New York hospital audit doesn't show full extent of billing problem

Glens Falls (N.Y.) Hospital's recently released audit lacked details on how much the hospital lost in 2018 due to billing problems, according to The Post Star, which cited the audit by KPMG.

Five things to know:

1. Glens Falls was unable to collect $38 million in 2017 after its billing system malfunctioned. Hospital CEO Dianne Shugrue told The Post Star the billing system problem continued through at least June 2018.

2. The hospital told Becker's Hospital Review it has adopted the industry-standard accounting practice of disclosing collectible net revenue and no longer reports bad debt.

3. In accordance with the change in reporting bad debt, there is no number listed on the "provision for bad debt" line in the audit for 2018.

4. The hospital, in staying current with healthcare accounting practices, was not required to make the change in reporting bad debt until 2019, but did so proactively in 2018. Vice President Tracy Mills told The Post Star the hospital elected to proactively adopt the accounting changes early in preparation for its planned affiliation with Albany (N.Y.) Medical Center next year.

5. Overall, the audit shows Glen Falls posted revenue of $319.9 million in 2018, up from $306.6 million in 2017.

Access the full Post Star article here

 

More articles on healthcare finance: 

For-profit hospital stock report: Week ending Nov. 15
Physician practices spend nearly $3B annually updating provider directories, survey finds
Company in federal surprise billing debate to staff 2 Maine hospital ERs

© Copyright ASC COMMUNICATIONS 2021. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.