Health care, like any industry, has its own language, abbreviations, and procedures that can be confusing at first. For a new hospital board member who is reading financial reports and trying to understand their organization’s financial health and how it aligns with the strategies and vision set by the leadership, the many terms can make this task quite daunting. It’s helpful to start by understanding the basics – the sources of a hospital’s business, the services it offers, and how these contribute to the hospital’s Net Patient Revenue. This page will offer resources and tools to provide insight into how hospital finance reimbursement works.
Key Compliance Factors of the 340B Program
And the Challenges They Pose for Hospitals
The 340B Drug Pricing Program offers discounts on outpatient drugs to eligible healthcare organizations, known as covered entities (CEs), to ease the financial burden on safety-net providers that serve a disproportionate number of indigent patients. In this whitepaper, we’ll outline the basic compliance requirements for 340B hospitals and discuss the challenges of using hospital information systems to meet these requirements.
Micro-Hospitals Post COVID-19
Strategize to Meet Community Needs & Demands
Gone is the day of building new neighborhood hospitals with hundreds of beds. The moves toward ambulatory, outpatient, and telemedicine is not about to slow down. In fact, while still in the midst of a serious COVID-19 pandemic, the recent temporary changes and moves toward telemedicine are raising consumer demand. Mobile services and innovative healthcare solutions are launched every day. The ease and effective provision of many types of patient care, including mental health services, by the emergency cancellation of key telemedicine reimbursement requirements and new, innovative patient care strategies have led to an explosion of consumer demand exploiting these options.
The Past, Present, and Future of the 340B Program
How We Move Forward From COVID-19: A Watershed Event
Without a doubt, the COVID-19 pandemic has been our watershed moment of the decade, especially as it relates to health care. So many aspects of life will be impacted long-term because of this virus, from the way we do business to the way we receive health care. Of course, the federal 340B Drug Pricing Program is one of the elements of health care that has been affected and may undergo permanent change going forward. The good news is, for almost 30 years, the 340B program has proven to be dynamic and versatile. It has adapted to the changing health care landscape before and will do so again.
Health Care Finance and Reimbursement
THT Trustee Guidebook
Financial oversight of the hospital or health system often is viewed as the main function of the organization’s governing board. The fiduciary duty is one of the core responsibilities of trustees. However, health care board members are in a unique position as health care finances are vastly different than many industries.
Texas Healthcare Trustees wants all health care board members to be prepared to lead. We encourage board members to utilize the financial resources available through THT and the Texas Hospital Association to increase health care knowledge in order to best serve their organization.
Complimentary member resources:
- 340B Program Transparency – is it “Trans-fair-ency”?
- Health Care Professional Liability Insurance’s Changing Market: What Trustees Must Know
- Mergers and Affiliations 101: Why Hospitals Choose This Path and Key Considerations for Success
- How Hospital Finance and Reimbursement Works in Five Steps
- Occupational Mix Survey Impacts Hospitals’ Medicare Reimbursement
More financial resources are also available on the THA website.