Following is the list of things we´ve already achieved:
"?¢ Reduced Processing Time: Patient transactions used to be processed up to 15 days following visits. This resulted in invoices not being mailed until 2 weeks+ following services rendered. Transactions are not processed within 4 business days. This results in a more accurate aging report and quickens the flow of money into the business. Further, it has a benefit of requesting money from a patient (customer) when they are more likely to pay"?¦immediately following their purchase of services.
"?¢ Added Payment Due Dates: Invoices sent patients used to have no payment due date. When do you pay a bill that has no terms or date when due? Invoices now have a specific date when due.
"?¢ Added Payment Options: Patients used to have one way to pay an invoice — a check. Now they have several options, including check by phone, debit card, and credit card.
"?¢ Consolidated Financials: Each business center used to maintain a separate accounting of income and expense. Sounds good, but there were no cross-charges or allocations. This means income and expense weren´t accurately recorded — you couldn´t tell how profitable or unprofitable a line of business is — some parts of the business inaccurately carried more payroll than it should while others carried expenses beyond their use. Consolidating financials gives a better look at the overall health of the business (no puns intended) and reduces the accounting workload. Department level accounting can be done within the consolidated reporting.
Overall, things are looking good for Guardian! In about 60 days we´ll be able to see the new cash flow and note the improvements already made. We´ve identified a few metrics to measure progress and are expecting significant improvements. More on the metrics later.