Answer :
Final answer:
The CFO should use the data derived from patient demographics to improve the hospital's collection process through the patient portal, aiming to reduce outstanding accounts receivable and prevent them from becoming bad debt.
Explanation:
The CFO should utilize the data on delinquent accounts based on patient demographics to tailor the collection process that aligns with the patient's characteristics and preferences. By doing this, the hospital can increase the efficiency of their collections process while maintaining patient satisfaction.
For instance, the CFO could use this information to prioritize accounts for follow-up, offer flexible payment options, or communicate through preferred channels, all through the patient portal. This would help address the challenge of outstanding accounts receivable and potentially reduce the likelihood of accounts turning into bad debt.
Moreover, understanding patient demographics can reveal trends in payment delays or defaults, enabling targeted interventions. By identifying high-risk demographic groups, the hospital can proactively work with these patients to establish payment plans before the accounts become significantly overdue.
This approach can lead to a healthier cash flow for the hospital and reduce the financial strain caused by uncollected accounts receivable.
