2003 (Gross) Revenues $23,465,655
Goals:
- Reduce Accounts Receivable Days from 130 to low 60's
- Exceed $800,000 in cash collections on a monthly basis
- Reduce Bad Debt write-off percentage of Gross revenues by 30%
Progress:
- Gross Accounts Receivable Days of 63 as of June 2004
- Cash flow has exceeded goals each month since July 2003
- Bad Debt write-off percentage of Gross Revenues has decreased by 44.3%
"Although our set goal was to collect $800,000 per month, we had an unwritten goal monthly collections exceeding a million dollars. CPSI met the set goal within four months and beat it by $325,000 in six months. We had never had that much collected in one month and for the first time in months, we were ablet o close our books with money in the bank." |