Managing working capital discussion

Much is involved with managing working capital or short-term assets in a health organization. The text describes important variables such as managing cash and marketable securities, use of cash budgets, revenue cycle management, receivables, and supply chain. My current position in financial services and patient registration leads be to discuss the revenue cycle portion of managing working capital and its challenges.

Gapenski and Reiter (2016) explains that Revenue cycle can be viewed in phases. Before the services are rendered, simultaneously with the service, after the services and continuous.  I manage the patient registration team which involves setting up the hospital account including insurance verification. This is all done prior to the services.

Don't use plagiarized sources. Get Your Custom Essay on
Managing working capital discussion
Just from $10/Page
Order Essay

I also manage the financial services team which handles the precertification, authorization, and financial counseling of what is expected to pay. These are typically done prior to appointment or during the time of admission for inpatient stay.  The financial services team will also reverify insurances while patient is in house (Medicaid is month to month) to ensure no changes have occurred since pre-verification. The team also works with case management to ensure the insurance company is updated with the level of care changes and obtain continuous authorizations through the hospital stay.

If all goes well with the preservice and at-service activities, after service and continuous services will proceed with the claim. The billers will submit the claim, follow-up team will review the denials, and collections will try to recover self-pay balances. One of the major challenges with this system is that there is so many working pieces for the claim to be paid timely.  Any error in the system can delay payment or can even terminate the entire claim with a denial. For an example, insurance companies need to be notified of an admission within 24-48 hours. If the registration staff fails to input the correct insurance at time of admission, the payer will not receive the notification and therefore will deny the claim. This is where management, policies, continuous training, and communication is key. This was an example of how our line personnel greatly influences the working capital.

REFERENCES:

Gapenski, L. C., & Reiter, K.L. (2016). Healthcare Finance: An Introduction to Accounting & Financial Management (6th ed.). Chicago, IL: Healthcare Administration Press.

Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
error: Content is protected !!
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code STARS