Cash Management: Healthcare

Healthcare:

1. 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

2. 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

3. 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?

4. 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.
5. Have you developed a staffing plan based upon re-forecasted volume, which focuses upon limiting overtime and contract labor?