Accelerating Cash: Using an Action Plan
Copyright (c) 2008 Jim Yarsinsky
To dramatically turnaround poor or inefficient patient accounting performance and increase cash flow, the triumphant revenue cycle management team must be able to implement well thought out solutions from planning and documenting an effective course of action. A good number of patient accounting people believe this but are not sure what to do first, then next and next and next and next and....
If you believe that you need drastic action towards an immediate "turnaround", you first need to write a game plan that will improve the cash from receivables (and you will always know what the next step needs to be). This is key! Many financial managers state, "I can't plan. I'm too busy getting things done. The truth is, the busier you are, and the more you need to plan. If you are always putting out fires, you should build firebreaks or a sprinkler system. The fact is, you can lose the whole forest for too much attention to the individual trees.
A management action plan can be an effective tool in helping to identify and solve problems that are causing poor accounts receivable results. In other words, lists of goals, tasks and objectives are no help unless they're written. Putting your plans on paper makes a seemingly elusive goal more concrete. There's a connection that takes place between the brain and the hand. When you don't write it down, cash and accounts receivable targets get fuzzy, but as you write it down and revise it, they become clear. Creating an effective plan doesn't have to be difficult or intimidating.
Your management action plan needs to be very thorough, comprehensive and creative with required input from all members (including frontline staff of the revenue cycle). Change agents need to do heavy brainstorming to ensure that the action plan is top notch. The task force efforts should be geared to improving performance. The task force also needs to identify unnecessary tasks or processes and eliminate them.
Your action plan should detail each step of the assignment, identify all essential resources, determine strategic time frames, identify specific priorities, define goals, improve team participation and provide a means for ongoing reaction.
A turnaround action plan can be the most important factor in your cash flow improvement success. We all know there is value in proactively planning for critical areas within the PFS area.
Writing a plan establishes PFS department-wide ownership and accountability. It demonstrates that the team members are upbeat go-getters who can identify needs, bring together resources, solve key problems and create realistic outcomes.
Jim Yarsinsky, CPAM is president of Expeditive, an interim revenue cycle statting firm.
Prior to forming Expeditive, Jim was founder and president of JY Consulting, Inc. The company specialized in hospital accounts receivable turnaround.
Jim can be reached at 877-PFS-ASSIST or at jyarsinsky@expeditive.com.
To learn more about Expeditive, please visit http://www.expeditive.com
Article Source: ArticlesBase.com - Accelerating Cash: Using an Action Plan