Healthcare Finance Management
Accounts receivable are the money that customers owe to an organization. They are either not able to pay, or the policies allow the customers to stay with money for a period before paying. If one is not ken, they may find themselves operating in deficits. Simply put, any organization that wants to make profits cannot afford to carry out its activities with money being owed by customers. There will be no finances to facilitate other things required by the organization. Hence, it is essentiality to have the customers paying on time. If the AR is too high, a strategy to lower it is useful to change the fortunes of the organization. In this case, the management from the senior head must be alert to handle the situation successfully. It is possible to see that the higher the accounts receivable, the higher the accounts payable. All these calculations must be done in a balance sheet.
Keywords: accounts receivable, accounts payable, balance sheet.
To manage the accounts receivable, I will need to have a set of strategies at the hospital. Moreover, I will require total cooperation from various departments at the hospital. I would need the management to work with me for me to be able to implement the necessary steps to recovery for the firm. Having the AR higher than 55 for several years is a worrying trend and the situation must be arrested, (Petroons, et.al, 2014). It is imperative that I am able to sa…
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