Frost & Sullivan’s award was bestowed on GE’s Centricity Financial Risk Manager which enables healthcare systems to reduce the cost of administering risk-based contracts, thus improving profitability and maximizing efficient workflows.
Published By: MedAssets
Published Date: Nov 05, 2015
The shift to value-based care is one of the most significant financial, cultural and technological challenges ever faced by the U.S. healthcare system—and it will affect every stakeholder in the system. Healthcare providers can no longer focus solely on process-oriented measures and instead need metrics that gauge progress to deliver high-value care. This healthcare executive report provides three steps hospital executives can take now as they transition from volume to value and break down silos to create the infrastructure, processes and workflows required to succeed.
Published By: McKesson
Published Date: Jul 09, 2015
When it comes to making decisions that positively impact care delivery and business outcomes, great leaders will tell you it’s better to rely on data than on myth. Through healthcare analytics, the clinical and financial leadership at Regions Hospital in Saint Paul, Minnesota used data to do just that—and set a strong course for reliable, trusted decision-making that helps address their most pressing issues. Using strong IT systems, accompanied by a cooperative and inquisitive organizational culture that brings together clinical and financial decision makers together to address pressing issues, put Regions on the path to create powerful healthcare analytics that fuel organizational change.
Nearly six years after passage of the Patient Protection and Affordable Care Act, the healthcare industry is in the midst of a massive retooling that is dramatically altering the way we think about cost management, strategic partnerships, and customer service.
Fee-for-service reimbursement is giving way to new models of care delivery and payment to support a system based on pay-for-value. With financial risk or payments tied to value measures (such as patient satisfaction, clinical performance, and population health), compensation and reimbursement will increasingly be tied to value-based incentives.
Healthcare organizations with strong bond ratings are regarded favorably from a financial perspective, of course. In addition, research by the Truven Health AnalyticsTM ActionOI® program shows that such organizations tend to excel in other categories, such as average length of stay and results of Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) surveys.
The changing healthcare environment has put pressure on healthcare organizations to deliver top-quality care while keeping costs under control. Superior operational and financial performance can be measured by high margins and low costs. But there are significant operational indicators that differ between high- and low-performing hospitals, depending on whether performance is defined by expense or by margin. Often, hospitals with the lowest costs are considered the most successful. But low-cost hospitals do not necessarily behave the same way as hospitals with healthy margins. Low-cost hospitals can include both efficient hospitals and hospitals that are in dire financial circumstances that have forced them to even eliminate expenses necessary for their long-term fiscal health.
Creating a state-of-the-art clinical documentation improvement (CDI) program isn’t just about boosting coding accuracy. It’s a key strategy in managing the transition from volume-based to value-based care, say healthcare leaders. That transition is a risky endeavor that is putting hospital and physician financial performance to the test. As hospitals participate in new care and business models aimed at improving value, leaders must ensure that their organizations are able to maintain reimbursement levels, effectively treat the chronically ill—especially in outpatient settings—and gather accurate data that will allow them to assess performance and segment their varying populations. While some organizations often believe they are leaving revenue on the table because of documentation and coding issues, CDI offers numerous opportunities for improving financial performance, finds a recent HealthLeaders Media survey of 149 healthcare executives at provider organizations.
Driving financial performance in the outpatient setting is a top-of-mind priority among senior health system leaders. But managing the differing clinical documentation methodologies and risk assessment strategies present the greatest challenges to optimizing this important source of revenue, according to a recent HealthLeaders Intelligence survey. Provider organizations are finding the ambulatory setting is still a ‘Wild, Wild West’ in terms of assessing risk, clinical documentation, coding billing and medical record keeping practices. Download this report to discover key targets to improve ambulatory revenue.
Provider organizations can realize tremendous gains in financial performance by integrating electronic health record (EHR) and revenue cycle management (RCM) systems. Especially in the face of the transition to ICD-10, results include optimizing revenue streams directly at the point of care, maximizing and speeding reimbursement, minimizing denials and streamlining the collection process.
Electronic health record (EHR) system implementation is one of the largest IT investments most healthcare systems have ever made but it’s success is largely dependent upon the data which feeds it. One the main data sources for the EHR is the item master, which drives not only supply chain processes but also a broad range of clinical and financial functions. Only with a clean, accurate and complete item master can a healthcare organization trust the outputs generated from its EHRs – from evaluating the clinical effectiveness of products to securing reimbursements. Learn how to execute a master data management strategy to derive the greatest value from your EHR investment.
Read Part 1 of the Revenue Cycle Management Peer-to-Peer series authored by Cathy Dougherty, VP of Revenue Cycle Management at Gwinnett Health System. In this article, Cathy discusses how Gwinnett Hospital System handles the business side of caring by helping patients to understand and plan for what they owe, resulting in a positive and satisfying financial patient experience - See more at: http://www.relayhealth.com/solutions/financial-solutions
All those employees who access email, financial systems, human resources, and other core corporate applications; Replay for Exchange continuously protects and monitors the health of your Exchange data stores and allows administrators to quickly search, recover, and analyze mailbox content. With Replay for Exchange you can restore individual email messages, folders, or mailboxes to a live Exchange server or directly to a PST, thereby solving some of your most costly and time consuming challenges. Take advantage of these Free Trial Offer!!
Financial services firms are turning to Business Spend Management (BSM) as a Strategic Solution
Beset by competitors and burdened by ever-shifting regulatory requirements, financial services firms are turning to cloud-based technology to gain better control over—and visibility into—spending. In the process, they are becoming fiercer competitors.
Download this ebook for insights into how you can improve your organization's financial health and how:
A cloud complete-BSM solution can track and measure all purchasing activities, identifying patterns that provide opportunities for negotiating discounts, and better managing risk
To increase savings across source-to-contract, procure-to-pay, travel & expense management, as well as risk and supplier management
Modern technology enables the finance function to take cost-management to a deeper level—without investing in IT infrastructure
Published By: Bill.com
Published Date: May 14, 2012
In this paper, financial executives from a variety of top performing industries discuss systems that they have implemented, like Bill.com, that help them efficiently manage the daily pulse to sustain healthy cash flow.
Published By: QlikView
Published Date: Jun 12, 2013
Today’s changing healthcare landscape demands more from the finance department than ever before. No longer a sideshow in the healthcare delivery equation, finance now plays a starring role as hospitals and healthcare providers of all kinds face the
challenge of implementing the reforms of the Affordable Care Act (ACA) of 2010.
US-based multinational financial services corporation was facing a longer time-to-market due to hampering of digital transformation across business lines, thereby affecting the developer productivity due to global manual build and deployment processes. LTI’s approach of providing end-to-end implementation of DevOps, with quality control gates, helped establish a role-based governance dashboard for real-time health KPIs of programs, projects, and tracking server positioning and the configuration status. Download full case study
Healthcare organizations are facing uncertain times, which are putting enormous strains on their revenue cycle management (RCM). Automation is proven to improve RCM measures, and even small improvements can significantly impact the bottom line. This whitepaper details how providers can embrace automation to help drive financial performance.
Children’s Mercy is not only one of the nation’s top pediatric medical centers, they have a strategy that improves organizational profitability in the face of constant change – all while delivering world-class care for their patients. Children’s Mercy accomplished what many have tried: integrating hospital and ambulatory revenue cycle activities with complete integration of all processes on a single IT platform.
Sharp is leading the way in the shift to shared risk. In this journey, they manage to the right financial metrics while still delivering appropriate care to their patient population. Watch the video to learn how GE Healthcare is helping Sharp make a difference.
The shift to value-based reimbursement (VBR) entails more financial risk for providers. Successful management of the transition to VBR can only be achieved when healthcare organizations are clinically and financially integrated to ensure tight care coordination and efficient resource utilization. That level of integration requires the aid of a robust IT infrastructure to support the enterprise. This whitepaper offers the opportunity to learn about new tools for healthcare providers to manage financial challenges associated with value-based reimbursement
This paper will explore some of the market dynamics driving the financial volatility in healthcare and will explore how advanced analytics, with the right IT backbone and organizational competencies, can help organizations successfully identify ways to manage revenue cycle profitability.