powerhealth ondemand webinar with franklin memorial hospital cfo
DESCRIPTION
Webinar slides from PowerHealth OnDemand Sept. 13th webinar "Real Life" executive experiences with adopting Value Based Reimbursement Models." with guest speaker Wayne Bennett, CFO of Franklin Memorial, a community hospital in Farmington, Maine. Wayne discusses cost accounting and bridging the hospital-physician integration dilemma to understand true cost of patient care, as well as cutting waste and ACO adoption.TRANSCRIPT
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PowerHealth Solutions Proprietary. All Rights Reserved © PowerHealth Solutions 2010
Wayne BennettChief Financial Officer
September, 2012
OnDemand Customer Spotlight:
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What We Will Cover
➾ HFMA’s Value Project➾“Defining and Delivering Value” HFMA’s Value Project : Phase 2 <www.hfma.org/valueproject/>
➾ HFMA’s Recommended Capabilities to Prepare for the New Payment Environment
➾ The Business Performance Management Imperatives
➾ Franklin Memorial Hospital’s Journey
➾ About PowerHealth OnDemandTM
➾ Q&A
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The sole hospital network serving Franklin County, Maine
• Located in foothills of the west central Maine region
• Population 40,000 with average of just 17 persons per square mile
65 bed Franklin Memorial Hospital
Franklin Health
• 50 employed primary and specialty care physicians
Evergreen Behavioral Health Services
NorthStar Emergency Medical Services
Healthy Community Coalition
Designated as one of “Healthcare’s Most Wired” Hospitals
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PowerHealth Solutions Proprietary. All Rights Reserved © PowerHealth Solutions 2010
HFMA Value Project at Franklin Memorial Hospital
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HFMA Value Project
“Of all the transformations reshaping American health care, none is more profound than the shift
toward payment for value.”
Source: Defining and Delivering Value HFMA’s Value Project : Phase 2
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Key Takeaways: 1) Transition to Value-Based Economics is the future (high risk to those not prepared)
2) Major Trend in managing complex data Integration (“Big Data”)
3) 50% of Hospitals don’t have proper Business Intelligence platform
HFMA Value ProjectRisk Integration Use of BI
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Key Takeaways: 1) > 50% of Hospitals require integration of Cost and Quality (growing concern)
2) Knowing Cost and deploying suitable methodology is imperative
3) Must have BOTH to be successful
HFMA Value ProjectData Integration Understand Your Business
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4 Capabilities
1. People and Culture
2. Business Intelligence
3. Performance Improvement
4. Contract and Risk Management
Major Take Away: Don’t Wait!
Source: Defining and Delivering Value HFMA’s Value Project : Phase 2
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People & Culture
“The ability to collaborate, effectively manage change, communicate a value message, and create accountability to value-driven goals”
Keys to enabling Value within People and Culture:
• Become a strategy focused organization
• Manage change through increased communications (CEO & Board, etc.)
• Create an environment where people can collaborate to advance the organization’s strategies
• Must have trusted information to share – empower users to answer their own questions
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Business IntelligenceThe ability to collect, analyze, and connect quality and financial data to
support organizational decision-making
• Identify internal trends of cost growth and facilitate comparisons to evidence-based standards of care
Keys to Creating a Sound Performance Management Program
• Accurate Cost Accounting Principles• Agile & cost effective
• Trusted and routinely available
• Bridging Hospital Data with Physician Encounter Information• View entire Cost and Profitability Continuum of Care (Must Have!)
• Create “A Single Version of the Truth”
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Performance Improvement
Ability to eliminate clinical variation, unsafe practices, and waste• Work on standardization with visibility and goal-setting
Keys of Value to Performance Improvement
• Eliminate clinical variation
• Communications to refine efforts and enforce best practices
• Enable end user access to answer their own questions in real time
What You Must Have:
• Ready access to trusted information
• No overhead or lag-time to support your decisions
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Performance Improvement
Key Takeaway: > 40% have no experience for managing population health programs
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Contract & Risk Management
The ability to assess the potential risks and benefits of acquiring other providers or engaging with them contractually to build a value-focused network.
• Predict and manage different forms of patient-related risk under different payment methodologies.
Keys to Value for Contract & Risk Management
• Understand population-specific drivers of utilization and cost
• Identify actionable leverage points for influencing these drivers
What You Must Have
• Greater precision in costing
• Reliable, on demand reporting to support your decisions
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Contract & Risk ManagementGetting Ready for Outcomes-Based Payment
Key Takeaway: Finance organizations don’t appear to be ready for looming change
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PollSurvey Question #1
What is holding back your organization from gaining access to Trusted data and
information?
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Survey Question #2
If you had access to a complete view of your Hospital business and
Physician encounters data, would this benefit managing your organization?
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PowerHealth Solutions Proprietary. All Rights Reserved © PowerHealth Solutions 2010
Our Approach
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Gap analysis
• Small gap in People & Culture
• Significant gap in BI, No Cost Accounting, and Contract & Risk Management
• Acquisition of physician practices
- Lack of integration between Hospital (Meditech) and Physician Encounters (eCW) to view complete picture
• No cost accounting system
- Unable to easily access, integrate and analyze data
- Cost, ongoing maintenance and overhead of running and processing was real issue
- No ability to link multiple sources for 1 version of truth
• Identified Gap in Performance Improvement (in process/future state)
• Identified Gap in Contract and Risk Management
Conclusions:
1) Now…..must develop HFMA Value Project’s 4 Capabilities
2) Looking forward…..embrace strategic agility & explore strategic partnerships
Franklin’s Journey
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PowerHealth Solutions Proprietary. All Rights Reserved © PowerHealth Solutions 2010
PowerHealth OnDemand
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Cloud-Ready Access
Franklin’s Platform (today) What’s possible (tomorrow)
GeneralLedger
Patient Accounting
Market Share Data
Operating Room
Emergency Dept
Quality Outcomes
Scheduling
OnDemand IntegrationTM
• Access• Logic• Best Practices
PowerHealth OnDemand Platform
Materials Mgmt
Labs PharmacyICD CodingAdmits Discharges
Physician Mgmt
Radiology
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Service Line PerformanceUnderstand Your Business
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Emergency DepartmentLean Performance Improvement for Operations
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Financial PerformanceKnow Your Detailed Cost, Budget, and Profitability
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Patient AnalysisSpot Your Cost & Reimbursement Risks
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Physician PerformanceReimbursement, Cost, Utilization,
Volume etc.
Text
R.A. Daley, MD
Text
Costs by Physician
Daley
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Quality PerformanceVisualize Your Quality Outcomes
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Length of Stay PerformancePerformance Improvement for Operations
Text
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Readmissions PerformanceFocus on Quality Outcomes
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Questions?
Shift from Volume to Value• 4 Capabilities
• Focus strategy on value
• Subscribe to trusted systems to support decision making
• Understand total cost of care per patient across the continuum
• Eliminate clinical variation
• Identify population-specific drivers of utilization and cost
• What’s important: Don’t Wait!
Q&A Session
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PowerHealth Solutions Proprietary. All Rights Reserved © PowerHealth Solutions 2010
Thank you!Contact Us:
Phone: (303) 330-3967
Email: [email protected]
Web: www.powerhealthondemand.com