Health Finance Week 2 Assignment

Marysville General Hospital seems to be a hospital which is held in high regards in the Midwest community of 35,000 people in which it is located. It is visited and utilized by many patients, which would almost guarantee a high level of revenue for the medical facility. While this could be possible, it has not happened because of the hospitals current status in regards to its accounts receivable accounts.

Based on the hospital’s target of 55 days in accounts receivable, it is currently in bad shape. The hospital has surpassed this cycle by over 35 days. Because of this, the hospital is in bad standings when it comes to meeting monthly financial obligations.

In order to correct this problem, there are certain business areas of the hospital that need to be worked on to improve the accounts receivable situation.

The first are that can be worked on is Admissions/Registration. It has been stated in the meeting that the staff that has been hired to receive and save patients’ personal confirmation and data is somewhat inexperienced and not making sure that they are recording the adequate amount of information. It has also been brought to my attention that when nurses are required to record information, because they are more concerned about the person’s health, they usually are reluctant to double check to make sure they have gotten the proper information. In order to fix this problem, the necessary step to take is to hire someone who Is experienced and trained properly in this area. Therefore, when it comes time to bill patients and follow up on late payments, it is easier as well as more efficient.

Another area that needs to be improved to offset improvement with Accounts Receivable is Chart Documentation. When it comes to doctors coding diagnosis and procedures they use in reference