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…
Annual Conference: Houston Methodist uses AI in virtual models for critical care, patient observation and more
Artificial intelligence (AI) is driving innovation in clinical operations at the Houston Methodist hospital system, as explained during a presentation this week at HFMA’s Annual Conference. Among other virtual-care programs developed by the organization’s innovation center, Houston Methodist has incorporated a virtual ICU and virtual observation in the inpatient setting. Both programs use AI to…
Annual Conference: How Mayo Clinic establishes the mindset and processes that foster innovation
Hospitals and health systems must adapt their practices using an innovator’s mindset to keep up with the change sweeping the industry, according to a presentation this week at HFMA’s Annual Conference. “Innovation, at this point in our industry’s landscape, is pretty critical,” said Praveen Mekala, enterprise division chair with Mayo Clinic, referring to the problems…
Annual Conference: Healthcare entrepreneur Alex Oshmyansky describes his efforts to disrupt drug pricing
Arguably no segment of the healthcare industry is more susceptible to disruption than the market for prescription drugs, as Alex Oshmyansky, MD, PhD, made clear Wednesday morning during the closing session of HFMA’s Annual Conference. Oshmyansky spoke about his personal efforts to disrupt the pharmaceutical market in his role as co-founder and CEO of Mark…
Healthcare News of Note: Nearly half of Americans live in areas with inadequate access to mental health workers
Although nearly 50% of Americans live in a mental health workforce shortage area, there are steps that can increase the workforce and prevent burnout among these professionals. The two health insurance coverage trends responsible for driving an increase in medical debt are inadequate healthcare coverage and high-deductible health plans. Forty-four healthcare businesses are among 200…
International member spotlight: Deepa Gigeesh aspires to reach new career heights
HFMA recently spoke with Deepa Gigeesh, revenue recovery officer at Sheikh Shakhbout Medical City (SSMC), Abu Dhabi, UAE. SSMC is HFMA’s first international Enterprise Solutions member, which allows SSMC’s healthcare finance staff to access HFMA tools, resources and education that align with their career development and business goals. Please describe your current position and job…
HFMA and Hospitals magazine collaborate to bring global healthcare community closer
By Olivia Tader HFMA and Hospitals magazine are working together to promote hospital and health system news around the globe. HFMA and Hospitals magazine, a Middle East healthcare magazine, have entered an agreement that allows both organizations to share more widely their content and expertise in hospital management and healthcare finance. “Hospitals magazine is honored…
MedPAC takes aim at the Medicare wage index and reiterates support for site-neutral payment
In its semiannual report to Congress, the Medicare Payment Advisory Commission (MedPAC) recommends significant changes to two key aspects of Medicare policy: the wage index and site-neutral payment. 1. A revamp of the wage index The wage index consistently generates concern among healthcare stakeholders, including in Medicare’s FY24 proposed rule for hospital inpatient payments. According…
Artificial Intelligence for RCM: Separating Hype from Reality
A growing volume of tagged data is exacerbating an already complex healthcare revenue cycle management (RCM) process that is largely transactional in nature, thus making RCM an area that is prime for automation and the application of artificial intelligence (AI). From automating manual and redundant tasks within patient access, coding, billing, and collections to applying…
Healthcare News of Note: The top 5 reasons U.S. adults say the nation’s healthcare system fails to meet their needs
Nearly three-quarters of adults say the U.S. healthcare system is not meeting their needs in some way, with the length of time to get an appointment the No. 1 reason. The top benefit of using remote patient monitoring during cancer care is to keep the care team up to date on symptoms in between appointments,…