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Related Experiment Videos

Improving cash flow through benchmarking.

B Nelson1

  • 1Zimmerman & Associates, Inc., Hales Corners, WI.

Healthcare Financial Management : Journal of the Healthcare Financial Management Association
|August 6, 1994
PubMed
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Healthcare organizations can improve accounts receivable (AR) performance by studying and visiting top-performing organizations. These benchmarking methods reduce revenue outstanding, bad debt, and collection expenses.

Area of Science:

  • Healthcare Management
  • Financial Performance Analysis

Background:

  • Accounts receivable (AR) management is critical for healthcare financial health.
  • Inefficiencies in AR departments lead to increased costs and reduced revenue.

Purpose of the Study:

  • To explore effective benchmarking techniques for enhancing healthcare accounts receivable departments.
  • To identify strategies for reducing key financial performance indicators within AR.

Main Methods:

  • Benchmarking by studying the accounts receivable statistics of model healthcare organizations.
  • Direct observation through site visits to exemplary healthcare organizations.

Main Results:

  • Reduced gross days revenue outstanding.

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  • Decreased bad debt write-offs.
  • Shortened billing cycle time (discharge to mail date).
  • Lower percentage of receivables over 90 days old.
  • Reduced general business office expenses for collections.

    • Conclusions:

    • Benchmarking, through data analysis and site visits, offers a practical approach to optimize AR performance.
    • Implementing best practices from model organizations can lead to significant financial improvements in healthcare AR departments.