One of the primary responsibilities of a hospital executive, is the protection and management of all hospital assets. This means implementing processes to monitor and maintain the ability of every asset to support the hospital’s mission.
There’s been a major shift in the mix of healthcare payers due to the growth in high-deductible health plans and to increases in employee cost-sharing of employer-sponsored plans. As more people accept responsibility for more of their healthcare expenses, hospitals must collect more money from more payers who have more accounts with hospitals and affiliates…. Read more »
Healthcare CFOs have a lot of things to think about right now. From keeping up with the latest technological trends to maintaining relationships between physicians and hospitals, it is likely your schedule is already full. Therefore, the last thing you need is to worry about patient medical debt. Let’s take a look at what healthcare CFOs should and should not have as their top concerns.
Cash flow is vital to any business, and a relationship with C&E can provide an accelerated, predictable cash flow to give your facility the ability to cover much-needed expenses. From operating costs to expansion projects, there are many demands on liquidity and competition for capital within your organization.
With more patients acquiring health insurance that demands they pay expenses out of pocket, hospitals and healthcare facilities everywhere are feeling the sting of unpaid account receivables. But, fewer than 20 percent of hospitals work to collect their accounts receivables after they have reached “old age.” Instead of letting these accounts sit around, C&E is willing to acquire a healthcare facility’s account receivable debts and turn those hassles into cash.
Leverage Patient Bad Debt to Increase Revenue and Yield In our increasingly data-driven healthcare environment, effective financial management requires timely analysis of Key Performance Indicators (KPI). But it’s essential to track the metrics that give you the most complete picture of your revenue cycle. Traditionally, healthcare finance executives looked at “days in A/R” and “aged receivables”… Read more »
Fewer than 20% of hospitals do anything to collect patient bad debt accounts except to “Set ‘em and Forget ‘em” with one or two primary collection agencies at about day 120. Unpaid patient accounts languish with contingency collection agencies indefinitely while hospitals recover only 10% of bad debt according to a Self-Pay study by HFMA… Read more »
We speak with lots of healthcare CFOs and revenue cycle executives who constantly deal with multiple competing priority projects. While juggling priorities, a consistent goal is to make sound decisions based on meaningful information. Many priority projects are chock-full of estimates and assumptions. They would hypothetically increase revenue but only after new systems, training, or… Read more »
The American College of Healthcare Executives has released its annual report on the Top Issues Confronting Hospitals. The top five issues based on a survey of 350 organizations within their membership are: Financial Challenges Patient Safety and Quality Governmental Mandates Personnel Shortages Patient Satisfaction Within the financial challenges, the top five areas of concern include:… Read more »
Many recent news reports indicate a rise in the number of people selecting health insurance plans with high copayments and deductibles. This variation in cost sharing will require hospitals to collect higher sums to cover patients’ increased responsibility. Expectedly, providers are finding it more challenging to collect growing amounts from multiple sources, rather than dealing… Read more »