WEBINAR: Health System Finance Strategy
Health System Finance Strategy: Solutions to Revenue Degradation and Collections Challenges
Today’s hospital reimbursement has any number of challenges: declining government reimbursement, an unpredictable state and federal regulatory environment, shifting demographics/payer mix, and self-pay and collections issues. Hospitals and health systems are facing these and other risks that can each cause dramatic shifts in their revenue model. Such trends will increasingly require leaders to consider how they will be paid for patient care services, often by site of care. The uncertainty around these revenue drivers creates significant risks for provider organizations, but also unprecedented opportunity to redefine and shape operating, clinical care, and revenue models for the years to come. Traditional hospital incremental change approaches will yield inadequate returns and only increase financial, operational, and competitive risk. Transformative change must be highly focused and sustained. A core objective for successful providers today is to develop a Strategy-Led Transformation plan that can help navigate towards an integrated, clinical excellence model for tomorrow. This webinar will introduce attendees to several current, transformative adaptations that can help shift their revenues and collections in positive directions and help prepare them for the evolving revenue climate.
Learning Objectives:
• Understand the pace and degree of revenue degradation most provider systems are facing in today’s market
• Discuss how many health systems are addressing revenue shortfalls through rapid, and sometimes dramatic/disruptive initiatives to address cost infrastructures and operating expenses
• Understand how things are priced/paid for from a strategic standpoint
• Develop pricing for new/innovative procedures
• Leverage data assets on price decisions
• Discuss current trends reports and discern abnormalities versus changes that are here to stay
• Review strategies to mitigate bad debt and improve collections in today’s climate
Speakers
Jeff Leibach is Director with Navigant's Healthcare Strategic Solutions team, supporting clients as they manage the financial and strategic challenges in today's rapidly changing healthcare landscape. Jeff's areas of expertise include managed care negotiations, pricing and reimbursement analytics, and aligning clinical and financial leadership as providers and payers weigh the transition from fee-for-service to value-based care. Jeff has led development of several of Navigant's proprietary analytic models that create actionable insights from large claims data sets. Additionally, Jeff leads training programs for health care executives focused on managed care strategy, value-based care, and negotiations independently and in collaboration with the Kellogg School of Management.
Timothy Kinney is a managing director with Navigant. A founding partner of McKinnis Consulting Services, which was acquired by Navigant in 2016, Timothy is responsible for strategic direction of the practice, engagement leadership, and human capital management. He has experience in business development, client relationship management, and engagement delivery. Over the course of his career, Timothy has led numerous large scale revenue cycle engagements at academic medical centers, multi-facility health systems, community hospitals, and physician groups. He is a recognized Revenue Cycle expert and has deep EHR knowledge. He has assisted clients with system selection, pre-live risk mitigation, and post-live system optimization. Timothy also served as interim vice president of revenue cycle for a multi-hospital health system in California. Prior to founding McKinnis Consulting Services in 2009, Timothy was a manager at a leading healthcare consulting firm based in Chicago.
Rich Silveria a finance leader with more than three decades of experience in health care, is executive vice president and chief financial officer of the University of Chicago Medical Center. He oversees finances for the medical center and its Community Health and Hospitals Division, which includes the recently merged Ingalls Health System. Silveria has extensive experience managing health care payment models and financial operations in academic medical centers. Since 2010, Silveria has served as the senior vice president of finance and system CFO of Boston Medical Center, a $2.9 billion health system that includes an academic medical center, a faculty practice group and a health plan. Silveria helped guide Boston Medical Center through a financial turnaround from a projected loss in fiscal 2010 to an operating gain in fiscal 2013, putting the system on a strong financial foundation. He was instrumental in evaluating Boston Medical's opportunities for growth and formulating strategies that have enabled it to thrive. Prior to Boston Medical Center, Silveria spent 12 years as corporate director of revenue finance at Partners HealthCare in Boston.