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by Adam Ross
As executives face the evolving governance and regulatory landscape, it's the fiduciary duty for a company's board of directors to react fast and with expert understanding.
While good governance practices pave the road for a company's success, companies expect board members to have the most up-to-date knowledge to protect against changing regulations, organizational risks and ultimately to assist in a company's transparent recovery if issues occur. Good governance practices are on the rise and certainly are here to stay.
The importance of continuing education for board of directors in the healthcare sector has become crucial in the last decade. A recent study by The American Health Information Management Association (AHIMA) found that 84 percent of healthcare respondents have seen an improvement in governance practices, while 91 percent anticipate a significant rise in information governance over the next three years.
by Lynn McVey
During a webinar with Beth Boynton, a registered nurse from Confident Voices, I publicly confessed I was not always a big fan of nurses.
That all changed the week I spent several overnights in an intensive care unit with my own Dad. I witnessed acts of compassion, kindness and love from nurses that truthfully, I never knew existed. I also witnessed fragmented, broken, divisive care coordination that cannot be fixed as is.
In my fantasy, we will achieve care coordination when we collapse the many over-specialized positions we created (EKG tech, aide, transporter, phlebotomist, etc.) and roll them into a one-to-one patient-advocate/nurse ratio for appropriate patients. This patient advocate model would mean the patient care is coordinated through the nurse. This would probably improve care coordination more so than the 28 different staff members who walked into my dad's room every day. Is it even logistically possible that those 28 caregivers communicate with each other?
It's the time of year to prepare for tax reporting.
This year, don't let your vendor master file contribute to the madness of tax reporting. Inconsistencies in vendor master files are typically the root cause of tax reporting headaches. It's important to organize and cleanse your file of incorrect or missing supplier information, missing or invalid Tax Identification Numbers (TIN), missing and inaccurate W-9s, duplicate and inactive vendors, and other inaccuracies.
Use technology and automation
Using a vendor registration and authentication process is a common practice outside of healthcare to lower risk, uncover errors, detect fraud and avoid costs that can equate to millions of dollars. Using technology and automation in this manner also provides for a more efficient means to deal with year-end tax requirements.
At the Healthcare Roundtable last week, I spoke about work I facilitated at a West Coast community hospital.
The work arose from the hospital's need for a new facility to remain in seismic compliance with California Senate Bill 1953. Marked uncertainty arose about what services to offer when physicians took business offsite with an ambulatory surgical center, gastrointestinal service and pain management unit.
Admitting uncertainty, the hospital invested in a medical advisory panel that remains in existence today to assist with strategic planning for an uncertain future. The returns included:
I met with a colleague last month with whom I'm partnering to create a system that can help organizations monitor and respond to patient and family concerns, questions and compliments in real time using their own devices.
Who wouldn't want that in their organization? Get on top of situations. Promote positive word of mouth. Set up the organization for better HCAHPS responses.
Turns out some organizations want to run the other way.
The platform allows organizations to get data in real time. And with that comes responsibility. The organization must act on it and align their processes and workflows to become a responsive organization. Not every organization is ready to or willing to do this.
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