Improving Collections Has No Blueprint
"We have aggressively attacked the onboarding process. The overriding, prevalent problem was with getting accurate, complete information. We developed a checklist to make sure when the bills are submitted to the billing office, they are clean," Gold says.
All told, Promise has improved its collections by nearly $14 million in less than two years. Accounts receivable remains an "ongoing priority," Gold says. "It is a work in progress for us."
"It's been a consistent evolution of improvement to the metrics, to the measurements, to the assessments, to the whole organizational dynamic of healthcare management," he says.
Gold will share his success story during a session at the Healthcare Financial Management Association's ANI conference in Orlando on June 18.
"What I am looking to do for the group [at HFMA] is to tell a story to assist other healthcare entities that may have a similar issue with their accounts receivables," he says. "Everyone wants to accelerate their cash collections. … Mine is an anecdotal story where I say, 'We had a huge problem, and here is how we addressed it, and if it can work for us, it can work for you.'"
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