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Related Experiment Videos

Hospital's six-point program clears up financial picture.

J T Wheeler

    Health Progress (Saint Louis, Mo.)
    |June 8, 1988
    PubMed
    Summary

    Mercy Hospital implemented a six-point program to improve patient account management, significantly reducing accounts receivable and days outstanding. This initiative enhanced collections and patient relations while optimizing staff allocation.

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    Area of Science:

    • Healthcare Administration
    • Financial Management in Hospitals
    • Patient Account Management

    Background:

    • Hospitals face increasing challenges in managing patient accounts and reducing outstanding debt.
    • A backlog in accounts due necessitates strategic interventions for efficient financial operations.

    Purpose of the Study:

    • To evaluate the impact of a comprehensive six-point program on hospital financial performance and patient account management.
    • To assess the effectiveness of specific strategies in reducing accounts receivable and improving collection efficiency.

    Main Methods:

    • Implementation of a six-point program including quality assurance, dedicated financial representatives, electronic claims processing, workload redistribution, employer relations, and internalized collections.
    • Monitoring of key financial metrics such as accounts receivable and days outstanding before and after program implementation.

    Main Results:

    • Accounts receivable decreased from $15,935,000 to $10,809,000.
    • Days outstanding reduced from 115 to 70.7.
    • Improved community and patient relations, with a staff reduction from 26 to 24.5 full-time employees.

    Conclusions:

    • The implemented six-point program was highly effective in improving financial performance and operational efficiency.
    • Strategic financial management initiatives can lead to significant reductions in accounts receivable and enhanced patient satisfaction.
    • Future plans include further technological integration and improved point-of-service collections.

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