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Improving the Financial Health of Your ASC BRINGING IN THE CASH.

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Presentation on theme: "Improving the Financial Health of Your ASC BRINGING IN THE CASH."— Presentation transcript:

1 Improving the Financial Health of Your ASC BRINGING IN THE CASH

2 Maximize Cash Collections Create Tools Implement & Understand Internal Controls Empower your staff Outsource sooner than later Lets Talk About How To:

3 Maximize The Amount of Cash Collections

4 Team Effort = Success Scheduling Verification Registration Clinical Participation Coding Billing Collections

5 Create Tools to Motivate Employees to Participate in Cash Collections

6 Cash Collection Goal Goal $ 400,000 Actual Collections Month to Date Weekly Total % of Goal MTD Week 1 $ 32, % Week 2 $ 166,270 $ 133, % Week 3 $ 306,000 $ 139, % Week 4 $ 420,740 $ 114, % Final Week $ 420,740 $ % Over (Under) Goal $ 20, %

7 Over the Counter Cash Collections Date Expected Cash Actual Cash Variance Percentage Collected 12/3/2007 $1, $1, $ % 12/4/2007 $ % 12/5/2007 $ $ $ % 12/6/2007 $2, $2, $ % 12/7/2007 $3, $1, $ % Weekly $5, $5, $ %

8 Current Health of A/R Benchmark Days AR Outstanding Comparison to Benchmark 3840 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

9 Implement Internal Controls for Tracking and Follow Up

10 Patient Account PaymentExpected NumberPatient NameAmountPayment 62799HERMAN J$ CHARLOTTE K$ MARY W$ $ LAURA J$ $1, SHERI H$ $1, CHANA R$ $ ANA A$ $ QUENTIN M$ DONNA C$ ANDREW T$ $ DEBRA H$1, $1,537.00

11 Net Revenue to Cash Collected YTD MonthCasesNet RevenueCash CollectedVariance Jan272$231,712$235,493$3,781 Feb325$247,604$240,859($6,745) Mar335$282,804$275,384($7,420) Apr361$299,180$289,798($9,382) May330$272,573$285,862$13,289 Jun307$243,078$246,039$2,961 Jul328$254,226$253,835($390) Aug370$260,641$248,438($12,203) Sept325$235,122$235,093($29) Oct321$247,779$257,485$9,706 Nov345$297,865$296,987($878) Dec351$301,234$287,485($13,749) Totals3970$3,173,819$3,177,789($21,059)

12 Empower Your Staff with Payer Knowledge

13 Payer Medicare MedicaidAetna CignaBCBS Contract Eff. Date 4/1/2004N/A 3/1/20057/1/200712/1/2002 Grouper , ,0451, , ,2601,4611, ,2201,4311,178 91,3781,0711,5051,052

14 Outsource Sooner Than Later

15 NEW COLLECTION TECHNIQUE Payment Please…….

16 Just like the attention we give to the health of our patients, we must give attention to the financial health of our facility.


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