Hospice Budgeting with - National Association for Home ...
7/18/2019
Hospice Budgeting with Benchmarks: Why Do It?
Continuing Education
The planners and presenters of this activity disclose no relevant relationships with any commercial entity pertaining to the content.
? Nurse attendees may earn a maximum of 15.5 contact hours ? Accountant attendees can earn up to 18.9 CPEs
Accreditation Statement
NAHC is accredited as a provider of continuing nursing education by the American Nurses Credentialing Center's Commission on Accreditation.
NAHC is [also] approved by the California Board of Registered Nursing, provider #10810.
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Commercial Support provided by Brightree, Excel Health Group, Healthcare Provider Solutions, and Simione Healthcare Consultants.
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Objectives
? Identify direct and indirect costs and understand the relationship of costs to multiple reimbursement models.
? Gain a better understanding of non-clinical and back office costs and become able to evaluate operational cost structure compared to industry benchmarks.
? Utilize industry benchmarks to evaluate the operating costs and revenue.
? Create buy in from staff and management on cost efficiency objectives.
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What is a Benchmark?
? A Standard or a set of standards, used as a point of reference for evaluating performance or level of quality.
? Source:
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Data Drives Solid Financial Decisions
Limitations of Performance Data
A thermometer reading would have little value as a measure to your health. If you didn't know 98.6 is the normal temperature. ? Deluged with data
without meaning. ? Data without context
is just a bunch of numbers.
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Where Do We Start?
? All Financial Cost Data should be easily accessible and broken out.
? General Ledger ? Payroll Software
? Identify Critical Financial KPI's.
? Keep it Simple ? Focus on Revenue & Cost Drivers
? Automate your Reports.
? Excel ? Reporting software's ? Outside vendors
? Compare to Benchmark Data.
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Where to Get Started?
? Compare to Benchmark Data.
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Benchmark Comparisons
? Research benchmark sources are available:
? NAHC, NHPCO, Simione Financial Monitor, OCS, SHP, MVI, Cost Report data.
? Understand data elements and calculations.
? Need to ensure apples to apples comparison.
? Who are you going to compare to?
? Geography, Payer Mix, Profit Status, Agency Type, Revenue Size.
? Remember benchmarks are the median.
? Always strive to be in the top 10 to 20%.
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