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Board reviews finances: in-house billing rollout, AR targets and $3 million tax-credit application
Summary
Board heard financial update: the medical center has moved to in-house billing, projected monthly savings around $40,000, goal to reduce gross days in accounts receivable from ~85 to low 60s, and an employee-retention tax-credit application estimated at about $3 million was completed.
At the March 19 meeting the Petersburg Medical Center board received a financial update that highlighted the transition to in-house billing, ongoing work to reduce accounts receivable days, and applications for federal pandemic relief programs.
Financial staff reported the center has “fully transitioned to doing our own billing,” a move that board members and presenters said will reduce reliance on third-party vendors that…
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