 Continuing my series offering best practices and tips to address the many challenges executives at health centers face, this month I am addressing the topic of revenue cycle, particularly evaluating the accounting for your revenues.
In my travels and discussions with health care executives throughout the years, some of the top questions I am asked include: Are we billing for everything? Are we accurately completing claims? Are we collecting what we bill? Are we collecting what we are supposed to collect? Are our rates appropriate? Why does cash collections seem to be lower than our revenues? Are our revenues as posted in our financial statements accurate? Health care executives struggle to understand the correlation between their financial reporting, cash flow, and their general sense of the business. Does this sound familiar? If you are reading this, my guess is that you have had similar questions. You probably need to assess your revenue cycle if you are uncertain about the answers to these questions. There are of course many factors. In order to answer the questions above, you need to address:
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