The best thing about the end of a calendar year is that one can clearly assess to a high degree of certainty the level of success achieved for that year. It is a “pause and reflect” moment that can, if used intelligently, become the basis for planning the upcoming year’s strategies.
What should a medical facility be looking at in the final days of the year? Perhaps a good place to start is reviewing the internal system and controls regarding, a) billing and collections, b) patient care, c) plant management and d) financial.
Has 2015 been an efficient year regarding billing and collecting? A good review to start with would be examining how long the interval from patient discharge to billing has been. Inefficiency in this area slows cash flow and can lead to denials. Under these circumstances, slow billing can lead to sloppiness as personnel rush to submit the claim in time to avoid carrier denials. On the collections side, what has been successful in terms of patient pay strategies? Are there personnel that have better outcomes in this field and if so, what techniques do they use that others can learn from? How efficiently does the facility respond to carrier requests for additional information? Are there stacks of denials on desks awaiting operating room notes or films?
Secondly look at patient care results. How is that “re-admission” percentage looking? Compare it to previous years and to industry norms. Is the facility being penalized for re-admits? Compare these results with staffing formulas used and see if the existing staffing guidelines really make sense.
What does the facility look like? Evaluating the way patient rooms, nurse stations corridors and specialty areas look is a vital part of business development and getting patients into the beds.
Last and certainly not least, is the facility making money and is there ample cash flow to manage the daily operations? Could the facility use a cash infusion or a cash flow enhancing finance facility? Evaluate existing bank lines to see if they are actually helping with cash management and if not, can a receivables based facility be more flexible and provide more current cash flow?
Use these last few days of 2015 to plan a successful 2016 and to enhance, change or continue with policies and procedures that will make the new year successful. Its impossible to change the past but easy to work toward a better future.
