Question

In: Finance

The Situation At the board meeting, you give your financial report. You actually have a small...

The Situation At the board meeting, you give your financial report. You actually have a small profit to show for the month on the income statement, but as you are going over that report in the board packet, you notice that all six board members have already turned past the income statement to the accounts receivable report. One board member actually has his mouth open, jaw dropped, and another is looking at you over his glasses. This is not good. Your board members are community representatives; they care about the hospital, and they know how important the hospital is to the town of 35,000 people. They are all very worried. They know what has happened to other communities when their hospitals have failed financially. Everyone in this room has a tremendous stake in the survival and success of the hospital. After you give the accounts receivable report, there is a prolonged silence. You wish somebody would just yell at you and get it over with, but that does not happen. -Come up with a plan to bring AR days back in line. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others, so include how you will involve these departments in devising a solution.

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Expert Solution

Answer )

As the board members are representatives of community , they are more concern about running the hospital as closing the business may have very bad impact on society. The presented data of Account receivable (AR) may not provide a good sign for the business. But Board members would like to improve the condition by support of all the departments and employees of hospital .

Some major roles of these department and employees are:

  • Medical Staff : provides good services to all customer and tell about payment of all bill on time o continue with the good service.
  • Health information Management : The information management has big role in AR management , as the information system can design a continuous follow up and record keeping on the issue. They can provide the detail of daily payment and collection , in case of high and timely repayment of bill may provide some advantages.
  • Business Office: decide the target and limit of bill receivable in advance and keep proper check on the amount .
  • Clinical department : Create a environment to provide incentive on bill collection and settlement before time. The department may also provide the check on the credit limit given to the concern party.

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