Achieving excellence in management Discussion

Achieving excellence in management Discussion

“Achieving excellence in the management of accounts receivable” highlights the challenges and successes of the experiences that this multihospital system has had collecting payments. As time progresses, insurance companies demand more from the physicians as well as making sure medically necessity is met for each service that is billed. It is a grueling task for financial managers and some struggle with this area. According to Ladewig and Hecht, “Accounts receivable management is one of the most important activities” (para. 2, 1993). Facilities end up wasting a lot of time through inefficient records of accounts that are unpaid and having a lack of standardized procedures (Ladewig & Hecht, 1993). This hospital facility formed a team, put together target dates, and set in motion an action plan in order to reach the target for revenue collected. The team surveyed the operations of patient accounts, inputs, and outputs. They analyzed the insurance verification and financial counseling processes. It is important for staff to verify insurance coverage along with what the patient will be responsible to pay and collect that up front. To obtain optimum results there needs to be action plans for increasing cash flow, improving on account reductions, and reducing bad debt and days revenue (Ladewig & Hecht, 1993). Financial reports are extremely important so practices can reduce the amount of accounts that are past due. Insurance companies may request further information from providers and staff need to be proactive in submitting the information back in a timely manner.

There are many steps involved in receiving revenue from patients and the insurance companies. As long as the staff work together towards the goal of effectively reducing past due accounts, the company will see success. Being knowledgeable about each of the insurance companies’ regulations and precertification processes will assist in receiving payments at a quicker rate. The link to review their keys to success are

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