— Now that healthcare reform has been enacted, healthcare providers should assess their readiness to operate under the new requirements of the legislation.
Healthcare reform is predicted to have a significant impact on healthcare providers’ revenue stream, specifically in cuts to Medicare and Medicaid payments, penalties for not meeting quality criteria, and reduced payments from commercial payers who will be struggling with mandated coverage and competing with government facilitated health insurance exchanges. But, do hospitals and health systems have the processes and systems in place to deal with these challenges?
Plante & Moran has developed the following Top Ten Checklist for hospitals and health systems to help them assess their readiness for addressing health reform:
- Does your organization have the knowledge, skills and commitment to assess and respond to risks and opportunities in healthcare reform?
- Have integration and alignment strategies between physicians and the hospital been developed to address new requirements, including quality provisions along the continuum of care?
- Have you developed a quality and outcomes dashboard?
- Have key operational, financial and quality benchmarks been established and agreed upon at the executive and board levels?
- Do you have an active, evolving strategic plan?
- Do you have a current information systems strategic plan?
- Have you benchmarked the hospital/health system’s debt structure, debt capacity, and credit rating?
- Does your organization have core competency in revenue cycle activities, including the status of major commercial payor contracts, and RAC audits?
- Do you have an ongoing health care reform education plan for your board and leadership team?
- Have you developed a community benefits reporting status and strategic plan in anticipation of new regulations?
For more information on how your hospitals or healthcare organization can assess its readiness and strategize for the future, visit plantemoran.com.