improving the financial health of your asc
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Improving the Financial Health of Your ASC. BRINGING IN THE CASH. Lets Talk About How To:. Maximize Cash Collections Create Tools Implement & Understand Internal Controls Empower your staff Outsource sooner than later. Maximize The Amount of Cash Collections. Team Effort = Success. - PowerPoint PPT PresentationTRANSCRIPT
Improving the Financial Health of Your ASC
BRINGING IN THE CASH
• Maximize Cash Collections
• Create Tools • Implement & Understand
Internal Controls• Empower your staff• Outsource sooner than
later
Lets Talk About How To:
Maximize The Amount of Cash Collections
Team Effort = Success
Scheduling VerificationRegistrationClinical ParticipationCodingBillingCollections
Create Tools to Motivate Employees to Participate in
Cash Collections
Cash Collection Goal
Goal $ 400,000
Actual Collections
Month to Date Weekly
Total % of Goal MTD
Week 1 $ 32,476 $ 32,476 8.1%
Week 2 $ 166,270 $ 133,794 41.6%
Week 3 $ 306,000 $ 139,729 76.5%
Week 4 $ 420,740 $ 114,741 105.2
%
Final Week $ 420,740 $ - 105.2
%
Over (Under) Goal $ 20,740
105.2%
Over the Counter Cash Collections
DateExpected
Cash Actual Cash Variance
Percentage Collected
12/3/2007
$1,145.03
$1,061.78
$83.25 92.73%
12/4/2007
$660.65
$660.65
- 100.00%
12/5/2007
$262.90
$237.90
$25.00 90.49%
12/6/2007
$2,235.80
$2,193.50
$42.30 98.11%
12/7/2007
$3,338.30
$1,256.80
$81.50 93.91%
Weekly
$5,642.68
$5,410.63
$232.05 95.89%
Current Health of A/R Benchmark
Days AR Outstanding Comparison to Benchmark 38 40 days
% of A/R over 90 Days Comparison to Benchmark 25% 17% or less
Bad Debt Rate Comparison to Benchmark 2.5% 2.2% or less
Implement Internal Controls for Tracking and Follow Up
Patient Account Payment Expected
Number Patient Name Amount Payment
62799 HERMAN J $88.69 $88.69
62989 CHARLOTTE K $300.00 $300.00
62975 MARY W $699.60 $874.50
63028 LAURA J $828.23 $1,020.25
62891 SHERI H $816.20 $1,020.25
62847 CHANA R $787.05 $874.50
62901 ANA A $486.20 $572.00
62919 QUENTIN M $572.00 $572.00
62974 DONNA C $874.50 $874.50
62848 ANDREW T $514.80 $572.00
62978 DEBRA H $1,229.60 $1,537.00
Net Revenue to Cash Collected YTD
Month Cases Net Revenue Cash Collected Variance
Jan 272 $231,712 $235,493 $3,781
Feb 325 $247,604 $240,859 ($6,745)
Mar 335 $282,804 $275,384 ($7,420)
Apr 361 $299,180 $289,798 ($9,382)
May 330 $272,573 $285,862 $13,289
Jun 307 $243,078 $246,039 $2,961
Jul 328 $254,226 $253,835 ($390)
Aug 370 $260,641 $248,438 ($12,203)
Sept 325 $235,122 $235,093 ($29)
Oct 321 $247,779 $257,485 $9,706
Nov 345 $297,865 $296,987 ($878)
Dec 351 $301,234 $287,485 ($13,749)
Totals 3970 $3,173,819 $3,177,789 ($21,059)
Empower Your Staff with Payer Knowledge
PayerMedicare Medicaid Aetna Cigna BCBS
Contract Eff. Date 4/1/2004 N/A 3/1/2005 7/1/2007 12/1/2002
Grouper
1 343 266 425 487 387
2 459 357 565 655 541
3 525 408 645 749 618
4 648 504 800 925 734
5 738 574 910 1,053 870
6 845 661 1,045 1,242 994
7 1,024 796 1,260 1,461 1,207
8 997 778 1,220 1,431 1,178
9 1,378 1,071 1,505 1,052
Outsource Sooner Than Later
NEW COLLECTION TECHNIQUE
Payment Please…….
Just like the attention we give to the health of our patients, we must give attention to the financial health of our facility.