Winter Issue

January 2014


whatever it takes logoThe Maine Chapter of HFMA is continuing its newsletter contest!   
Congratulations to Karen Clark from Redington Fairview General Hospital on winning the October newsletter contest! 
 
(For contest details, check out the right panel below) 
 

Message from the President,

  

Greetings Maine Chapter of HFMA Members: 
 

Anne Cloutier

I hope that 2014 is off to a great start for all you.  I would like to thank the members who took the time to complete the Annual HFMA Chapter Survey in November.  We received one of the highest response rates amongst all of the chapters.  The results indicate that 67% of our members are either very satisfied or extremely satisfied overall with the Maine Chapter.  While we are very pleased that this exceeds the 60% satisfaction goal established by National HFMA , the more valuable information provided by the survey is the detailed feedback given by you, our members.  Chapter leadership is continually looking at ways in which we can improve the benefits and services we provide to membership.  The insight provided in the survey will be a key tool utilized in planning the education programs and overall direction of the Chapter in next year.  Leadership will begin planning in April for the 2014-2015 Chapter year, if you have additional thoughts on how we can continue to improve the Chapter please feel free to contact me or any chapter officer.  Thank you all for your support and participation in our Chapter, it is truly what makes us a success.

 

In the upcoming quarter, the Chapter will be providing two valuable educational programs.  The Certification Webinar Series will begin on February 5th and is a free five part series.   Even if you are not interested in participating in the certification exam, the course provides an excellent overview of healthcare finance including revenue cycle, budgeting and forecasting, contract management, financial reporting and internal controls. The second program, offered in March, is a Lean Revenue Cycle Training Workshop.  The two day conference, presented entirely by the Healthcare Excellence Institute, will focus on the lean and six sigma methods to improve financial performance and decision making.  Please visit the Maine Chapter website www.mainehfma.org for registration and further information.

 

Also in the coming weeks, we will be asking for your vote as we elect the officers and board members to serve the Chapter in the next year.  Prior to the election, information on the candidates will be made available.

 

Thank you to our members, sponsors and volunteers for your contributions to our Chapter. As always, if you have any questions or concerns about the Chapter, or are interested in becoming more involved please contact me.

 

 

Sincerely,

     

Anne Cloutier  

President Maine Chapter HFMA  

 

Top 10 New Year's Resolutions for Hospital CFOs

 

By Lewis D. Bivona Jr., CPA, AFE, Partner , WithumSmith+Brown, CPAs

 

It appears that 2014 will bring another year of challenges to the hospital industry. Fifteen states have exchanges up and running on their own without the problems being experienced at the Federal level.  The federal government that has set up jointly managed or direct exchanges is old news and deeply troubled by IT and other issues. The panacea of affordable care for all is doubtful in that it is anticipated that most younger eligible are shying away from the exchanges while, as expected, those older and patients with health issues  are flocking towards the plans.  

 

 

CMS issues proposed 2015 rule for Medicare Advantage program

 

The Centers for Medicare & Medicaid Services issued a proposed rule for private Medicare Advantage and Part D prescription drug plans beginning in contract year 2015, which the agency said would save $1.3 billion over five years. The proposed rule includes a host of technical and policy changes. According to a CMS factsheet, key changes include new criteria for identifying protected classes of drugs; changes to promote competition in Part D plans and ensure meaningful plan choices; and changes to the regulatory definition of negotiated drug prices, among other provisions. In addition, CMS proposes to expand prevention and health improvement incentives for beneficiaries, implement a variety of fraud and abuse enhancements, and increase the agency's authority to remove poor performing plans from the MA program. The rule will be published in the Jan. 10 Federal Register with comments accepted through March 7.
 
For more information, click here 
Save The Date - 2014 Region 1 Annual Conference
 
 
  
  Three Tracks to Choose from:
  • Revenue Management
  • Payment & Reimbursement
  • Healthcare at the Crossroads

 

Keynote address by Donald Berwick, MD, Former Administrator, CMS; Founding CEO, Institute for Healthcare Improvement

 

Capstone address by Fred Lee, Author of "If Disney ran your hospital: 9 1/2 things you would do differently"

 

Register by February 28th to receive last year's early registration rate!

 

For more information click here

 

HFMA Issues 'Best Practices' for Medical Debt Collection

 

The Healthcare Financial Management Association recently issued "best practices" for medical debt collection. Developed by a task force of health care providers and others convened by HFMA and ACA International (Association of Credit and Collection Professionals), the practices seek to provide patients with a thorough understanding of what to expect during the payment and collection process. They call for developing consistent, coordinated policies for account resolution so collection agencies and others are governed by a provider's board-approved policies; developing appropriate channels and practices for patient communications and account resolution; reporting back to credit bureaus when accounts are resolved; and tracking consumer complaints. 

 

For more information, visit hfma.org/medicaldebt 

New Member Spotlight

 

Name: Eric French

Position: Financial Analyst, Lincoln County Healthcare 

 

Q: In your mind, what's the best way to keep a competitive edge?

 

A: In my opinion, the best way to keep a competitive edge is to remain adaptable and encourage change. Falling a victim to the "That's the way we have always done things" adage will prevent an organization (or person) from staying relevant in a quickly changing business environment.

 

Q: What do you like best about your job?

 

A: I am a self-proclaimed Excel junkie. I enjoy the challenge of writing complex formulas and working with large amounts of data.

 

I also look forward to budget season each year. Sitting down with each manager and developing their annual budgets gives me a great understanding of each department and how they operate. The knowledge you can gain during this process is invaluable.

 

Q: What is your favorite book/hobby?

 

A: My favorite hobby is, without a doubt, to play golf. I started playing golf in middle school as my secondary sport to basketball. Shortly after high school I realized that golf is a sport that you can enjoy your whole life. It is relaxing, provides great exercise, and gives me an outlet for my competitive spirit.

 

Q: What did you want to do when you were a kid?

 

A: Like most kids, I had some pipe dreams of what I wanted to be when I grew up (basketball player, astronaut, etc.). Starting in middle school, I really started to recognize that I enjoyed math and working with numbers. My calculus teacher in high school pushed me to pursue the engineering field, but I felt drawn towards the world of finance. I feel that I made the right decision in my career path as I continually feel enriched in my career.

 

Q: What is your passion in life?

 

A: My passion in life is to provide a home for my family. I have a beautiful wife and an amazing (and rambunctious) 2 year old daughter. I feel very fortunate to have such a great family and try to spend as much time as possible with them. Providing a good home and allowing them to enjoy some luxuries in life is what pushes me so hard in my career.

 

Interviewed by Geanette Treadway, Southern Maine Healthcare

Certification Coaching Webinar Series 

 

Interested in HFMA's Certification exam?

The Maine HFMA is offering four $200 scholarships to the first four Maine Chapter members who pass the exam!

To assist with the Certification exam process, the Maine Chapter of HFMA will also be sponsoring a free Certification Coaching Webinar Series.

Additional study materials are now available online for easy and convenient access. To make things even easier for our members, Maine Chapter of HFMA has access to the online materials which are available for purchase at a discounted rate (optional - not a required part of this free course)

When: Wednesdays, February 5th thru March 5th 
Time: Noon - 1:00 P.M.

Topics to include: Revenue Cycle, Budgeting and Forecasting, Financial Reporting, Internal Controls, Disbursements and Contracting.

Content will include direct instruction, discussion and sample questions

If interested, contact Lisa Trundy at [email protected]

 

The Value of Certification

 

Many healthcare organizations in today's challenging economy recognize their workforce as their most valuable asset.  As such, these organizations tend to hold workforce development as a primary business strategy.

 

Investment in developing the talents, knowledge and skill sets of staffs are critical to the organization's success. HFMA's Healthcare Financial Pulse research identified this dynamic and noted that successful organizations today commit to the "bread and butter" of financial management, i.e. technically strong and comprehensive financial management.

 

Likewise, many individual financial managers today recognize the importance of assuming personal responsibility for their careers' success. More than ever before, individuals understand the importance of acquiring and maintaining comprehensive skill sets to ensure their ability to provide the financial management demanded today. These individuals frequently seek out relevant professional development opportunities.

 

The larger business environment resulting from these forces is a heightened interest in workforce development initiatives including certifications and credentialing. Credentialing programs have exploded across the past couple of decades and include:

  • professional associations offering certifications
  • community colleges offering curriculum-based certificates
  • corporate sponsored in-house credentials for employees
  • technology companies providing proprietary credentials to customers

HFMA certification provides a fundamental business service to our industry, namely HFMA certification offers:

  • Assessment of job-related competency
  • The opportunity for an individual to demonstrate skills and knowledge
  • Independent verification of the skills and knowledge
  • Confirmation that an individual is current in the practice field

The value of HFMA certification can be seen in several reported "value-adds":

  • Increased departmental cooperation
  • Heightened self-confidence among participants
  • Increased performance against selected metrics
  • Verification of staff knowledge and skills
  • Assistance in structuring career paths

HFMA is committed to being the indispensable resource that defines, realizes and advances healthcare financial management practice.  As such, HFMA provides professional certifications to achieve this purpose in today's business environment. This makes HFMA Certification a smart workforce investment strategy.

 

For more information on HFMA Certification visit http://hfma.org/certification

Chargemaster Functions and Compliance 

 

Gina L. Hobert, MBA, CHC, CPC-I, CEMC

Senior Manager, Baker Newman Noyes

  

A hospital chargemaster (CDM) is a hospital specific computer file that includes all hospital procedures, services, supplies, and drugs that are billed on the Uniform Bill UB-04 Claim.  Each line item is made up of corresponding data items.  Most chargemasters are made up of several thousand line items.  Depending on the system used, each department may have their own list of items or facilities may share one master list.

                                  

For Full Article click here 

CFO Spotlight:  

Michael Hachey, CFO at Mercy Hospital, Portland  

The Changing Tide of Healthcare in Maine

 

 

Submitted by: Christina Maguire-Harding

 

Michael Hachey, CFO at Mercy Hospital in Portland, Maine took time to answer questions for the Beacon.   Michael has been in Healthcare Finance for more years than either of us wanted to admit and his business acumen is well known among his peers.   Interestingly you will learn about his recent experience as part of the merger between Mercy Hospital and Eastern Maine

Healthcare Systems which further demonstrated his acute finance abilities and ongoing commitment to our industry, his views of healthcare in this changing environment, his passion in life and his ongoing "hope" for major league fame.

  

BEACON: What's new and exciting happening at your hospital?

 

HACHEY: Well, the most exciting new development is our affiliation with EMHS.  This past October, we finalized the transition of ownership from Catholic Health East to EMHS.  We're now engaged in all of the work surrounding operational integration.  The biggest change that impacts everyone at Mercy is the transition to the Cerner-Siemens IT platform from our Meditech system.  We are also consolidating certain Accounting, IT and HR functions.  Although the changes have and will be challenging and difficult, it's great to be working with many old friends I have met in the past through HFMA and MHA functions; it's a wonderful group of people throughout EMHS.


BEACON: What is it like to work in your hospital?

 

HACHEY: From the day I started at Mercy in 2003, I was struck by the people and the consistent commitment to our mission.  The people genuinely care about our patients and provide the best in patient care with special concern for the poor and disadvantaged.  I'm blessed to work with such dedicated, kind and competent people.

 

BEACON: How do you feel about the move in healthcare to the "second curve", value versus volume?

 

HACHEY: I'm sure I'm like a lot of people who intuitively believe this transition has to happen for the health care system not to bankrupt our country while still delivering the care our communities need.  At the same time, I know I have a lot of company in not fully understanding how we will transition to that future state while nearly all of the incentives in the health care system still encourage volumes.  It's yet another reason for Mercy becoming part of EMHS in that scale will matter in making that leap to value.

 
 

BEACON: What are some of your personal priorities for your hospital this year?

 

HACHEY: Like a lot of hospitals and health systems, we have experienced a few challenging financial years.  I see the fruits of our labors surrounding primary and specialty physician network development, revenue cycle improvements and cost containment initiatives creating a more stable financial platform.  Improved performance is critically important to taking the next steps in our efforts to consolidate campuses to the Fore River location. 


BEACON: How would you describe your leadership philosophy?

 

HACHEY: The manner in which you achieve results is as important as the results themselves.  If you achieve results in such a way as to grow people's skills and reflect the respect and reverence that you have for them, you are actually building trust and the foundation for future success.  Through the entire effort, integrity has to be beyond reproach.  For me, integrity is not just honesty in your dealings; It means being completely transparent as to motives and biases.  Integrity also means being dependable, doing what you say you are going to do.

 

BEACON: What has been your toughest business decision in your career?

 

HACHEY: Whenever you decide to terminate an individual's employment, there really is nothing more difficult as a leader.  Even when you know it's best for the organization, and possibly for the individual also, you still know your impacting a person's life and their family.  You have to have the courage to do the right thing for your organization, but it doesn't make it any easier.  In fact, if it gets easy for a leader, he or she should probably do something else.


BEACON: What do you like best/worst about your job?

 

HACHEY: I love the people.  I have been blessed to work with great people wherever I have been.  I've got life-long friends through those connections.  I also love the challenges.  We are not burdened by working in an industry where boredom is ever a problem.  There are always new opportunities to pursue and changes to manage.

 

BEACON:  What did you want to do when you were a kid?

 

HACHEY: A major league baseball player.  There wasn't ever any chance of that happening, but if the Red Sox are looking for a 50-year old lefty with a 62 mile per hour fastball, I'm their guy.

 

BEACON: What is your passion in life?

 

HACHEY: My ladies, Lisa, my wife, and I are in our 28th year of marriage, and I have two daughters - Leah, 25 and Grace, 19.  I'm very proud to be their Dad.

 

BEACON: What are your favorite book/hobbies?

 

HACHEY: Team of Rivals by Doris Kearns Goodwin.  Lincoln is the person in history I admire the most, and the book really captures his wisdom.  I pulled together a neighborhood men's book group a few years ago (we call it Books & Brews).  We read history or biographies and get together once a month at a local watering hole.  It's a good time.

 

BEACON:  What is your favorite Maine Chapter of HFMA event?

 

HACHEY: I always enjoy the Annual Meeting (although I've not been able to attend as regularly as I like).  It's great catching up with old friends, and the programs have been very good.

 

In This Issue
Top 10 New Year's Resolutions for CFOs
New Proposed Rules for Medicare Advantage Plans
Save the Date - 2014 Region 1 Annual Conference
HFMA Issues "Best Practices" for Medical Debt Collection
New Member Spotlight
Certification Coaching Webinars
The Value of Certification
Chargemaster Functions
CFO Spotlight
eBeacon Contest
Thanks to Our Sponsors
New Members
Upcoming Events
Free Membership Opportunity
Free Webinars
Quick Links
Newsletter Contest
The Maine Chapter of HFMA is continuing its newsletter contest!  
  

 

The National HFMA has announced a new theme for the upcoming year -

"Whatever It Takes".

 

 

As you read the newsletter, look for this logo:

 

whatever it takes logo   

 

 It could be ANYWHERE so make sure to click on the full article links as you search for the logo. Once you find it, send an e-mail with your name and the location of the logo to Natasha Erb at [email protected].

 

 You could win a $50 gift certificate to L.L. Bean!!

 

 

All entries must be submitted by February 14th. A winner will be drawn on February 17th, 2014.

 

 

Happy reading! 

 

Thanks

To Our

Sponsors

GOLD SPONSORS

 

BNN

 BDM

e-management
maine recovery
Thomas agency
  

 

SILVER SPONSORS

 

DANA
BKD

 

BRONZE SPONSORS

 

Bangor

 

 

Welcome New Members!

 

Mallory Pollard

Controller

Sebasticook Family Doctors

 

Eric French

Financial Analyst

Lincoln County Healthcare

 

Christine Scott

Lead Accountant

The Aroostook Medical Center

 

 

Upcoming Education Events

Save the Date

 

March 13 & 14th, 2014

Lean & Six Sigma Revenue Cycle Workshop
Senator Inn, Augusta
 
 
May 14 & 15th 
Region 1 Annual Conference
Mohegan Sun Casino, Uncassville, CT

  

 

Free Membership Opportunity!

Here's an offer no one can refuse-HFMA's 2014 Virtual Conference. Not only can non-members who register for the Virtual Conference earn up to 12 CPE credits, if they are new to HFMA, a free membership is included in their $155 registration fee. That's less than $13 per CPE and you reap the benefits of the free membership-it's a win-win!

The 2014 Virtual Conference will offer four live events: Feb. 5, April 24, Sept. 18, and Dec. 16. Each date will offer new education content including a keynote presentation, a session that presents the latest findings from HFMA's Value project and a real-world case study that provides solutions to improve the quality of care and reduce costs.


TAKE ADVANTAGE OF

FREE HFMA WEBINARS

 

 

February 11, 2014

Beyond ICD-10: Are You Ready for What's Next? 

2:00 to 3:30 pm CST

  

 

February 12, 2014

HFMA's E2 Learning: Helping Facilities Educate Staff and Elevate Performance  

2:00 to 3:30 pm CST

 

 February 20, 2014

How to Develop and Maintain Supply Chain Transparency and Control 

2:00 to 3:30 pm CST


  February 26, 2014

Understanding The Implications of Medicare's Physician Value-Based Payment Modifier

2:00 to 3:30 pm CST

 

March 12, 2014

Navigating and Safeguarding the 340B Federal Drug DIscount Program

2:00 to 3:30 CST

 

 

To access full list of educational webinars click here: http://www.hfma.org/webinars/

 

  
ME HFMA Newsletter Committee 

Natasha Erb, chair, 207-779-2284,  [email protected] 

 

Laurie Melanson, committee member, 

[email protected]

 

Stephanie Richio, committee member,

[email protected]

 

David Kennedy, committee member,

[email protected] 

 

Christina Maguire-Harding, committee member,

[email protected]

 

Next e-Beacon
April 2014
  

Did you miss a Beacon publication? Visit Maine Chapter of HFMA website to view past issues:

 

Past Newsletters

 

 

 

We are always looking for new ideas and content to improve our newsletter. If you would like to join the Newsletter Commitee or would like to submit comments or ideas, please contact Natasha Erb at [email protected]