Financial Management

Health Systems Management Network, Inc. has provided many hospitals with Financial Management consulting. HSMN’s work includes providing:

• A comprehensive review and redesign of financial processes and Organizational structure.
• The big picture analysis that permits a long-term view of hospital financial condition.
  • HSMN supplies a trend report that is used to measure performance improvement obtained as a result of external intervention as well as improvements by internal departments and processes.
• An analysis of every contributing factor implicated in the hospital’s financial condition, such as.
  • The current Financial Management” division and its component sections
  • Cost Accounting and Financial initiatives
  • Business office processes, staff and organizational structure
  • Reimbursement/Third party payor contracts
  • Contractual Allowance and Bad debt issues
  • Gross and net revenues/sources
  • Payor mix (also linked to documentation review) based on net revenues
  • Cash collection analysis/needs analysis for cash acceleration
  • Review of accuracy of billing system and source data
  • Accounts receivable analysis
  • Financial trending

  HSMN will prepare a management plan that encompasses improvements to all key elements of Financial Management related to hospital revenue and expense.