Cost reporting in the time of COVID-19 could have an impact on hospital payment
The changes due to the COVID-19 pandemic that hospitals must report in their annual cost reports will be pervasive throughout the reported data. Given that CMS and some state agencies use cost reports i9nformation to establish future rates, it is critical that hospitals exercise heightened due diligence in preparing their cost reports throughout the public health emergency.
Financial Sustainability Report: August 2021
The August 2021 issue of the Financial Sustainability Report, sponsored by Kaufman Hall, explores the impacts of COVID-19 on hospital cost reporting and financial statements, and why a hospital’s future payment levels may depend on its due diligence around these processes today.
Latest financial metrics indicate continuing challenges for hospitals
As COVID-19 hospitalizations increased, some volumes took a hit and margins remained tight.
How 3 healthcare organizations are focusing on access and transparency to drive revenue cycle performance
Three winners of HFMA’s 2021 MAP Award share their innovative and effective strategies to build a strong revenue cycle amid uncertainty.
News Briefs: CMS plans to reinstate policies pertaining to the inpatient-only and ASC covered-procedures lists
A roundup of the top news affecting healthcare finance professionals.
Current financial reporting practices inhibit healthcare policymaking, researchers say
Creation of a national database with information from health systems’ audited financial statements would give policymakers a better sense of how to respond to financial trends, according to researchers.
61% of hospitals say future compliance with price transparency will impact financial processes: HFMA poll
An HFMA-Strata survey found 61% of hospitals and health systems are revamping financial processes in light of price transparency.
Healthcare News of Note: Many hospitals report patient volumes returning to 2019 levels in June and July after lag in the early part of the year
Healthcare News of Note for healthcare finance professionals is a roundup of recent news articles: Hospital admissions are returning to 2019 levels, patients expect better provider communication, and most nurses are comfortable recommending the COVID-19 vaccine to patients.
How to engage with patients where they are by balancing automation with the human touch
As provider organizations develop sophisticated automated systems, they should also make sure patients always have an opportunity to talk with a real person in the organization, because patients tend to be drawn to organizations where they feel a personal connection. Providers should address this patient need by having dedicated staff whose role is to personally engage with patients.
Boldly promoting health equity is key to a better tomorrow
HFMA National Chair Tammie Jackson says healthcare finance professionals must take bold steps to address health disparities and social determinants of health.