electronic health record (EHR) system are being made almost exclusively by some IT departments or the vendor, rather than more appropriately by end-user stakeholders.(INSIDE IT)
November 1, 2008... In some cases, this occurs by default; in other cases, by design. Either way, the result often is less than optimal. Time to Engage End-User Stakeholders There are myriad examples of issues that arise when an EHR is viewed only as an IT...

Calendar.(Calendar)
November 1, 2008... NATIONAL EVENTS November 18-20 Five seminars will cover financial management HFMA's Fall Seminars strategies and operations, PFS/revenue cycle Hilton Head, S.C. improvements, and managed care/payment trends/ ...

Scott Andritsch.(PEOPLE)(appointed as CFO at Madison Center and Hospital)(Brief article)
November 1, 2008... [ILLUSTRATION OMITTED] Andritsch has been named CFO, Madison Center and Hospital, South Bend, Ind. Formerly, he was director of financial services, Goshen Health System, Goshen, Ind.

Gerald Birk.(PEOPLE)(appointment at Heart and Vascular Centers, University of California Davis Medical Center)(Brief article)
November 1, 2008... [ILLUSTRATION OMITTED] Birk has been named administrator, Heart and Vascular Centers, University of California Davis Medical Center, Sacramento, Calif. Previously, he was chief of staff, Department of Radiology, University of Virginia,...

Palmira M. Cataliotti.(PEOPLE)
November 1, 2008... [ILLUSTRATION OMITTED] Cataliotti has been promoted from director of finance to vice president and CFO, Winthrop-University Hospital, Mineola, Long Island, N.Y.

Jacob (Jake) Groenewold.(PEOPLE)(appointment at University HealthSystem Consortium (Oak Brook, Illinois))(Brief article)
November 1, 2008... [ILLUSTRATION OMITTED] Groenewold has been appointed vice president, supply chain, University HealthSystem Consortium, Oakbrook, Ill. Formerly, he was vice president, supply chain/member services, Consorta, Inc., Schaumburg, Ill.

Mary Ransome.(PEOPLE)(appointed as manager at Salem Hospital Regional Health Services)(Brief article)
November 1, 2008... [ILLUSTRATION OMITTED] Ransome has been appointed manager, managed care and insurance contracting, Salem Hospital Regional Health Services, Salem, Ore. Formerly, she was director, medical professional relations, The ODS Companies,...

Phillip A. Caron, FHFMA, CPA.(PEOPLE)
November 1, 2008... Caron has been appointed CFO, East Texas Medical Center-Jacksonville, Jacksonville, Texas. He had been COO, Mediserv Medical Information Services, ForthWorth, Texas.

Nancy Fahrenthold.(PEOPLE)
November 1, 2008... Fahrenthold has joined Emory Eastside Medical Center, Snellville, Ga., as case manager. She had been complex case manager, Coventry Healthcare of Georgia, Inc., Atlanta.

Katherine (Katie) Pearson.(PEOPLE)
November 1, 2008... Pearson has been named director, revenue cycle, Trinity Regional Health System, Moline, Ill. Previously, she was Trinity Regional's director, retail business development.

Outpatient revenue percentage of net patient revenue depends on hospital size.(DATA TRENDS)(Brief article)
November 1, 2008... Gross outpatient revenue for U.S. hospitals increased from just over 10 percent in the early 1980s to almost 40 percent by 2006 (source: AHA). Recent data show that the outpatient share of net patient revenue stayed at just under 45 percent for...

Interesting times: "may you live in interesting times." This proverb was meant as a curse.(FROM THE PRESIDENT)
November 1, 2008... Interesting times are unsettled, challenging, and often harsh and unpleasant. We've all felt unsettled and challenged in recent days as financial markets have swooned and credit markets have frozen. Indicators point to an imminent, deep...

Are you optimizing your contract performance data?(hfma roundtable)(Karen Mihalik of patient financial services)(David Rodriguez of Concuity, Vernon Hills)(Suzanne Daly of Providence Health Systems)(Interview)
November 1, 2008... Today's healthcare providers face increasingly complex payer rules that need to be interpreted and applied during patient scheduling and registration, case management, and billing processes to ensure accurate payment and protect cash flow. As a...

Choosing the right debt buyer.(HFMA EDUCATIONAL REPORT)
November 1, 2008... [ILLUSTRATION OMITTED] As bad debt continues to rise in the healthcare industry threatening already slim profit margins, hospitals and health systems are searching for options that bring more dollars to the bottom line. Increasingly,...

Understanding the sale environment.(OUR SPONSOR SPEAKS)(interview of Jim Richards, CEO and president, Capio Partners)(Interview)
November 1, 2008... Jim Richards, CEO and president, Capio Partners, Deluth, Ga., describes the role of debt sale in a hospital's receivables management strategy and ways to position the organization for a successful transaction. Q Why is sale becoming a part...