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Accounts Receivable Crisis Marysville General

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Accounts Receivable Crisis Improvement Plan for Marysville General Hospital
Accounts Receivable Crisis Improvement Plan for Marysville General Hospital
The following information and data will be needed in order to formulate an improvement plan: * Complete list of all credit transactions with dates of issue and maturity * Profile demographics of debtors to include: occupation, sources of income, location and size of family * Documentation of received dates of payments from patients to the accounts receivable office * Documentation of time lapse between payment receipt and posting date
The plan details for the process improvement plan for the AR department are as follows:
AR MANAGEMENT IMPROVEMENT PLAN
The table below outlines the specific objectives, activities assigned to each department, the personnel and offices involved, the resources, expected key result areas and target dates.

OBJECTIVE | ACTIVITIES | PERSONNEL/OFFICES INVOLVED | RESOURCES/ KEY RESULT AREAS | WEEK | Classify existing accounts receivable and specify them as to current and outstanding | 1. Preparation of Aging of Accounts Receivable Schedule | Finance department | Finance department recordsFinance department personnel | 1st | Determine the lapse time involved between the receipt of payments from debtor/patient and the actual posting in the hospital’s bank account.To determinecauses of delay/too long average collection period | 2. Determining the details of the Average Collection Period in terms of 2 parts: 3.1 The amount of time from the credit was approved to the time that the client mails the payment. 3.2 The time when the payment is mailed until the hospital has collected funds from its bank account. | Health Information ManagementFinance Department | Health information management records, finance department records, bank records | 2nd | Identify

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