Companies seem to still be determining what respective value remote versus in-person work offer to their organization. Where any given organization lands on this issue depends on a number of factors, and though strong opinions abound, it isn’t an easy question to navigate.
From my vantage point as a financial executive in the healthcare industry, I believe virtual financial services offer tremendous value to organizations—to a point.
Read MoreBy Pamela J. Gallagher
Hospitals and health systems have spent the past decade responding to patient and government demands for increased price transparency, and the demand only continues. While the healthcare industry has made strides in ensuring patients know the cost of their care up-front, consumer expectations are growing to include that hospitals should be able to explain how their costs are determined.
Read MoreBy Pamela J. Gallagher
Patients have been begging for affordability for decades, and the healthcare industry’s reluctance to innovate and adapt to patient demands has left a door open for retailers to move into the healthcare business. I believe this will be great for healthcare, but potentially disastrous for health systems.
Read MoreBy Pamela J. Gallagher
The Health Insurance Portability and Accountability Act, more commonly referred to as HIPAA, has been in effect for nearly two decades. In that time, no crisis has challenged the fabric of those regulations like the COVID-19 pandemic.
Read MoreBy Pamela J. Gallagher
Whether in reports from journalists, briefings from government officials, or socially-distanced conversations with next-door neighbors, “unprecedented” seems to be the word on everyone’s lips these days.
It is certainly true that in the United States, we have not experienced anything quite like the societal, economical, and public health impacts of COVID-19 in our lifetime. However, if we look into the not-too-distant past, we see that today’s events are not entirely unprecedented, and that the past may offer perspective to the healthcare industry as we find a way forward.
Read MoreBy Pamela J. Gallagher
For some hospitals, the close of the fiscal year comes with a sense of dread—it’s time to run the gauntlet of another audit.
Though audit requirements vary based on whether a hospital is public or private, for-profit or nonprofit, audits are an inescapable reality for every hospital. The audit process can feel like an irritation, yet another project to add to an already full plate, but audits also bring an opportunity to develop stronger accountability and transparency within the organization.
Preparing for an audit can be daunting, but it doesn’t have to spell disaster for your organization. There are steps healthcare executives can take today to allow a smooth audit process down the road.
Always be prepared.
The best way for your hospital to prepare for an audit is to always be audit-ready. Of course, this is easier said than done, especially if financial credibility and accountability haven’t been made a priority across all levels of the organization. It’s only when you haven’t been keeping up with your finances that an audit is a potential issue for your organization.
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