SunTrust Smart Cash Management Strategies for Medical Practices

The following suggestions are intended as a guide to help medical offices make the most of their banking relationships, ….

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SunTrust Smart Cash Management Strategies for Medical Practices
Smart Cash Management Strategies for Medical Practices How Innovative Payment Solutions Are Helping Improve Efciencies and Drive Down the Cost of Managing Health Care Receivables and Payables By Lorraine M. Waters Group Vice President for SunTrusts Treasury Payment Solutions Division banking and nance With the many challenges facing medical practices today responding to rising costs shrinking margins and ensuring compliance with the Health Insurance Portability a nd Accountability Act HIPAA practice managers have enough work to do without having to be experts in cash management. On the nancial side challenges include managing cash ow and working capital insurance claim adjudication and dealing with an increasingly complex variety of payment types. All of these objectives must be met while still remaining focused on the most important objective delivering quality patient care. Medical practices are used to waiting for payment. Although insurance companies insist that when claims are clean most are paid within 10 days many doctors and administrators complain that legitimate claims routinely go unpaid after the legal 45day limit. Often claims are denied or questioned and must be submitted again. This familiar scenario can present challenges not only with working capital but also with the administration time involved in accurately managing a large volume of outstanding receivables and performing timely bank reconcilements. A nd of course when internal resources become strained the risk of fraud or manual error increases. Practices can address these challenges by talking to their banker about how to employ available technology to automate many of their cash management functions to save time and money.

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