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January 2015 Newsletter

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January 2015 Newsletter First Illinois HFMA’s First Illinois Chapter Newsletter January 2015 Highlights and Recap First Illinois Chapter Events begin on page 21 News, Events & Updates In This Issue A Message from Joseph J. 1 A Message from Joseph J. Fifer, FHFMA, CPA Fifer, FHFMA, CPA HEALTHCARE FINANCIAL MANAGEMENT ASSOCIATION PRESIDENT AND CEO President’s Message 3 New Year’s Resolutions– 4 I’ve had a song stuck in my head for the past several effort, we established four new Affinity Groups, From HFMA Members to You days. And, as annoying as it can be to have Andy including payer health economics executives, Utilization of Healthcare 6 Williams on a continuous loop, I have to agree with academic medical center CFOs, physician practice Services Special Report him—this really is the most wonderful time of the administrators and value chief strategy officers. Medicare Physician Fee 10 year. From the festivities to the food to the family I am pleased to report that we continue to provide Schedule Announcement: gatherings, there are many reasons to love the holiday An Annual Tug of War? our members with much-needed best practices for season. It’s also a perfect time to take stock of the the ever-changing healthcare industry. This year, we Expanding the Provider Mix; 11 past year and to recognize those who’ve taken this added two new Value Project reports to encompass Transitioning the Use of APRNs journey with us. and Other Physician Extenders value-focused acquisitions and affiliations as well as Three Ways Healthcare 13 Looking back over the past 12 months, it’s clear that physician engagement and alignment. Providers Can Improve Their we’ve made significant progress in our quest to lead A task force led by HFMA, made up of healthcare Underpayment Detection and the financial management of health care. I am in awe leaders and consumer representatives, reached Resolution Processes of your achievements and amazed by your passion a consensus on how consumers can obtain 5 Lessons in Applying 15 and commitment to the association. I would like to clear and easy-to-understand information about Predictive Analytics Within take a moment to share my thoughts on some of our a Hospital their financial obligation for healthcare services. key accomplishments. You and Your 340B Program: 16 Their recommendations are set forth in the Price Are You Compliant or Confused HFMA articulated a “three circles” strategy to reflect Transparency in Healthcare report, which has earned us a spot on a list of price transparency movers Administration to Bar Insurance 18 the convergence taking place in the industry. This Plans Lacking Hospital Coverage strategy signifies our commitment to promoting and shakers published by George Washington University. In addition, a working group of the task Cost, Funding for Ebola 19 collaboration among the three stakeholder groups Preparation Evolving who play a major role in achieving the Triple Aim: force developed Understanding Healthcare Prices: payers, physicians, and hospitals. In support of this Consumer Guide, a resource for consumers that Chapter News, Events 21 and Updates (continued on page 2) Welcome New Members 27 Sponsors 29 A Message from Joseph J. Fifer, FHFMA, CPA (continued from page 1) is offered to patients as an online resource by hundreds of In lieu of sending print cards, HFMA has made a donation to the Ronald providers and other healthcare organizations. McDonald House near Lurie’s Children’s Hospital (Chicago) and the I would like to thank all who participated—your contributions Ronald McDonald House Charities of Greater Washington DC. The Ronald have been invaluable. McDonald houses provide a “home away from home” for families whose children are receiving treatment at nearby hospitals. We continued our work with patient financial communications. HFMA took pride in rolling out the Patient Financial As you gather with your families and friends, I wish you joy and peace Communications Training Program. This online educational this holiday season. Many blessings to you and yours during this most resource addresses an unmet need in the marketplace and wonderful time of the year! All my best—Joe elevates financial interactions with patients to the importance they deserve. Information about all of our published reports can be accessed at hfma.org. HFMA ended FY2014 with more than 40,000 members, including a record increase in student memberships. Our membership continues on a healthy track for FY2015, and we anticipate ending the year with over 40,000 members. Our members realize the value of the products and services HFMA Joseph Fifer offers—they are proud to be a part of the “HFMA Family.” Reflecting the importance of reaching beyond our core membership, we increased the publication frequency of Leadership, the magazine that highlights collaborative efforts to redefine and redesign healthcare delivery. The print magazine circulation is more than 75,000 stretching across the C-suite and other healthcare leaders, in hospital, physician, and payer settings. More than 500 organizations now participate in HFMA’s MAP App online tool for improving revenue cycle performance. In 2014, we recognized 19 hospitals and health systems with MAP Awards for High Performance and Performance Improvement in Revenue Cycle. Starting next year, physician practices will also be eligible for MAP Awards. Our educational impact continues to be impressive, equating to more than half a million education hours per year. The majority WRITING OFF BAD DEBT is delivered at the local level by our HFMA-strong network of MAY BE COSTING YOU 68 chapters and 11 regions. At the national level, we introduced the Value Summit, an interactive program that enabled finance MORE THAN YOU THINK. leaders to operationalize value in their own organizations and share their value journeys with their peers. Luckily there are alternatives that can lead to reduced costs, increased efficiency & more cash flow. It’s important to mention that HFMA has moved to the next level on the national stage. From presentations to agencies like the Federal Trade Commission and the Consumer Financial Protection Bureau to filing a Supreme Court amicus brief, we are making our voice heard—now more than ever. Get your revenue cycle back in gear. As 2014 draws to a close, I’m sure you’ll agree that we all have much to celebrate. You have made everything we do with our members and our business partners possible. I am grateful for the important role you play in helping shape HFMA in becoming the recognized leader in healthcare finance. I’m excited about Visit capiopartners.com or call 813.380.9277 what lies ahead and, together, I’m confident we’ll raise the bar even higher in 2015. 2 n First Illinois Speaks n www.FirstIllinoisHFMA.org President’s Message integrated healthcare liability risk specialists insurance programs for hospitals/healthcare entities, ProAssurance.com As we continue to meet the challenges in our part of the healthcare physicians, and ancillary healthcare providers world, we can feel fortunate that we belong to an industry that is exciting and robust. The First Illinois Chapter of HFMA continues to reach for new ways to provide resources to its 1,400 members. The chapter year is half over as we enter 2015. FIHFMA will provide over 17,000 education hours by the time we hit June. It is very exciting for the board and officers to be able to see the results of our efforts as 400 attended our last educational program, the Fall Summit. So what is in store for 2015? Have you made your plans and goals? Are you looking to advance your career into new territory? The chapter is bustling with programs and events. The Managed Care Program takes place at the end of January, and the Spring Summit is set for April. A myriad of free webinars are scheduled and can be found on our web site. And there are some fun social events on the horizon. In February, the chapter is hosting our second Certification Practicum. The free training and testing allows you to achieve the CHFP designation, a highly sought after and prestigious recognition. Please visit www.firstillinoishfma.org for all of the happenings this year. I am truly humbled and proud to lead the chapter through the rest of this year. However, it takes a strong team to execute the strategic plan. Many thanks to all of the committee chairs and members, board members and fellow chapter officers, Adam Lynch, Mary Treacy-Shiff and Brian Katz. We also acknowledge the chapter sponsors who continue to support FIHFMA. Please let us know what you are thinking about and how we can meet your needs. I look forward to seeing all of you at the next event! Carl Pelletieri 2014 – 2015 First Illinois, HFMA Chapter President Contact Carl at 312-906-6063; [email protected] www.FirstIllinoisHFMA.org n First Illinois Speaks n 3 New Year’s Career Resolutions—From HFMA Members to You BY VICKIE AUSTIN nother new year is upon us and what better time to reflect on our “To continually improve quality and care processes, and to eliminate Acareers? To help you ignite your own career this year, I asked HFMA waste and reduce costs, we need a fully integrated team that is rowing leaders, “What is the one thing you recommend HFMA members do to in the same direction. We need to value and rely on the expertise and advance their careers in 2015?” input of all key stakeholders,” Kari said. With my hearty thanks to those who responded, here’s some sage She added that “financial leaders should be model developers of advice from your fellow HFMA members on how to take your career to relationships to ensure the success of their organizations—and their the next level in 2015: careers!” Help Others Carl Pellettieri, principal of Impact Healthcare Services and president of Paula Dillon just made a big transition from this First Illinois chapter’s board of directors, couldn’t agree more.
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