On Sept. 12 members of the Responsive Health team engaged with CFOs and other c-level healthcare executives to discuss leading fiscal topics in healthcare at the NJHFMA’s Regulatory and Reimbursement Update Conference. Responsive Health VP of Corporate Development, Pavan Choksi, and the company’s new VP of Sales, Mark Cittadino, engaged in several discussions focused on value-based care initiatives and their budgetary implications for health systems.
“It’s buzzworthy in 2017 to talk about the switch from fee-for-service to value-based care, but people typically don’t go into the weeds to discuss how that switch changes the way c-level executives view their financials,” Choksi said. “Events like this provide a rare forum to better understand the latest rules and regulations to maximize reimbursements and improve overall financial performance.”
Front and center at the conference were discussions around CMS’ final ruling on the Medicare Inpatient Prospective Payment System for the 2018 fiscal year. Steve Frankenbach, the Senior Director of Network Reimbursement at St. Luke’s University Health Network, led a discussion that included a detailed explanation of how acute and long-term care hospitals are affected by the ruling. Frankenbach outlined how specifications in the new ruling, which go into effect for all discharges starting Oct. 1, will create an estimated increase of $2.4 billion in Medicare revenue.
Brian Herdman, who serves as the Operations Manager for Financial Reimbursement Services at CBIZ KA Consulting Services, spoke about how the patient experience has changed under value-based care. According to Herdman, hospital staff now must take into careful consideration a patient’s preferences when implementing post-discharge care. This represents a paradigm shift from the traditional system under the fee-for-service model, when care was strictly left to the discretion of a healthcare provider with little to no input from a patient’s perspective.
Attendance at the conference allowed Choksi and Cittadino to build the relationship between Responsive Health and NJHFMA further. Responsive Health recently contributed a comprehensive article to the Summer 2017 quarterly edition of NJHFMA’s Focus Magazine. That article served as a call to action for practitioners to prepare for the looming MARCA/MIPS deadlines in order to avoid penalties and collect maximum reimbursement.