A recent article in H&HN Magazine ,online, noted the continuing decline of hospital credit ratings due to the economic crisis. The author, Randy Edwards, cited several experts that were interviewed for the article as giving health care administrators the following advice:
- pay attention to day-to-day business as there are new revenue sources and savings to be found
- shore up physician relationships - through effective recruitment and retention strategies
A medical accounts receivable program from Sun Capital HealthCare, Inc. can be a financial solution to reimbursement delays while at the same time ensuring a healthier balance sheet that is more attractive to the credit markets. Because SUN's program is not a loan, the provider can utilize its receivables as a cash flow solution for generating working capital rather than as an obstacle to growth and proftability. Additionally, the flexibility in SUN's MAR funding program allows the provider to use the funds to follow the above advice.
With the healthcare marketplace becoming increasingly competitive, a provider's survival as well as growth depends on an effective financial strategy and using all the financial tools available.
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