Cash Acceleration Program
PHNS has successfully combined a cash acceleration process with long-term process change. The first step in our cash acceleration strategy is to perform an analysis and stratification of the hospital’s aged trial balance to identify payer class, account follow-up activity and frequency, dollar balance, age from date of discharge (not last bill date or other date) and other relevant accounts receivable information.
Our next step is strategically to assign lower dollar and aged accounts to our off-site receivables management division for both insurance and self-pay. This allows us to focus internal resources on the highest return accounts, train in a more stable environment and allow the current staff to concentrate on a manageable portfolio of accounts. Once the full analysis is done, we propose a long-term structure that supports the business, assign the hospital’s best resources to the highest return accounts and size the resources to a manageable portfolio of accounts instead of the inflated volumes that often build up over time in the typical trial balance.