Financial Analysis Archives - Page 5 of 9 - BHM Healthcare Solutions

5 Changes Implemented by a Florida Hospital to Improve the ER

2017-04-02T13:28:28-04:00By BHM Marketing|Clinical Operations Improvement, Financial Analysis, Services|

For most healthcare systems, the ongoing dilemmas surrounding streamlining emergency room services are some of the most challenging in the industry today. Since ER’s can really make or break hospital’s patient satisfaction scores, and therefore, reimbursement, tackling these challenges sooner rather than later is probably in the best interest of most hospitals - one Florida hospital has already completely overhauled the concept of emergency room care through clinical operations and is now setting a high bar for ERs around the country.

Eeny Meeny Miney Money | Understanding Fee for Service Alternatives

2017-04-02T13:28:28-04:00By BHM Marketing|Accountable Care Organizations, Financial Analysis, Health Care Reform, Managed Care, Services|

When we look at the fee-for-service model from only one perspective, it’s easy to condemn it as “the reason” healthcare spending has spiraled out of control. When it comes to how providers bill for services, having the ability to bill for anything and everything could, and certainly did, encourage the ordering of too many tests and procedures, even unnecessary ones. The idea of value-based payment models not only encourages providers to make more mindful choices, but cost-effective ones too. It also challenges healthcare systems, pharmaceutical companies and patients to be even more vigilant about healthcare costs. Fees are relative to each party involved.

A Three Pronged Approach to Organizational Analysis

2017-04-02T13:28:30-04:00By BHM Marketing|Accountable Care Organizations, Clinical Analysis, Financial Analysis, Managed Care, Medicare and Medicaid, Operational Analysis, Organizational Analysis, Readmissions, Services|

When was the last time your organization performed a SWOT analysis? If you aren’t familiar with SWOT (strengths, weaknesses, opportunities and threats) it’s a widely used strategy in many industries, not just healthcare, for identifying areas for improvement. You can break SWOT down even further: Strengths: What sets your hospital apart from all the rest? What can you offer that makes you competitive? Weaknesses: What puts your hospital and employees at a disadvantage compared to other hospitals? What of these factors can you change? Opportunities: How can you show your strengths to others? Threats: What could cause big trouble for your hospital or employees?

Measuring Physician Productivity Through RVUs

2017-04-02T13:28:31-04:00By BHM Marketing|Financial Analysis, Physician Compensation, Services|

When it comes to the financial bottom line, medicine has evolved to be a business. While this certainly creates a host of difficulties, it also means that those who are charged with monitoring the overall financial success of an organization are privy to the use of standard business models for assessing productivity- particularly where physician productivity is concerned. Since we are moving toward value-based payment models for physician compensation, finding a way to assess and track physician’s productivity is one of the most pressing issues for healthcare organization’s in this time of great reform. However, how productivity is measured is going to vary grately depending on the size of the organization, the demographic of patients treated, and what the financial benchmarks will be during a given fiscal year.

How Telehealth Will Support the Triple Aim

2017-04-02T13:28:32-04:00By BHM Marketing|Financial Analysis, Population Health, Telehealth and Telemedicine|

You’ll recall that the Centers for Medicare and Medicaid has adopted the concept of The Triple Aim to serve as a guiding light for healthcare organizations to improve patient outcome measures. The Triple Aim has three interlocking components: 1. Improving the patient experience of care (patient satisfaction) 2. Improving the health of populations 3. Reducing the per capita cost of healthcare It probably seems fairly intuitive that these three measures would be theoretically connected. If you can improve patient health at a population level, you’ll reduce the need for costly and often unnecessary services; and if you achieve positive patient outcome measures, you’ll be reducing readmissions. This equals reduced cost.

5 Values You Should Value in Physician Compensation Models

2017-04-02T13:28:32-04:00By BHM Marketing|Financial Analysis, Physician Compensation, Quality Improvement Programs, Services|

When it comes to shifting models of physician compensation, there are many considerations ,and at times, it can be difficult to decide where your focus, as a physician or a payer, should be. As we move toward value-based payment models, we might want to consider what values already exist within our healthcare organizations that will be reflective of this shift - and by supporting them, we can lead the charge to newer payment models.

3 Ways Providers Optimize the “Pay-for-Performance” Model of Care|Doctor’s Channel

2017-04-02T13:28:33-04:00By BHM Marketing|Financial Analysis, Health Care Reform, Physician Compensation, Services|

As part of BHM’s new partnership with The Doctor’s Channel, Anthony Grimaldi, BHM’s Senior Vice President Provider/Hospital Division, speaks about optimizing Pay-for-Performance models in healthcare. The Doctor’s Channel specializes in short, interesting video clips (generally 2 minutes or less) that educate doctors and other medical professionals on nearly any specialty imaginable. The vast video library also has many segments and series that are eligible for CME, making it an excellent resource for providers.

Studies Show ACOs Are Succeeding in 2014

2017-04-02T13:28:33-04:00By BHM Marketing|Accountable Care Organizations, Financial Analysis, Health Care Reform, Health Insurance, Physician Compensation, Services|

Accountable Care Organizations are cropping up nationwide. With over 10 million patients covered by Obamacare, the pressure is on for hospitals to acquire ACO status. Accountable Care Organizations were a hot topic of conversation at the beginning of the year, 15 million patients had coverage under an ACO in the U.S. Now, midyear, a new report shows that the number has jumped up to over 20.5 million.

5 Ways Healthcare Delivery System Has Changed Forever |BHM Joins The Doctor’s Channel

2017-04-02T13:28:34-04:00By BHM Marketing|Financial Analysis, Health Care Reform, Physician Compensation|

I don’t know if you are familiar with The Doctor’s Channel or not, but The Doctor’s Channel offers free video CME, medical news, and physician education. Featuring insights and opinions from experts in over 50 specialties, as well as community and lifestyle features that help doctors stay on top of the latest news, ideas and information. The time-saving site includes short one- to two-minute streaming video clips designed to get to the point, and allows doctors to learn from each other – fast.

3 Collection Leverage Strategies | Maximizing Bad Debt Collections

2017-04-02T13:28:34-04:00By BHM Marketing|Financial, Financial Analysis|

The best bad debt collection strategy utilizes three leverages, which "motivate" patients to pay a delinquent bill. 1. Independent Third-Party | Collection Leverage The first is the involvement of an independent third-party. Collection agencies create a situation where the debtor may or may not know what the collection agency is going to do to collect the debt. I call this the threat of the unknown. This creates an environment, which motivates some account holders to resolve their debt quickly and amicably.

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Financial Analysis in Healthcare