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Spring Issue, April 2017
The Maine Chapter of the Healthcare Financial Management Association is a professional membership organization for individuals in financial management of healthcare institutions and related organizations
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The Maine Chapter of HFMA is continuing its newsletter contest!
(For contest details, check out the right panel below)
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Greetings Maine Chapter HFMA Members
Message from the President
It is hard to believe that my year as president is coming to a close. We have had another very successful year and should again score very high in the Chapter's Balance Score Card which measures a host of metrics that national HFMA tracks for each of the chapters. The chapter is fiscally strong allowing us to continue to offer a variety of programs to increase our knowledgebase in an ever changing industry.
I would like to thank the board and board officers for all the time and hard work they have put in to make this year another successful one. I wish Natasha Erb, our incoming president the best for a successful upcoming year. Natasha will be assisted by David Kennedy, President-Elect and Julie Paquette, Vice President.
Our last education session of the season is coming up the end of the month. The Spring Symposium will be held April 27-28 at the Cross Center in Bangor, Me. Topics include; Accounting Hot Topics, 501r: Assessing Compliance and Preparing for an IRS Review, Telehealth, and IT Security to name a few. Please be sure to check the full agenda for all the topics and details. Invitations have been sent out for this program. If you did not receive one, please contact Natasha Erb at
nerb@mcd.org
.
This year's Region 1 Conference, The Age of Innovation: Drive to Thrive will be held May 24-25 at Mohegan Sun and will again have three tracks. The registration deadline is May 12th and the hotel deadline for the preferred rate of $159 per night (plus tax and facility fee) will be honored until May 3rd. When registering for your hotel room, please use the group code HFMAR17 to receive the reduced rate. For more details, please visit the Region 1 website;
https://www.hfmaregion1.org/
.
Please check the Maine HFMA website at
www.mainehfma.org
for all presentations of past programs you may have missed. We will soon have the sessions for the coming year posted.
Lastly, I would like to thank our members, our sponsors, and our chapter volunteers for all that they do. Our chapter truly can't be successful without you. As always, we appreciate your continued support of the chapter and look forward to seeing you at education sessions. If you are looking for opportunities to volunteer or if you have any questions or concerns, feel free to contact me at
kcarmichae@mmc.org
or 207.662.6569.
Sincerely,
Kathleen Carmichael, CPA, FHFMA, CGMA
President Maine Chapter HFMA
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2018 Proposed - Medicare Inpatient Prospective Payment System Rule Summary
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Baker, Newman and Noyes
Greg Knight, Senior
Stephanie Richio, Manager
Brett Seekins, Senior Manager
Mark Levy, Senior Manager
Jan Hodgdon, Director
On April 14, 2017 CMS released the 2018 Medicare Proposed Rule.
Medicare is proposing to revise the
Medicare hospital inpatient prospective payment systems (IPPS) for operating and capital-related costs of acute care hospitals to implement changes arising from our continuing experience with these systems for FY 2018. Some of these proposed changes would implement certain statutory provisions contained in the Pathway for Sustainable Growth Rate (SGR) Reform Act of 2013, the Improving Medicare Post-Acute Care Transformation Act of 2014, the Medicare Access and CHIP Reauthorization Act of 2015, the 21st Century Cures Act, and other legislation. We also are making proposals relating to the provider-based status of Indian Health Service (IHS) and Tribal facilities and organizations and to the low-volume hospital payment adjustment for hospitals operated by the IHS or a Tribe. In addition, we are providing the proposed estimated market basket update that would apply to the rate of increase limits for certain hospitals excluded from the IPPS that are paid on a reasonable cost basis subject to these limits for FY 2018. We are proposing to update the payment policies and the annual payment rates for the Medicare prospective payment system (PPS) for inpatient hospital services provided by long-term care hospitals (LTCHs) for FY 2018.
Professionals at Baker Newman and Noyes have written a summary of the most pertinent provisions in the proposed rule. Click below to read the summary.
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Grant Ballantyne,
Manager
BerryDunn
As we begin the second year of Uniform Guidance, here's what we've learned from year one, and some strategies you can use to approach various challenges, all told from a runner's point of view.
A Runner's Perspective
As I began writing this article, the parallels between strategies that I use when competing in road races - and the strategies that we have used in navigating the Uniform Guidance - started to emerge. I've been running competitively for six years, and one of the biggest lessons I've learned is that implementing real-time adjustments to various challenges that pop up during a race makes all the difference between crossing - or falling short of - the finish line. This lesson also applies to implementing Uniform Guidance. On your mark, get set, go.
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The Financial Accounting Standards Board has recently issued guidance to simplify the accounting for goodwill impairment with ASU 2017-04. Under the new guidance, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.
Learn More About Goodwill Impairment Testing
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The Top Three Factors Behind Successful Partnerships in Post-Acute Care
Conner Girdley, Lancaster Pollard
Grant Goodman, Lancaster Pollard
I
n a health care industry that is transitioning from a fee-for-service model to a value-based reimbursement system, hospitals are selling outcomes, not procedures. This shift has had a substantial impact on health care delivery and treatment, especially in regard to hospitals' partnerships with post-acute care providers.
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