Hospitals Realize 5% Margin in 2009
Aggressive cost cutting by U.S. community hospitals in 2009 amply offset declining patient revenues, yielding hospitals a 5-percent margin in fiscal 2009. Despite the recession, hospitals’ margin matched their 25-year average, according to a Modern Healthcare review of new industry statistics by the American Hospital Association in its AHA Hospital Statistics guide.
Can Hospitals Break Even with Medicare?
HealthLeaders Media Community and Rural Hospital Weekly, December 15, 2010
Most hospitals lose money on Medicare. It typically only reimburses 85% to 90% of costs, and it usually takes cost shifting to private plans for a hospital to stay in the black. The equation looks like this: Take the (hopefully) positive margins from private payer business and subtract the (usually) negative margins of Medicare and Medicaid business, and what’s left over, if anything, is profit. But what if you could get that Medicare number to zero? [Read More]
IRS STANDARD MILEAGE RATE FOR 2011
The Internal Revenue Service (IRS) standard mileage rate for business use beginning
January 1, 2011 is 51 cents a mile. The standard mileage rate can be used to calculate the deductible business costs of operating an automobile. While not required to do so, many that reimburse their employees for mileage use the IRS rate for the business use cost of an automobile.
OIG Enters Into $376,000 Civil Monetary Penalty Settlement
Office of Inspector General, News Release, December 6, 2010
The Office of Inspector General (OIG) for the Department of Health & Human Services 12/6/10 entered into a Civil Monetary Penalty (CMP) settlement with American Senior Communities, LLC (ASC), a nursing and rehabilitative care entity based in Indianapolis, Indiana. OIG alleged that ASC employed seven individuals who ASC knew or should have known were excluded from participation in Federal healthcare programs. These employees furnished items and services for which ASC was paid by Federal health care programs. Therefore, ASC was subject to CMP liability. To resolve the allegations, ASC will pay $376,432.
“Providers self-disclosing such violations will ultimately pay lower settlement amounts,” said Lewis Morris, Chief Counsel to the Inspector General of the U.S. Department of Health & Human Services. “But in cases initiated by the government – such as this one – providers will, as a matter of course, be required to pay more to resolve the matter.”
“This case illustrates yet again that OIG will pursue CMPs when providers have employed an excluded person for the furnishing of items or services paid for by Federal health care programs,” Morris noted. This matter was referred to the OIG for investigation by the Indiana Medicaid Fraud Control Unit (MFCU).
Spirit, December 2010
My wife searched for a job in the drug development industry for more than two years with no luck. I reached out to my personal network, offering a $1,000 prize to anyone who could put me in contact with a hiring manager. In less than a day, I had four leads. I realized I was on to something. In May I launched JobPrize, a peer-to-peer job referral network that allows job seekers to pay a prize to a network of in-the-know employees to help them land a job. The seeker posts a profile and price they’d pay for a referral, and prize hunters can then search the profiles and match them against openings within their company. The hunter can decide whether to refer the job seeker to the position. If the seeker gets hired, only then does the hunter collect the prize money. It’s a new twist on the old way of job searching, in a day and age where people are driven by incentives.
Abel Travis is the founder and CEO of JobPrize.
THOUGHT PROVOKING QUOTES
“You can’t first-past father time. Wake up, and say it out loud. This could be my last day how do I want this to go?”
“I never won anything without hard labor and the exercise of my best judgment.”
“The real distinction is between those who adapt their purposes to reality and those who seek to mold reality in the light of their purposes.”
“If you don’t like something, change it. If you can’t change it, change your attitude. Don’t complain.”
“When you dare to dream, dare to follow that dream; dare to suffer through the pain, sacrifice, self-doubts and friction from the world.”