Princeton, NJ (PRWEB) September 07, 2011
Jim Yarsinsky, CPAM, President of Expeditive, states, "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 receivables turnover rate?"
Yarsinsky states, "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.
Yarsinsky says, "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 construct a work plan that will achieve the necessary changes while maintaining cash flow in the interim."
To download a copy of the free white paper, please visit:
About Expeditive, LLC
Expeditive provides interim placments in every aspect of the revenue cycle - from registration and billing to receivables and collections. We also provide teams of patient accounting consultants to hospitals nationwide to perform specialized turnaround receivable projects.