Expeditive's White Paper - REVENUE CYCLE TURNAROUND: Can you go it alone?
July 20, 2009 (PRLEAP.COM) Health NewsPRINCETON, NJ – July 20, 2009 – Expeditive, L.L.C today released a document designed for hospitals to use in improving their revenue cycle accounts receivable and operations.
"It happens. Sometimes hospital receivables go awry, at times a lot awry! But how do receivables become out of kilter, and what is the best approach in fixing your organization's receivable turnover rate?"
"Hospitals that are in need of an A/R turnaround may have a lack of internal controls (i.e., the ability of the patient financial business office to control itself), low morale, anxiety on the part of the staff, and a staff that lacks the skill sets necessary to perform effectively. Often contributing factors are that IT systems are not working properly, revenue cycle departments do not collaborate, and management does not provide the necessary support or guidance."
"One consideration is to determine if you have enough resources to reach your cash and AR objectives. More and more, savvier revenue cycle managers are hiring resources on a short-term basis to work down backlogs. Their hospitals are willing to pay the short term costs associated with obtaining a trained person (or A/R S.W.A.T teams). This approach can be very cost-effective if the interim staff is dedicated, capable, and dependable."
The Expeditive White Paper outlines the other considerations a hospital should undertake during their A/R turnaround.
"Turning around a troubled revenue cycle is no easy feat. Most hospitals first need to determine precisely what is wrong with the infrastructure of their revenue cycle, and then constructs a work plan that will achieve the necessary changes while maintaining cash flow in the interim."
If you would like to download a copy of the white paper, please visit:
About Expeditive, L.L.C
Expeditive supports the needs of Patient Financial Services and Revenue Cycle related department through interim staffing and recruitment. Contract management programs are also offered – temporary, long-term or permanent arrangements. Our contract managers are fully qualified to direct a patient accounting staff and mobilize the resources necessary to accomplish established goals. We are affiliated with BESLER Consulting, a nationally recognized financial and operational consulting firm to leading healthcare providers. For more information, please visit www.expeditive.com