One of a healthcare institution's largest assets is its Accounts Receivable. The road to excellence in accounts receivable management is strewn with potholes and mines resulting in an ever increasing need to effectively plan for and manage the journey. Effective planning strategies must include a vision for the long-term while ensuring a foundation and infrastructure are firmly in place. Between 2001 and 2006, The Nebraska Medical Center has implemented strategies enabling GRDO reduction of 38 days through improvements in cash collection while improving customer satisfaction with billing, improving staff pride and morale, and decreasing cost to bill.
Strategic planning, implementation of quality initiatives, outcome monitoring, and internalizing lessons learned are all steps in the journey to success now and in the future. One size does not fit all. The challenge is to assess and adopt best practices that fit well within each individual organization as well as create best practice for the industry.