Healthcare News of Note: Healthcare expenditures decrease seen with shared patient-clinician decision-making and racial or ethnic concordance
Shared decision-making plays an imperative role in reducing health expenditures by more closely aligning treatment decisions with patient preferences and values. Extreme heat events could be responsible for $1 billion in healthcare costs each summer in the United States, according to a Virginia Commonwealth University study. The American Hospital Association urged the Senate HELP Committee…
The latest on hospital finances: Signs of improvement, but margins remain tight
Industry-level hospital financial insights reflect the mixed results of a recovery that’s in progress but is expected to be a long slog. In a 2023 midyear report (login required), Moody’s Investors Service noted that margins are below 3% for a third of the company’s rated hospitals. Before the pandemic, only about 6% had margins in…
Honor Roll: HFMA certifications were awarded to 1,883 members in Q2
HFMA offers eight certifications for members to validate their expertise and demonstrate their commitment to the profession. The HFMA certifications are as follows: Certified Healthcare Financial Professional (CHFP), Certified Revenue Cycle Representative (CRCR), Certified Revenue Cycle Representative (CRCR) – GCC, Certified Specialist Accounting and Finance (CSAF), Certified Specialist Business Intelligence (CSBI), Certified Specialist Physician Practice…
A projected Medicare physician payment decrease spurs more calls to reform the system
Physician advocacy groups vehemently expressed concern about the financial consequences of CMS’s proposed rule for Medicare physician payments in 2024, intensifying a push to modify the payment system. At a time of elevated expenses in healthcare, total payments would be reduced by a projected 1.25% relative to 2023. That would follow a 2% decrease from…
Healthcare News of Note: Healthcare organizations continue to deal with turnover and workforce shortages
Over the past few weeks, I have found these industry news stories that should be of interest to healthcare finance professionals. 1. Physicians who say they are very likely to leave their current job are 15 times more likely to do so Healthcare organizations continue to deal with employee turnover and workforce shortages, according…
House committee approves bill requiring national provider identifiers for off-campus outpatient departments
A bill with widespread support in Congress would affect hospital billing procedures at off-campus outpatient departments if it becomes law. The House Committee on Education and the Workforce on July 12 unanimously approved legislation called the Transparency in Billing Act, which states that starting in 2024, hospital claims for items and services furnished in off-campus…
In proposed regulations, CMS seeks to strengthen hospital price transparency requirements
Hospital price transparency regulations are undergoing changes heading into their fourth year as CMS seeks to step up enforcement while making compliance more straightforward. As part of the 2024 proposed rule for hospital outpatient payments, CMS is adding to the requirement for hospitals to maintain a machine-readable file of their charges for services. In addition,…
Medicare outpatient payments to hospitals won’t rise considerably in 2024, according to a proposed rule
Medicare’s newly proposed outpatient payment update for 2024 is unlikely to be greeted with enthusiasm by hospitals. The update for items and services provided in the hospital outpatient or ambulatory surgical center setting would be 2.8%, mirroring the proposed change for inpatient payments. The base update would be 3%, with a statutorily required productivity adjustment…
Billions of dollars in lump-sum payments are coming to hospitals as a remedy for 340B-related underpayments
Hospitals that participate in the 340B Drug Pricing Program stand to receive $9 billion in aggregate lump-sum payments as compensation for underpayments from Medicare during a nearly five-year period. In a proposed rule issued July 7, CMS described how it would provide remedies following a 2022 Supreme Court ruling that the U.S. Department of Health…
An HFMA podcast episode wins top overall award, and hfm magazine earns a gold for general excellence
An episode of HFMA’s “Voices in Healthcare Finance” podcast and hfm magazine were honored June 27 at the SIIA 43rd Annual AM&P Network EXCEL Awards Gala in Washington, D.C. In total, HFMA took home seven awards. The podcast episode, “How avoiding an awkward waiting room conversation can contribute to better health among transgender people,” earned the…