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Healthcare Innovation Authors: Progress Blog, LeanTaaS Blog, Yoel Knoll, Mark Hoover, Ram Sonagara

Related Topics: Healthcare Innovation Journal, CFOs in Technology

Article

The Health of U.S. Healthcare

The role of the CFO is becoming more difficult and crucial to the success of a hospital or healthcare service center

With Healthcare reform driving national attention to record levels of uninsured patients, the role of the CFO is becoming more difficult and crucial to the success of a hospital or healthcare service center. Due to the public eye scrutinizing this level of a corporation, CFOs across the healthcare industry are meeting in Miami for the CFO Healthcare Summit 2010 this October. The driving focus from attendees is to understand the right revenue cycle implementation and what is the most cost effective Supply Chain Management (SCM) procedures that can give their respective organizations a competitive edge.

Raising issues of this caliber needs to be relevant for a private insurance environment as well as an increasingly socialized medical environment. For this reason representation from private institutions like Catholic Health East or the Baylor Health Care System, as well as leadership from uniquely positioned public systems like Cleveland Clinic or the NYU Langone Medical Center will be present at the Fairmont Turnberry.

One of the unifying topics, Revenue Cycle Solutions, stands as a key talking point due to the need for financial departments to lower the number of days a payment stays in the receivables account. What was seen as the back end for dropping a bill has the ability of becoming a more comprehensive service between the patients calling in to determining eligibility.

PNC Bank is taking the time to explain that revenue cycle management is a great solution for developing this area but they also take a relationship component and add it to the model. What PNC are looking to propose is unity across both the insurance side as well as the healthcare provider side. This could allow healthcare institutions to receive quicker confirmations on eligibility from the insurance side as well as having sufficient processing systems internally.

Looking at revenue cycle management solutions is great, but what interested executives like Janice Ridling,VP of Revenue Cycle at Baptist Health System, is developing questions of efficiently training staff about the increased capabilities these solutions can provide and how internal policies regarding patient financial responsibility can streamline the process.

Financial departments in healthcare institutions need to juggle more than one system on a daily basis and another focus area that looks at saving money through Supply Chain Management. Steve Huckabee the Corporate Vice President of Supply Chain Management at Kettering Health Network has deployed targeted tactics as a way to enhance the network's position for increasing revenue and growing market share.

Those tactics include creating a sourcing environment allowing physicians product choices while achieving cost savings; creating a research environment for physician-scientists to engage in the science side of healthcare to complement their expertise; and creating a full continuum-of-care model that is an alternative source of revenue which engenders a strong referral relationship.

Healthcare in the US is constantly in a state of movement, but there are certain undeniable constants in the market place that hold true whether or not new policies are adopted. For this reason revenue cycle management and supply chain management solutions are at the forefront of the topics being discussed in Miami. Standing as a testament to the health of the healthcare industry is the ability for competitors and colleagues alike to openly discuss the mutual obstacles that occur on a yearly basis, so the market itself can maintain stability whether change takes place or not.

More Stories By John Funnell

John Funnell has worked in online media for over ten years, after achieving his First Class BSC Hons Degree (BBC Sponsored), John won Bos 18-21 Princess Trust Entrepeneur of the year at 21, setting up Clean Living Records Ltd (including www.BeatReview.com) with great success having many acts that charted in Europe and Canada. After selling the business John looked for a new challenge and joined GDS International, having a successful career in sales and Delegate acquisition, he worked up to Event Director EMEA, forging contacts with some of the biggest technology names in the world, this lead to John having a lead role in the creation of MeettheBoss.com and MeettheBoss.tv – the worlds largest business IPTV channel. John then took over as Marketing and Communications Director and ran a multifaceted global Marketing team for GDS International in New York, Sydney, Kuala Lumper and the UK.. John joined Global in 2011 with the challenge of supporting its growth by developing a solid Marketing foundation through various Digital, PR and brand initiatives.