Management decisions and financial capability.
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Accounting↗
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How well is your staff positioned for denials management?
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Financial Management, Hospital↗
International Federation of Clinical Chemistry Education Division and International Union of Pure and Applied Chemistry Clinical Chemistry Division Commission on Teaching of Clinical Chemistry. Guidelines (1988) for training in clinical laboratory management.
Trainees in laboratory medicine must develop skills in laboratory management. Guidelines are detailed for laboratory staff in training, directors responsible for staff development and professional bodies wishing to generate material appropriate to their needs. The syllabus delineates the knowledge base required and includes laboratory planning and organisation, control of operations, methodology and instrumentation, data management and statistics, financial management, clinical use of tests, communication, personnel management and training, and research and development. Methods for achievement of the skills required are suggested. A bibliography of IFCC publications and other material is provided to assist in training in laboratory management.
Chemistry, Clinical↗
International Federation of Clinical Chemistry (IFCC), Education Division. Guidelines (1988) for training in clinical laboratory management.
Trainees in laboratory medicine must develop skills in laboratory management. Guidelines are detailed for laboratory staff in training, directors responsible for staff development and professional bodies wishing to generate material appropriate to their needs. The syllabus delineates the knowledge base required and includes laboratory planning and organisation, control of operations, methodology and instrumentation, data management and statistics, financial management, clinical use of tests, communication, personnel management and training, and research and development. Methods for achievement of the skills required are suggested. A bibliography of IFCC publications and other material is provided to assist in training in laboratory management.
Chemistry, Clinical↗
Patients and purse strings. Patient classification and cost management.
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Financial Management↗
1984 A.B.A. presidential address: burn unit success--a problem of management.
In summary, the burn unit succeeds or fails on the basis of managerial capability. Managers are responsible for accumulating resources, educating personnel, maintaining morale, and integrating the burn unit with the rest of the hospital. Moreover, it has become apparent that burn unit managers must become financial managers as well, if we are to: 1) maintain reasonable resources for the conduct of research; 2) participate in a variety of health delivery systems; 3) curtail health delivery costs; 4) maintain the current excellence of clinical care in an efficient manner; and 5) guarantee access of patients to the burn care delivery system at a cost that the country can afford.
Administrative Personnel↗
Home care quality management. Where are we now? Where do we go from here?
This article is the first of a series of three focusing on key management processes in home care--quality management, financial and information management, and, service and human resource management. The articles examine the current state of practice in Ontario and suggest a desirable future state. In this first article, home care is defined and a brief description is provided from a national and provincial perspective. Quality is also defined and the drivers for quality in home care outlined. Using a framework of key principles, the current home care program is assessed and conclusions drawn about where it sits on the quality continuum. Activities to move home care closer to true quality management are then suggested for the province, community, and service provider levels.
Canada↗
Financial ratios: clues to the big picture of a hospital's fiscal health.
With trustees, investors, regulatory agencies, and others paying close attention to hospital finances, healthcare financial managers must detect problems before they grow out of control. Liquidity, capital structure, activity, and profitability ratios can provide pieces to the puzzle.
Financial Management↗
How investors evaluate the creditworthiness of hospitals.
Responding to health care's turbulent economy of the 1980s, investors in hospital bonds have revised the way they conduct a hospital credit analysis. This new thinking is reflected in a 10-step method that examines the hospital's operating margin and cash from operations; its Medicare and Medicaid receivables; occupancy and admission levels; security provisions of the bond; and other important factors. Healthcare financial managers can use the analysis as a guide to self-assessment.
Accounts Payable and Receivable↗
Finance and marketing: birth of a profitable relationship.
As competition increases, the finance and marketing departments must work together to increase market share and improve the bottom line. If financial managers understand the functions of the marketing department, they can create a mutually beneficial and profitable relationship.
Financial Management↗
Measuring the effect of illness severity on revenue under DRGs.
Hospital financial managers have come to recognize that to profitably operate a hospital under DRGs, they must consider factors other than length of stay. They must also look at illness severity, medical care effectiveness, and treatment efficiency. It is therefore advantageous to develop a method that measures the effect of admission severity on DRG payment and provides information on medical care effectiveness and treatment efficiency improvements. The method described in this article, the admission severity measure, allows the manager to consider both these quality and cost issues.
Costs and Cost Analysis↗
Four methodologies to improve healthcare demand forecasting.
Forecasting demand for health services is an important step in managerial decision making for all healthcare organizations. This task, which often is assumed by financial managers, first requires the compilation and examination of historical information. Although many quantitative forecasting methods exist, four common methods of forecasting are percent adjustment, 12-month moving average, trendline, and seasonalized forecast. These four methods are all based upon the organization's recent historical demand. Healthcare financial managers who want to project demand for healthcare services in their facility should understand the advantages and disadvantages of each method and then select the method that will best meet the organization's needs.
Decision Making, Organizational↗
Defining medical record and finance department relationship.
The role of the medical record department has become more crucial under DRGs. Timeliness and accuracy of clinical data has become critical to the hospital's financial success. As a result, a new relationship is forming between the finance and medical record departments. It is therefore important that the financial manager understand the operation of this department to make that new relationship a strong one.
Abstracting and Indexing↗
From go-go to hospital CFO.
Before making her mark as a chief financial officer and rising notable in the Healthcare Financial Management Assn., Bonnie Phipps spent part of the 1960s as a rising notable in The Peppermint Rainbow, a rock group that enjoyed Top-10 popularity and a gig on "American Bandstand."
Financial Management↗
Clinical & financial operations. Partnership for quality.
PPS has brought to the forefront the "patient care vs. dollars" tension that has long existed between the clinical and financial functions. Recognition of the legitimacy of this very natural tension is critical to successful clinical and financial management under PPS. Clinical and financial staff members who recognize the interdependencies of their functions and work collaboratively will likely view themselves as members of one interdisciplinary team. An organization that can achieve this major shift in corporate culture will also achieve its most sought after goals.
Aged↗
Conflict of interest and the banker-trustee.
While hospitals benefit from banker board members' advice, they need to avoid the potential conflict-of-interest situations arising from financial decision making that may involve such members' institutions. Two effective ways of doing this are developing directives to be carried out by the hospital's financial manager and stimulating competition among financial institutions for the hospital's business.
Commerce↗
Reducing the cost of health care capital.
Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.
Capital Financing↗
Technology: a growing cost in knee implant surgeries.
The number of knee implant surgeries performed in the United States tripled between 1981 and 1987. While prosthesis costs for knee implants continue to soar, Federal reimbursement has remained at a relatively fixed level since 1983. Healthcare financial managers need to understand the technology, cost, and quality issues involved with knee implants. An implant that has a 10-year life may be well worth the extra money it costs.
Cost-Benefit Analysis↗