The year of 2019 is off to a great start for our team here at Texas Tech University Health Sciences Center in terms of patient collections. While the beginning of the year is a time to look to the future, those in administration and finance must continue to look back, as the fiscal year begins September 1.
As we mark four months into this fiscal year, there are multiple positive trends to highlight. Collections are up 5.47% year to date from this time last year. Collections total $5.8 million, and gross charges total $16.1 million.
“We continue to see improvement in all key performance metrics in our business office” said MPIP Business Office Managing Director Brett Swett. “Our days in A/R have improved to 36, which is very close to the median for our comparison group. We will not stop until we are performing at a top tier level. Our A/R ratio is at 117%, and our goal is to keep it below 150%, so this is quite good.”
Swett emphasized the interconnected nature of the revenue cycle and stated that it takes many people to produce the results we are seeing.