The Healthcare Financial Management Association (HFMA) Conference is an annual event that brings together healthcare finance professionals, industry leaders, and innovators to discuss the latest trends and advancements in healthcare finance.
The Quisitive team was honored to sponsor this year’s event held recently in Nashville at the beautiful Gaylord Opryland Resort. It was an extraordinary gathering of minds, offering insights into the future of healthcare finance and the transformative potential it holds for the industry. In this blog post, our very own Suresh Krishnan shares his highlights and takeaways from the HFMA 2023 conference and shares the key trends that every finance leader in healthcare should keep in mind to improve financial results and thrive in 2023 and beyond
All Eyes are On Digital Transformation and Advanced Technologies in Healthcare Finance
One of the overarching themes of HFMA 2023 was the significance of digital transformation in healthcare finance. The conference shed light on the increasing adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and blockchain in finance operations. Session speakers emphasized the potential these technologies have for streamlining processes, enhancing data analytics, improving revenue cycle management, and driving cost efficiencies.
Data-Driven Decision Making Will Set You Apart
Data analytics emerged as another critical focus area during the HFMA Conference. During the event sessions, many experts discussed leveraging analytics to drive insights into financial performance, risk management, population health, and patient outcomes. With the exponential growth of healthcare data, there is a massive need to harness its full potential strategically and responsible for strategic decision-making. Data and reporting will remain hot topics for finance professionals in healthcare as advanced analytics tools and techniques enable leaders to make data-driven decisions, optimize revenue cycles, identify trends, and improve overall financial performance. Finance leaders who invest in the tools and infrastructure needed to integrate and report on data will set their organizations apart.
Value-Based Care & Payment Reform is Here
The conference provided a platform to explore the ongoing transition from fee-for-service to value-based care models. Experts highlighted the importance of aligning financial incentives with quality and outcomes, emphasizing the need for collaboration between healthcare providers, payers, and patients. Sessions focused on strategies for managing financial risk in value-based contracts, improving care coordination, and leveraging technology to support payment reform initiatives.
Revenue Cycle Management Remains a Pain Point
I was surprised at the number of vendors showcasing revenue cycle management (RCM) solutions, highlighting the ongoing struggle in this area. The conference showcased innovative RCM strategies and technologies aimed at improving revenue integrity, reducing denials, and enhancing patient financial experience. We were there showcasing our MazikCare platform and Payer Matrix RCM Collections Workflow Module. Discussions covered topics such as automation of RCM processes, predictive analytics for claims management, patient engagement tools, and revenue cycle optimization best practices.
Social Determinants of Health Can Bridge Gaps
I listened to Dr. Thomas Fisher from the University of Chicago Medicine talking passionately about health equity in inner-city communities. His stories from ER during the COVID crisis were very moving. During his session, Dr. Fisher emphasized the need for healthcare technology to address the underlying social determinants of health (SDOH) to achieve true health equity in underserved inner-city communities. Dr. Fisher’s accounts from the front lines of the COVID-19 crisis shed light on the profound impact of systemic disparities on individuals’ health outcomes. As he spoke, it became clear that digital solutions that integrate SDOH considerations are essential for bridging the gap and delivering comprehensive care to vulnerable populations. By incorporating data on factors such as housing, education, and access to resources, healthcare technologies can empower providers to offer personalized interventions and support, ultimately improving the health outcomes and quality of life for individuals in these communities.
The HFMA 2023 Conference was an enlightening gathering that showcased the transformative potential of healthcare finance in driving positive change in the industry. Sessions offered valuable insights into the digital transformation of finance operations, the power of data analytics, the shift towards value-based care, regulatory compliance, and innovative revenue cycle management strategies. The conference undoubtedly left participants inspired and equipped with new knowledge and perspectives to shape the future of healthcare finance. As we reflect on HFMA 2023, it is evident that healthcare finance professionals are at the forefront of driving change, innovation, and financial sustainability in the industry. By embracing technological advancements, leveraging data analytics, and adapting to evolving payment models, healthcare finance leaders can position their organizations for success in an increasingly complex and dynamic healthcare landscape.
About the Author
Suresh Krishnan, Senior Director, MazikCare – Quisitive
Suresh is a healthcare IT Leader with CHCIO certification and over 25 years of experience in application development, infrastructure management and cybersecurity. In 2016, Suresh was recognized as a Top100 CIO in Hospitals and Health Systems. Suresh works with healthcare leaders to expand their use of modern technologies to improve end-to-end care delivery and operations.