James C. Bohnsack

At the end of December, the U.S. Census Bureau released its findings on the 2010 Census. Some of the findings included that the nation's population grew to 309 million, up almost 10 percent from 281 million in 2000.

If anything, 2011 is shaping up to be a year of considerable change for the healthcare industry. With the passage last year of the healthcare reform legislation followed by on-going legal challenges to certain aspects of the law, many in the healthcare field remain on the edge of their seats in anticipation of what is next.

I recently conducted an interview with two innovators in the healthcare space, Steve Mooney, president, Revenue Cycle Solutions and Jeff Nieman, senior vice president, Operations, at Conifer Health Solutions. Steve and Jeff offer some insights on what the future holds for revenue cycle management.

What can the healthcare industry learn from the financial services industry? The parallels may not seem obvious to an outsider, but the evolution of the financial services industry and the impact on the use of credit may in fact provide valuable guidance for healthcare executives.

The healthcare industry is undergoing a transformation of historic proportions. Our task is to reduce healthcare costs and improve the quality of care. The industry is not short on ideas aimed at accomplishing this feat, but determining which initiatives will prove effective is a challenge.

Healthcare expenses continue to be a major financial burden for Americans. In fact, according to the Consumer Reports Index for July, 16 percent of Americans were unable to afford medical bills or medications and 9 percent have lost or reduced healthcare coverage.

Given the current economic climate and continued scrutiny on the state of the healthcare industry, hospitals and physician practices must learn to adapt their business practices or continue to fall behind the curve in information technology and analytics.