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Wednesday, June 21, 2023 4:37:02 PM
Cash collected = 13% of gross billings.
Over 80% of gross billings never get collected and are just credited off when insurance companies remits payment.
So for every million of revenue they collect $130k. That is used to pay expenses. Not a good business model. Haven’t seen any mention that the company collects money above and beyond insurance.
“Revenue is recorded based on the adjusted gross billing for the period. The facility has been averaging a net collection of gross billings at a rate of approximately 13%. The net collection amount has been increasing slightly each month due to refinements to the billing and collection process. Blue Cross has been billed for approximately 96% of the total revenue in the quarter.”
As I recall their main way of making money was to buy and sell properties. That was until they started using the property as collateral for loans they took out.
Oh what a tangled web when things don’t go as planned.
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