Cape Fear Valley Health System Reduces Bad Debt and Accounts Receivable Days with Self-Pay Partnership with HFMI
Cape Fear Valley Health System (CFVHS), a nearly 1,000-bed private hospital organization. Based in Fayetteville, North Carolina, was discouraged by the lack of coverage and poor results provided by their self-pay vendor. As one of the busiest emergency rooms in North Carolina, CFVHS recognized the need to replace traditional self-pay that screens only admitted self-pay patients and conducting patient follow up from off-site call centers.
The Solution + Results
After searching for a partner that would also support their mission of “providing exceptional care without exception,” CFVHS chose to partner with Healthcare Fiscal Management, Inc. (HFMI) in August of 2011. Within the first six months alone, CFVHS began to see noticeable increases in Medicaid Revenues and decreases in the number of account receivable days from X to X. Since then there has been steady improvement in bad debt without compromising the health system’s commitment to “exceptional care”.
In addition to providing superior on-site screening of every single self-pay patient admitted to CFVHS, they also often apply for patients and work with family members to obtain documents for the application process prior to the patient’s discharge. The additional effort goes a long way in reinforcing CFVHS’ reputation and strengthening patient relationships.
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St. Mary’s Hospital Cuts Bad Debt 32%, Doubles Charity Care,
Improves Cash Collections 500%, and Slashes AR Days with HFMI
St. Mary’s Hospital, a 200-bed hospital in Athens, Georgia, is part of Trinity Health and considers compassionate healing central to its mission. However, according to CFO (of Trinity or St. Mary’s?) Marty Hutson, their self-pay management provider was falling short. “They had a bad screening process, their Medicaid conversion rate was poor, and they weren’t delivering results.”
The Solution + Results
Having previously worked with Healthcare Fiscal Management, Inc. (HFMI) at two different hospitals in Virginia, Hutson reported that HFMI “did a great job with our Medicaid and charity applications in both hospitals.”
He credits HFMI’s patient representatives who work on site with self-pay patients as an advocate throughout the entire process of identifying and obtaining financial assistance. Beyond Medicaid conversions, HFMI considers all payment sources, a comprehensive approach that delivers the results that Hutson was looking for. Within the first year, HFMI more than doubled St. Mary’s charity care—from $5.4 million in 2007 to nearly $11 million in 2008. The partnership also cut bad debt 32%, improved cash collections 500%, and slashed accounts receivable days from X to X.
HFMI extends its commitment to the health systems it serves by providing all required paperwork if a client is audited.