Dentaltown May 2021 - 58

continuing
education

To see all installments in this four-part
series, with the chance to earn a total
of six CE credits, go to dentaltown.com/ce
and search for " Sandy Pardue. "

Key actions for an effective finance department
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58

Appoint someone to oversee the financial area of your practice.
Create and follow the office financial policies.
Utilize a standard financial agreement form.
Have patients sign the financial agreement and provide a copy.
Make financial arrangements before scheduling an appointment.
Have the financial coordinator look at the schedule three days in advance
and verify all patients scheduled for treatment over $300 have a signed
financial arrangement. If not, call them to make a financial arrangement.
These are the patients who are more likely to cancel.
Close out the month, every month. If you don't close the month, the
following can happen:
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Report data can be skewed.
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Accounts receivable may not age properly.
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Patient statements will show more than current charges.
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Changes and adjustments can be made after the month ends.
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Embezzlement opportunities will increase.
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It will reset insurance benefits used back to zero if the plan is
scheduled to renew. This is especially true at the end of the year.
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It's just not good business! Close the month.
Generate the following reports at the end of each month:
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A/R aging report: 30, 60 and more than 90 days.
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Accounts with a statement hold on them.
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Credits on patient accounts.
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Insurance aging.
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Writeoffs.
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Adjustments.
Set up a system for sending statements. It is recommended to send a
statement the day the practice receives payment on a claim. Send monthly
statements to everyone with a balance at the end of each month. Check
with your software company about outsourcing billing statements.
Refund patients who have a credit balance.

MAY 2021 // dentaltown.com

DT0421_Pardue_CE-Part4.indd 58

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Dentaltown May 2021

Table of Contents for the Digital Edition of Dentaltown May 2021

Dentaltown May 2021 - Intro
Dentaltown May 2021 - Cover1
Dentaltown May 2021 - Cover2
Dentaltown May 2021 - 1
Dentaltown May 2021 - 2
Dentaltown May 2021 - 3
Dentaltown May 2021 - 4
Dentaltown May 2021 - 5
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Dentaltown May 2021 - Cover3
Dentaltown May 2021 - Cover4
Dentaltown May 2021 - Outsert_SI1
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