Cash Management: Healthcare
Healthcare:
- Have you thought “outside the box” to potentially enhance revenue?
- Telehealth
- Home visits
- Drive through
- Mobile clinics
- Partner with competitors to leverage off everyone’s strengths
- Have you analyzed your exposure by payor and proactively reforecast based on anticipated volume, payor mix and case mix?
- Government payors: payment on outstanding accounts receivable risk is likely low
- Commercial payors: communicate with commercial payors proactively, get billing out as quickly as possible, and work closely with payors to reduce denials to the maximum extent possible
- Patient component: consider collecting up-front at the time of visit for co-pays and deductibles
- Have you re-evaluated your inventory management practices to ensure inventory is being used with limited waste and supplies are being re-used to the extent safe and feasible?
- If there is outstanding debt in the form of tax-exempt bonds, consider working with the applicable local development authority to try to restructure or delay payments.
- Have you developed a staffing plan based upon re-forecasted volume, which focuses upon limiting overtime and contract labor?