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HealthLeaders Media Finance - April 5, 2010 | With Help, Patient Assistance Programs Can Save You Millions on Outpatient Drugs
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With Help, Patient Assistance Programs Can Save You Millions on Outpatient Drugs
Karen Minich-Pourshadi, Senior Editor-Finance
Hospitals nationwide spend billions to treat patients who are too poor to afford care or medicines. They spend even more trying to find ways to recoup some of the financial losses they sustain from this treatment, including drug expenses—often working diligently to enroll these patients in a variety of programs that will help pay for their care. Hospitals spend thousands to put databases into place and train staff for their patient assistance programs to try to recoup some of the uncompensated care losses, so wouldn't it be helpful if you didn't have to spend a dime to address this problem but got a return on your non-investment? That's right, like the patients, hospitals can also get something for nothing.
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April 5, 2010
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Editor's Picks
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CMS Needs to Improve Improper Medicare Payment Recovery, Says GAO
The General Accounting Office issued a report Thursday criticizing the Centers for Medicare and Medicaid Services, saying that the agency has not addressed system vulnerabilities that have allowed $231 million in improper payments. The finding may be seen as an indication that the RAC process has only scratched the surface. HealthLeaders Media Senior Editor Cheryl Clark tells you what else the GAO thinks about CMS' predicament.
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Healthcare Creates 26,800 Jobs in March
The healthcare sector created 26,800 jobs in March, and the overall economy created 162,000 new jobs, according to Bureau of Labor Statistics preliminary data released Friday. The national jobless rate remained steady at 9.7%.
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Can Broadband Really Save Healthcare?
The government is super stoked about the potential of greater broadband access to improve the U.S. healthcare system. Part of the 376-page National Broadband Plan report released by the Federal Communications Commission last week gushes about health IT, e-health, m-health, telehealth, and EMRs. Can broadband really save healthcare? Technology is part of the solution for some of the industry's problems, and Senior Editor Gienna Shaw tells you what else may save healthcare.
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Finance Forum
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10 Questions to Determine if You Should Work with an Accounts Receivable Management Partner
For many healthcare providers, collecting payment from patients can be time-consuming, expensive and unprofitable. It is not uncommon for a provider's information system to be inefficient, or even deficient, in processing patient-liability balances. Many administrative support personnel also do not have the proper skill set or processes in place to handle self-pay collection issues. So, what's a provider to do?
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Finance Headlines
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New healthcare law is full of unknowns
Los Angeles Times - April 5, 2010
Business bids to shape health changes
Wall Street Journal - March 31, 2010
President Obama is still stumping for healthcare
Los Angeles Times - April 2, 2010
Massachusetts rejects health insurance rate hikes
Boston Globe - April 2, 2010
State estimates healthcare overhaul will cost Texas $27 billion
Dallas Morning News - April 2, 2010
Medicare doctors guess at paychecks amid reimbursement questions
Wall Street Journal Health Blog - April 2, 2010
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| From HealthLeaders Magazine |
Medical Breakthroughs That Will Change Healthcare
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Making Women's Health Work
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Money Talk
A look at one hospital's struggles to improve
Children's Hospital of the King's Daughters, Norfolk, VA
Rating: Aa3
Outlook: Stable
Affected Debt: $78 million
Agency: Moody's Investors Service
Remarks: Moody's has downgraded the long-term rating to Aa3 from Aa2 and has affirmed VMIG 1 short-term rating of the Virginia Small Business Financing Authority Variable Rate Tax Exempt Revenue and Refunding Bonds (Children's Hospital of the King's Daughters, Incorporated Project) Series 2006 in conjunction with the substitution of the current letter of credit securing the bonds and provided by Wachovia Bank, N.A., with a direct-pay letter of credit to be provided by Bank of America, N.A. The structure of this transaction isn't supported by Moody's, thus the rating for the bonds are based on (i) the bank letter of credit, (ii) the structure and legal protections of the transaction, and (iii) Moody's evaluation of the credit quality of the bank.
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Audio Feature
Strategies for Reducing Drug Spending: Find out how Virginia Commonwealth University Health System saved $2.5 million annually from its outpatient drug spending by working with a non-profit group to qualify more patients for their appropriate prescription benefits and reducing their drug purchase costs through bulk purchasing.
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