We are moving into an accountable care organization (ACO) model this year. What skills should we be targeting for our finance staff to ramp up so they are ready to handle some of the new concepts and strategies?
Answer 1: The accounting and finance skills depend on the type of ACO. A financial analyst is critical for determining whether the ACO is maintaining its patient base and meeting the metrics set forth by the Center for Medicare & Medicaid Innovation. Using these skills, the accountant should learn how to accrue for the expected shared savings that will be earned by the hospital. I think we are going to see more at-risk entities booking an incurred but not reported (IBNR) asset account (similar to a payer).
This question was answered by: Curtis H. Bernstein, CHFP, CPA/ABV, principal, Pinnacle Healthcare Consulting, and is a member of HFMA’s Colorado Chapter.
Answer 2: I would recommend a statistical analyst that can mine data and point out trends.
This question was answered by: Caswell Samms, network CFO, Lincoln Medical Center and Harlem Hospital, New York City Public Health System.
| What do you think? Please share your thoughts on this question in the comments section below. |
The information provided through the Forum’s Ask the Expert service does not constitute legal advice, even when the advice is provided by lawyers. You need to obtain your own legal counsel for legal advice, and consider the laws and regulations that govern your state. The content and opinions expressed are those of the Forum experts, and not that of their employers or of HFMA. HFMA does not endorse the material or warrant or guarantee its accuracy. The responses are based only on the specific facts or circumstances provided. Forum experts cannot be held liable for outcomes related to any information provided.
