Imagine Tomorrow - Washington-Alaska HFMA · Imagine Tomorrow • Identify top trends facing the...
Transcript of Imagine Tomorrow - Washington-Alaska HFMA · Imagine Tomorrow • Identify top trends facing the...
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Kevin F. Brennan, FHFMA, CPA
2018-19 Chair, HFMA
Principal, SunStone Consulting
Imagine Tomorrow
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• Identify top trends facing the healthcare industry.
• Articulate the importance of imagination and innovation when it comes to opportunities for improving the financial management of health care.
• Describe current HFMA initiatives designed to help finance professionals succeed in their efforts to make a difference in today’s healthcare industry.
Learning Objectives
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Industry Trends
DIGITAL SOLUTIONS
Global Trends
Political and regulatory
Economic trends
Societal trends
Technology trends and innovations
Payment & Delivery Model
Trends
• Healthcare reforms
• Budgetary restraints
• Federal debt and deficit
• Industry Consolidation
• Costs rising again
• Healthcare as a percentage of GDP
• Consumerism • Technological innovations
• Shift FFS to payment for value
• Experiments abound
• Social determinants of health a new focus
Implications
Healthcare Finance TomorrowFuture of Revenue Management
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Consumerism
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6
Why consumers are critical for building a sustainable healthcare system
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The Healthcare Consumer Today
SOURCE: CBO projections (Jan and Sept. 2017), KFF 2017 Employer Health Benefits Survey; NHE Fact Sheet 2016. Kaiser The Financial Burden of Health Care Spending
1 For individuals 19-64, with or without an HSA/FSA/HRA; HDHP defined as $1300 or above
2 For single coverage, across firms, for in-network services
3 For non-Medicare households. The figure for Medicare households is 14%
72-112 MillionWho will buy their own health plan in 2020
59 MillionWho are in high-deductible health plans1 in 2017, up from 54M in 2016
28%Consumer share of national healthcare expenditure (2016)
9%CAGR in average annual health plan deductible2 (2006-2017)
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The Healthcare Consumer Today
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Consumerism: Now and in the Future
Digital consumerPatient-centric care delivery
Next-gen product design
Today
Source: McKinsey & Company
Segmentation and pricing of choice
Consumer cost sharing
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Consumerism: Now and in the Future
Understandable medical bills
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11
• Make basic information more accessible
• Increase cooperation between plans and providers
• Decrease forms and questions
• Improve price transparency
• Simplify bureaucracy
• Encourage shared decision making
• Increase patient satisfaction
• Improve the patient experience
Overcoming Barriers to Consumerism
Source: HFMA Report: Healthcare 2020, Report 2, Consumerism. www.hfma.org
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HFMA’s Consumerism Resources
www.hfma.org/consumerguide
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Economic Trends
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How is health care spending projected to change?
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• Moody’s:
FY17 smallest operating margins ever recorded at 1.6%
• MedPac:
Medicare profit margins fell to -9.9% in 2017
• Gallup Survey:
Uninsured rate highest since 2014
Hospital Margins Under Pressure
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16
Study: Value-Based Payment Has Yet to Reduce Total Cost of Care…Increased VBP penetration was not associated with a slowdown of
growth for either Medicare or commercial costs.
Source: Growth of Population-Based Payments is Not Associated With a Decrease in Market-Level Cost Growth, Yet, Adapted from Leavitt
Partners/HFMA/McManis Consulting report, June 2018. leavittpartners.com/tcoc
1.7
%
2.8
%
3.6
%
4.3
%
5.0
%
5.6
%
$4,887 $4,969
$1,602
$2,289
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
$6,000
0%
1%
2%
3%
4%
5%
6%
Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14
Med
icar
e Se
mi-
An
nu
al C
ost
s
VB
P P
enet
rati
on
Period
National VBP Penetration National Semi-Annual Costs National Commercial Costs
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17
…In Part, Because Strong Financial Incentives Aren’t There
Most organizations are pursuing upside risk.
Within commercial plans, respondents receive payment from…
51%
33%
17%
0%
10%
20%
30%
40%
50%
60%
Bonus only Bonuses and value-basedreimbursement
Purevalue-based
reimbursement
Source: Embracing New Payment Models: Challenges, Opportunities, and Strategies for Improvement. Results from the 2017 HFMA Value-Based Payment Readiness Survey Sponsored by Humana.
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Reducing Total Cost of Care Requires Better Analytics. It is a Top Unmet Need for CFOs.
Source: Kaufman Hall. 2018 CFO Outlook. Performance Management Trends and Priorities in Healthcare.
1 2 3
of senior healthcare financial
executives state that their
organizations should do
more to leverage financial
and operational data to
inform strategic decisions.
1 2
have either cost measurement
tools they describe as too
simplistic or as sources of
inaccurate data, or no tools
in place at all.
1 2
view peer financial
benchmarking activity as
important, yet just 56 percent
are benchmarking their
organizations’ performance
against industry peers.
84%70%90%
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Hospital M&A Transactions Continue to IncreaseN
um
be
r o
f ac
qu
ired
ho
spit
als
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Capital, Market Share, and Cost Efficiencies are Top M&A Drivers
Source: HFMA 2017 survey of executives involved in M&A transactions
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21
Acquired hospitals are most likely to succeed if leadership:
• Develops a strong strategic vision
• Has explicit financial and non-financial goals
• Holds leadership accountable for integration efforts
• Identifies cultural differences between organizations
• Makes clear and upfront decisions
• Aligns clinical and functional leadership early
• Follows best practices for integration
• Implements project management best practices
HFMA Deloitte: Hospital M&A: When done well, M&A can achieve valuable outcomes October, 2017
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Technology and Innovations
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What innovations are most likely to help stakeholders achieve the triple aim goals and transform health care over the next 10 years?
Top 10 health care innovations: Achieving more for less
Next-generation sequencing (NGS) Virtual reality (VR)
3D-printed devicesLeveraging social media to
improve patient experience
Immunotherapy Biosensors and trackers
Artificial intelligence (AI) Convenient care
Point-of-care (POC) diagnostics Telehealth
Innovations that will most likely
achieve more for less in health
care
Source: Deliotte Center for Health Solutions
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And what about mobile phone diagnostics?
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Healthcare Startups are Addressing Specific Problems and Unmet Needs Across the Value Chain
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Population health demands a new model of care delivery to improve quality and efficiency of care.
Innovation will drive success
New care delivery model
Enabling technology and
analytics
Matching resources
to Intensity of
services required
Team-based care
and collaboration
Engaging
consumers
to improve patient
compliance
Pre-paid
reimbursement
Physician/caregiver
collaboration
platform
Telemedicine and
virtual care
Wearables
Home care
Source: 2018 Deliotte Development LLC – Health Care 2018
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Revenue Cycle
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Billing and Payment Falls Far Behind Experiences in Other Industries
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Revenue Cycle Today
EnrollmentPrecertification/ Second Opinion
Medical Necessity
Non-coveredSite of Service
Financial Counseling
Charity Care
Coding
Charge Posting
Billing – Hospital v Professional
ACO’s/Bundling
Contract Maintenance
Clean Claims – First Submission
Timeliness – Secondary Insurance, MVA, Work Comp
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Technology continues to evolve at a rapid pace with transformational impact within health care and revenue cycle.
RCM Technology Transformation & Innovation
Natural Language
Processing (NLP)Artificial
IntelligenceMachineLearning
Blockchain / Distributed Ledger
CollaborationTechnologies
RoboticProcess
Automation
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Revenue Cycle Tomorrow
• Simplicity
• Quality/Integrity of Data
• Automation
• Artificial Intelligence/Machine Learning
• Integrated Information Technology
• Real Time Connectivity
• Remote Online Capabilities
• Mobile Devices Everywhere
• E-Commerce
• Education Employee & Patient
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Payment & Delivery Model Trends
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• Enhancing integrated delivery system
• Investing in an EHR
• Creating advanced medical homes
• Pursuing patient-friendly billing practices
• Improving the patient experience through innovation
• Piloting a social determinants initiative targeting food
insecurity
Geisinger Delivery Innovations
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Implications
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35
• New capital allocation approaches
• Cornerstone of strategy, finance, and analytics
• Robots eliminate shared services
• Cloud everywhere and the dominant platform
• Amazon’s “Alexa” provides instant information
• Process leadership is a profession
• Artificial intelligence processes big data
• Finance professional as strategist
The Art of the Possible for FinanceFinance as we know it today will be radically different in 10 years
Source: KPMG Looking at the future of finance
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The CFO response
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Leading finance organizations have developed an agenda to deal with disruption
Agenda in response to operating model disruption:
• Approaching disruption at the organizational level• Fundamental economics behind disruption• Maintaining an Innovation portfolio
• Disciplined innovation process and structure
Innovation enablement
Increasing role in innovation
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HFMA is Imagining Tomorrow
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HFMA Collaborative Efforts: The Strategy
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Physician/clinical areasAmerican Organization of Nurse Executives
National Academy of Medicine (formerly Institute of Medicine)
Institute for Healthcare Improvement/National Patient Safety Foundation
American Association for Physician Leadership
Health insurance plansAmerica’s Health Insurance Plans
Alliance for Community Health Plans
National Association of Insurance Commissioners
Society of Actuaries
Purchaser/employer/consumer
perspectiveCatalyst for Payment Reform
Community Catalysts
Leapfrog Group
National Business Group on Health
Hospital and health systemsAmerican Hospital Association
Association of American Medical Colleges
Catholic Health Association of the U.S.
Federation of American Health Systems
National Rural Health Association
Standard-setting bodiesFinancial Accounting Standards Board
Governmental Accounting Standards Board
Regulatory agenciesCenters for Medicare & Medicaid Services
Department of Health and Human Services
Internal Revenue Service
Department of Treasury
HFMA Partners
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• Large System CFO Council
• Large System Revenue Cycle Council
• Large System Controller Council
• Physician Practice Executive Council
• Health Care Economics Professional Council
• Bundled Payment for Care Initiative Council
• Financial Analytics Council
• Strategic CFO Council
• Academic Medical Center CFO Council
HFMA Affinity Groups
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HFMA Educational Strategy: Contemporary Learning and Professional Development
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Reinventing the HFMA Business ModelSTRATEGIC DESIGN MANDATES
Digitally transform the HFMA business model and
member experience
Ensure easy to access
and use content, tools,
education, etc.
Move from content
abundance to curation
Provide personally /
professionally
meaningful community
Make membership an
engaging experience, not
a cadre of transactions
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Source:HFMA Internal - 2018
MEMBERSHIP TIER
VISITOR (UNAUTHENTICATED) GUEST/FREE PROFESSIONAL
BUSINESS
PARTNER
BUSINESS
PARTNER+
Price Free Data $425 $425 $495
BENEFITS
Personalization ● ● ● ●Content
Selective,
showcase limited
content as desired
Limited: 3 content
pieces per month ● ● ●Certifications
A la carte
(account required,
not membership)
A la carte ● ● ●Communities ● ●Chapter ● ● ●Tools & Solutions ● ● ●Discounts on
Live Events ● ● ●Daily Dose ● ● ●
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Cu
rati
on
an
d E
ase o
f U
se
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Ease o
f A
ccess –
All
-in
-on
e
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Ease o
f A
ccess –
All
-in
-on
e
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Cu
rati
on
an
d E
ase o
f U
se
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Co
mm
un
ity
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Moving From Transactions to Experiences
Collaborative opportunities &
communities to actively
belong & engage
Easily find & discoverrelevant information
Accesswhat you need when you need it
Navigatethe complex healthcare
environment
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The evolution is coming
JAN2019
All-in-One
FEB/MAR2019
Heartbeat
MAY2019
Launch
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