Holistic Health Systems (HHS) Increasing Hospital Pos Collections - Nursing Assignment Help

Assignment Task

Task

Holistic Health Systems (HHS) operates 39 hospital facilities and clinics. The executive team has been reviewing key metrics over the last year and identified a need to improve Point of Service Collections or simply known as POS (pronounced “P-O-S”). POS is a patient payment that is received within 7 days after discharge. Increasing POS is important for HHS because hospitals are 60% less likely to receive payment once the patient leaves the hospital. The cost to collect on the patient’s account continues to go up while the chance of actually collecting payment goes down if there is a delay in collecting the payment after the patient’s discharge. Therefore, it is better to not delay collecting the payment.Increasing POS reduces Bad Debts, provides a better cash position, reduces expenses, and increases patient satisfaction when conducted properly.POS is calculated by dividing POS Payments by Total Patient Cash Collected.HHS has identified the industry median benchmark for POS as 13.6% and the top 10% POS benchmark as 41.4%. HHS’s current POS performance is 35.6% and thexecutive team has determined that a 5 percentage point increase is needed to stay competitive (target = 40.6%). 

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