MDH Finance Committee: August Finance Report Shows Continued Operating Loss
McDonough District Hospital’s Board of Directors Finance Committee heard Wednesday at its regular monthly meeting that the revenue cycle restructuring has grown to 22 major initiatives aimed at capturing missed charges and increasing revenue, even as August financial results revealed the organization spending more cash than it collects.
Revenue Cycle Steering Committee Report Brittany Doll, the Revenue Cycle Steering Committee chair, told Board members that the initiative has grown from 16 work streams in late August to 22 major initiatives, with expanded focus on charge capture, denial prevention and accountability. The team spent a full day last week with revenue cycle staff from Carthage to share information, challenges and ideas to strengthen processes and revenues.
“We’re moving from just identifying opportunities to actively building processes, controls and accountability throughout the organization,” Doll said.
A key milestone is a recent 20-40-60 day improvement plan implemented with the hospital’s revenue-producing department directors. The plan, Doll explained, is designed to ensure charges are captured and billed correctly. By day 60, the plan calls for re-auditing corrected processes, evaluating denials, recurring monitoring and establishing a quarterly review.
