Skip to main content

Navigating the Healthcare Finance Landscape: Why Membership in the HFMA is a Must for Professionals

The Healthcare Financial Management Association (HFMA) is a professional organization that serves as a leading resource for healthcare finance leaders. The organization provides education, networking opportunities, and resources to help members improve financial performance and navigate the ever-changing healthcare landscape.

One of the key offerings of the HFMA is its wide range of educational resources. The organization provides a variety of training programs, including webinars, conferences, and self-study courses, covering topics such as revenue cycle management, financial analysis, and compliance. The HFMA also offers certification programs, such as the Certified Healthcare Financial Professional (CHFP) and the Revenue Cycle Solutions Certified Professional (RCSP), which demonstrate a level of expertise and knowledge in healthcare finance.

Another important aspect of the HFMA is its networking opportunities. The organization hosts local and national events, such as chapter meetings and the Annual National Institute, where members can connect with other healthcare finance professionals, share best practices, and stay up-to-date on the latest industry trends. The HFMA also has an online community, where members can connect, share resources, and collaborate on projects.

The HFMA also provides a variety of resources to help healthcare organizations improve their financial performance. This includes financial metrics and benchmarks, such as the Days in Accounts Receivable (DAR) and the Operating Margin, which can be used to measure and compare performance across organizations. The HFMA also offers guidance on regulatory compliance, such as the Affordable Care Act and the Medicare Access and CHIP Reauthorization Act (MACRA), which can have a significant impact on healthcare finance.

In summary, the Healthcare Financial Management Association (HFMA) is a valuable resource for healthcare finance professionals. The organization provides a wide range of educational resources, networking opportunities, and resources to help members improve financial performance and navigate the ever-changing healthcare landscape. Whether you are just starting out in your career or are a seasoned healthcare finance professional, the HFMA has something to offer.

Comments

Popular posts from this blog

What is QMB / MQMB stands for?

In Medical billing or Healthcare industry The term QMB stands for Qualified Medicare Beneficiary & MQMB stands for Medicare Qualified Medicare Beneficiary. The term "QMB" or "MQMB" on the form indicates the client is a Qualified Medicare  Beneficiary (QMB) or a Medicaid Qualified Medicare Beneficiary (MQMB). The Medicare Catastrophic Coverage Act of 1988 requires Medicare premiums, deductibles, and coinsurance payments to be paid for individuals who meet the following criteria:  Important: Clients limited to QMB are not eligible for THSteps or THSteps-CCP Medicaid benefits.  Note: Clients eligible for STAR+PLUS who have Medicare and Medicaid are MQMBs. Medicaid reimburses for the coinsurance and deductibles as well as Medicaid-only services for the MQMB client. QMBs do not receive Medicaid benefits other than Medicare deductible and coinsurance liabilities. MQMBs do qualify for Medicaid benefits not covered by Medicare in addition ...

Key Performance Indicators (KPIs) for Successful Revenue Cycle Management (RCM) in Healthcare Organizations

 Revenue Cycle Management (RCM) is an essential process for healthcare organizations to ensure that they receive timely and accurate payments for the services they provide. Here are some of the key performance indicators (KPIs) metrics that healthcare organizations should track as part of their RCM process: Gross Collection Rate (GCR): This metric measures the percentage of charges that a healthcare organization collects from patients and insurance companies. It is calculated by dividing the total payments received by the total charges billed. Net Collection Rate (NCR): The NCR measures the percentage of expected payments received by the healthcare organization after accounting for contractual adjustments, bad debts, and other adjustments. It is calculated by dividing the total payments received by the total expected payments. Days in Accounts Receivable (DAR): This metric measures the average number of days it takes fo...

What is W-9 form? Why it is required for Medical Billing.

W-9 Form W-9 is Internal Revenue Services (IRS) request for Tax Payers identification number, mainly its used for third parties to collect ID information like Name, Address to help file information returns with IRS. Also its is used to help payee avoid backup withholding. It is required for your name, Address and SSN number or employer identification number. When your giving out W-9 form be caution, because W-9 form contains sensitive information’s. Why Insurance Company ask W-9 Form from hospital or clinic etc., Because medical billing is cycle indirectly or directly insurance company’s are working for hospital or clinic etc., for them we need to report SSN number / business tax id. As far as       W-9 is form is concern it is straight forward with the all the above mentioned information, also they need to pay to address, or to update their records, or to check / update records. Note: W-4 Form is used by employer ...