The Hospital recognizes the importance of having a methodology in place for estimating the allowance for contractual adjustments in accounts receivable and the estimate for third‐party payor settlements. The Hospital will work on strengthening procedures for the allowance for contractual adjustment estimate and develop an estimate for the Medicaid lump sum payments. Our goal will be to use our Medicare cost report model to estimate the Medicare cost report settlement on a quarterly basis. In addition, our goal is to have the model tested against the most recently submitted Medicare cost report on an annual basis. An accountant was hired on February 13, 2024, to assist the Chief Financial Officer (CFO) in the monthly accounting duties. The accountant immediately began reconciling cash accounts and is caught up on all prior month reconciliations. The accountant is working with CFO to post activity and corrections to the general ledger. The accountant will ensure that cash and investment accounts are reconciled monthly in a timely manner going forward. Now that the cash reconciliations are caught up, the accountant will begin reconciling all other balance sheet accounts. Responsible Individuals: Stephani Tipton, Accountant and Ken Fisher, CFO
Anticipated Completion Date: Ongoing