Tell me about four ways in which financial information is used in your health care organization:
• Barcellona states that holding operational leaders accountable is the most important way that financial information is used in a health care organization. A CFO needs to ensure that we are using our resources effectively in a hospital. The second way is to ensure the outside community that we as a hospital are managing our assets effectively. Additionally, we have to maintain financial viability and productivity, especially in terms of the Affordable Care Act (ACA) and growing concerns of Medicaid and Medicare reimbursement.
• A hospital also uses financial information to tell a story to their donors. They are the ones who drive better treatment outcomes and help the hospital remain in the top 10 of NIH funding. Finally, financial information is used to negotiate with payers about the cost of delivering care. Patients and insurance companies need to understand the costs and structure of payments in the health care world and being more transparent in our financial documents will help achieve that.
Tell me about three of the most important financial challenges facing your health care organization:
• The impact of ACA and healthcare reform is the biggest challenge that Barcellona sees facing …show more content…
Barcellona stressed that if we can find a way to be ahead of the curve in this regard, similar to the Mayo Clinic model, we can truly save our hospital millions of dollars. We also need to move away from Medicare and Medicaid reimbursement. Barcellona describes how high acuity needs to be the focus for long-term care of all our patients. The last major opportunity is the field of genomics. Pediatrics is a special discipline where we can provide the appropriate level of care to children when they are born because of genetic testing. This can save time and money that other specialties may not have the ability to focus
• Barcellona states that holding operational leaders accountable is the most important way that financial information is used in a health care organization. A CFO needs to ensure that we are using our resources effectively in a hospital. The second way is to ensure the outside community that we as a hospital are managing our assets effectively. Additionally, we have to maintain financial viability and productivity, especially in terms of the Affordable Care Act (ACA) and growing concerns of Medicaid and Medicare reimbursement.
• A hospital also uses financial information to tell a story to their donors. They are the ones who drive better treatment outcomes and help the hospital remain in the top 10 of NIH funding. Finally, financial information is used to negotiate with payers about the cost of delivering care. Patients and insurance companies need to understand the costs and structure of payments in the health care world and being more transparent in our financial documents will help achieve that.
Tell me about three of the most important financial challenges facing your health care organization:
• The impact of ACA and healthcare reform is the biggest challenge that Barcellona sees facing …show more content…
Barcellona stressed that if we can find a way to be ahead of the curve in this regard, similar to the Mayo Clinic model, we can truly save our hospital millions of dollars. We also need to move away from Medicare and Medicaid reimbursement. Barcellona describes how high acuity needs to be the focus for long-term care of all our patients. The last major opportunity is the field of genomics. Pediatrics is a special discipline where we can provide the appropriate level of care to children when they are born because of genetic testing. This can save time and money that other specialties may not have the ability to focus