Not speaking for GNBT but I have to say as a small
Post# of 36566
(Total Views: 462)
Posted On: 03/30/2019 7:02:17 AM
Re: sademployee #3160
Not speaking for GNBT but I have to say as a small healthcare business owner myself for 25 years making payroll is challenging. Always in the months there are 3 pay periods. It is especially difficult in March and getting more so each year. We are very dependent on third parties paying claims for the majority of our revenue. Payors are getting slower and slower to pay. It is really bad in March since many patients have not yet met their deductibles and people usually consider paying their medical bills only after they pay their "more important" bills.
We have had a few instances when Medicare has changed contractors and delayed processing claims(payments) for a couple of weeks while the new contractor takes over. You talk about a financial crunch. Most doctors have at least 40% of their patint base have some type governmant pay.
When we hire a new provider, it can take 60-120 days to get the provider credentialed before insurance will pay. We try to plan ahead but sometimes employee terminations/resignations happen suddenly. This slows revenue down even more.
My company has been "late" making payroll 7 times in the last 3 years. Never lost an employee over it and barely any complaining. Like Joe, I am the last to get paid and my employees are respectful and know I am putting in 110% effort.
I imagine if I was going through what GNBT is, reorganizing the businesses they have acquired there would be a lot of pain to take. Most people don't realize the complexity and time it takes to negotiate new contracts and with insurance companies, lab suppliers, pharmaceutical distributors etc.
We have had a few instances when Medicare has changed contractors and delayed processing claims(payments) for a couple of weeks while the new contractor takes over. You talk about a financial crunch. Most doctors have at least 40% of their patint base have some type governmant pay.
When we hire a new provider, it can take 60-120 days to get the provider credentialed before insurance will pay. We try to plan ahead but sometimes employee terminations/resignations happen suddenly. This slows revenue down even more.
My company has been "late" making payroll 7 times in the last 3 years. Never lost an employee over it and barely any complaining. Like Joe, I am the last to get paid and my employees are respectful and know I am putting in 110% effort.
I imagine if I was going through what GNBT is, reorganizing the businesses they have acquired there would be a lot of pain to take. Most people don't realize the complexity and time it takes to negotiate new contracts and with insurance companies, lab suppliers, pharmaceutical distributors etc.
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