Financial Management Strategies for Hospitals and Healthcare Organizations: Tools, Techniques, Checklists and Case Studies, 1st Edition (Hardback) book cover

Financial Management Strategies for Hospitals and Healthcare Organizations

Tools, Techniques, Checklists and Case Studies, 1st Edition

Edited by David Edward Marcinko, Hope Rachel Hertico

CRC Press

358 pages | 23 B/W Illus.

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pub: 2013-09-05
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Description

In this book, a world-class editorial advisory board and an independent team of contributors draw on their experience in operations, leadership, and Lean managerial decision making to share helpful insights on the valuation of hospitals in today’s changing reimbursement and regulatory environments.

Using language that is easy to understand, Financial Management Strategies for Hospitals and Healthcare Organizations: Tools, Techniques, Checklists and Case Studiesintegrates prose, managerial applications, and regulatory policies with real-world case studies, models, checklists, reports, charts, tables, and diagrams. It has a natural flow, starting with costs and revenues, progressing to clinic and technology, and finishing with institutional and professional benchmarking. The book is organized into three sections:

  1. Costs and Revenues: Fundamental Principles
  2. Clinic and Technology: Contemporary Issues
  3. Institutional and Professional Benchmarking: Advanced Applications

The text uses healthcare financial management case studies to illustrate Lean management and operation strategies that are essential for healthcare facility administrators, comptrollers, physician-executives, and consulting business advisors. Discussing the advancement of financial management and health economic principles in healthcare, the book includes coverage of the financial features of electronic medical records, financial and clinical features of hospital information systems, entity cost reduction models, the financial future of mental health programs, and hospital revenue enhancements.

Reviews

Navigating a course where sound organizational management is intertwined with financial acumen requires a strategy designed by subject-matter experts. Fortunately, Financial Management Strategies for Hospital and Healthcare Organizations: Tools, Techniques, Checklists and Case Studies provides that blueprint.

—David B. Nash, MD, MBA,Jefferson Medical College, Thomas Jefferson University

It is fitting that Dr. David Edward Marcinko, MBA, CMP™ and his fellow experts have laid out a plan of action in Financial Management Strategies for Hospital and Healthcare Organizationsthat physicians, nurse-executives, administrators, institutional CEOs, CFOs, MBAs, lawyers, and healthcare accountants can follow to help move healthcare financial fitness forward in these uncharted waters.

—Neil H. Baum, MD, Tulane Medical School

Table of Contents

COSTS AND REVENUES: FUNDAMENTAL PRINCIPLES

Managerial Medical Cost Accounting, Structure, Modeling, and Behavior; David Edward Marcinko, and Hope Rachel Hetico

Understanding Medical Activity–Based Cost Management; David Edward Marcinko

Lean Hospital Materials Processes and Throughput Costs in an Increasingly Tightened Economic Market; Adam Higman, Brian Mullahey, Kristin Spenik, and Jerzy Kaczor

Managing and Improving the Hospital Revenue Cycle Process; Carol S. Miller and David Edward Marcinko

CLINIC AND TECHNOLOGY: CONTEMPORARY ISSUES

Financial and Clinical Features of Hospital Information Systems; Brent A. Metfessel

Community and County Mental Health Programs of the Future; Carol S. Miller

Internal Audit Control Measures for Medical Practices and Clinics; Gary L. Bode and David Edward Marcinko

The Early Promise of Health 2.0 to Enable Wellness, Improve Care, and Reduce Cost in Support of Population Health Management; Jennifer Tomasik, Carey Huntington, and Fabian Poliak

INSTITUTIONAL AND PROFESSIONAL BENCHMARKING:ADVANCED APPLICATIONS

Interpreting and Negotiating Healthcare Contracts; David Edward Marcinko and Hope Rachel Hetico

Investment Policy Statement Benchmark Construction for Hospital Endowment Fund Management; Perry D’Alessio and David Edward Marcinko

Valuation of Hospitals in a Changing Reimbursement and Regulatory Environment; Robert James Cimasi, Todd A. Zigrang, and Anne P. Sharamitaro

Research and Financial Benchmarking in the Healthcare Industry; Robert James Cimasi, Todd A. Zigrang, and Anne P. Sharamitaro

About the Editors

Dr. David Edward Marcinkois a healthcare economist, managerial and technology futurist, and former board-certifi ed surgeon from Temple University in Philadelphia. In the past, he edited seven practice-management books, three medical texts in two languages, five financial planning books, dozens of interactive CD-ROMs, and three comprehensive administrative dictionaries for physicians, accountants, attorneys, medical management consultants, and healthcare business advisors. Internationally recognized for his work, he provides litigation support and expert witness testimony in state and federal courts, and his clinical publications have been archived in the Library of Congress and the Library of Medicine at the National Institute of Health. His thought leadership essays have been cited in journals such as Managed Care Executives, Healthcare Informatics, Medical Interface, Plastic Surgery Products, Teaching and Learning in Medicine, Orthodontics Today, Chiropractic Products, Journal of the American Medical Association, Podiatry Today, Investment Advisor Magazine, Registered Representative, Financial Advisor Magazine, CFP™ Biz (Journal of Financial Planning), Journal of the American Medical Association (JAMA.ama-assn.org), The Business Journal for Physicians, and Physician’s Money Digest; by companies and professional organizations like the Medical Group Management Association (MGMA), American College of Medical Practice Executives (ACMPE), American College of Physician Executives (ACPE), American College of Emergency Physicians (ACEP), Health Management Associates (HMA), and PhysiciansPractice.com; and by academic institutions like the UCLA School of Medicine, Northern University College of Business, Creighton University, Medical College of Wisconsin, University of North Texas Health Science Center, Washington University School of Medicine, Emory University School of Medicine, the Goizueta School of Business at Emory University, University of Pennsylvania Medical and Dental Libraries, Southern Illinois College of Medicine, University at Buffalo Health Sciences Library, University of Michigan Dental Library, and the University of Medicine and Dentistry of New Jersey, among many others. Dr. Marcinko also has numerous primary and secondary editorial and reviewing roles to his credit.

Dr. Marcinko received his undergraduate degree from Loyola University, Maryland, completed his internship and residency at Atlanta Hospital and Medical Center, earned his business degree from the Keller Graduate School of Management (Chicago), and his financial planning diploma from Oglethorpe University (Atlanta). He is a Fellow of the American College of Foot and Ankle Surgeons. Dr. Marcinko was a licensee of the Certified Financial Planner™ Board of Standards (Denver) for a decade, and he holds the Certified Medical Planner™ designation (CMP™).

He earned Series #7 (general securities), Series #63 (uniform securities state law), and Series #65 (investment advisory) licenses from the National Association of Securities Dealers (NASD), as well as a life, health, disability, variable annuity, and property-casualty license from the State of Georgia.

Dr. Marcinko was also co-founder of an ambulatory surgery center that was sold to a public company, and he has been a Certified Professional in Healthcare Quality (CPHQ), a certified American Board of Quality Assurance and Utilization Review Physician (ABQAURP), a medical-staff vice president of a general hospital, an assistant residency director, a founder of a computer-based testing firm for doctors, and president of a regional physician practice-management corporation in the Midwest. He was a member of the American Health Information Management Association (AHIMA) and the Healthcare Information and Management Systems Society (HIMSS); a member of the Microsoft Professional Accountant’s Network (MPAN); website engineer and beta tester for Microsoft Office Live Essentials program, and a member of the Microsoft Health User’s Group (MS-HUG); and a registered member of the United States Microsoft Partners Program (MPP). And, as president of a privately held physician practice-management corporation in 1998, he consolidated 95 solo medical practices with $50 million in revenues. Since 2011, he has been on the Physician Nexus Medical Advisory Board.

Currently, Dr. Marcinko is chief executive offi cer for the Institute of Medical Business Advisors, Inc. The firm is headquartered in Atlanta and works with a diverse list of individual and corporate clients. It sponsors the professional Certifi ed Medical Planner™ (CMP™) charter designation program and counsels maverick physicians, health managers, and fiancial advisors making the transition to niche healthcare advisory careers. As a nationally recognized educational resource center and referral alliance, the Institute of Medical Business Advisors and its network of independent professionals provide solutions and managerial peace-of-mind to physicians, healthcare organizations, and their consulting business advisors. A favorite on the lecture circuit, Dr. Marcinko is often quoted in the media and frequently speaks on related topics throughout this country and Europe in an entertaining and witty fashion. He is also a social media pioneer and publisher of the Medical Executive Post, an influential syndicated Health 2.0 interactive blog forum. Dr. Marcinko is available to colleagues, clients, and the press at his corporate office in Atlanta, Georgia.

Hope Rachel Heticoreceived her nursing degree (RN) from Valparaiso University and her Master of Science in Healthcare Administration (MSHA) from the College of St. Francis, in Joliette, Illinois. She is the author or editor of a dozen major textbooks and is a nationally known expert in managed medical care, medical reimbursement, case management, health insurance, security and risk management, utilization review, National Association of Healthcare Quality (NAHQ), Health Education Data Information Set (HEDIS), and Joint Commission on Accreditation of Healthcare Organizations (JCAHO) rules and quality compliance regulations.

Prior to joining the Institute of Medical Business Advisors as Chief Operating Officer, Ms. Hetico was a hospital executive, financial advisor, insurance agent, Certified Professional in Healthcare Quality (CPHQ), and distinguished visiting assistant professor of healthcare administration for the University of Phoenix, Graduate School of Business and Management in Atlanta. She was also national corporate Director for Medical Quality Improvement at Abbey, and then Apria Healthcare, a public company in Costa Mesa, California.

A devotee of health information technology and heutagogy, Ms. Hetico was also responsible for leading the website www.CertifiedMedicalPlanner.org to the top of the exploding adult educational marketplace, expanding the online and on-ground CMP™ charter designation program and nurturing the company’s rapidly growing list of medical colleagues and financial services industry clients.

Professor Hetico recently completed successful consulting engagements for Resurrection Health Care Preferred in Chicago, Illinois, and Saint Joseph’s Hospital of Atlanta. She is currently on assignment for Emory University Hospital, Atlanta, Georgia.

Subject Categories

BISAC Subject Codes/Headings:
BUS041000
BUSINESS & ECONOMICS / Management
BUS070080
BUSINESS & ECONOMICS / Industries / Service Industries
MED002000
MEDICAL / Administration