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8 Cards in this Set
- Front
- Back
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Use of Reports
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*Reports are used by many types of personnel in an office
*They can be created by customizing the criteria to be reviewed(time, service, person) *You can customize how the information is reviewed(graph or print) *Reports allow the practice to: -Analyze the financial viability of the practice -Review cost control measures -Used for budgeting -Used for daily activities |
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Financial Report Summaries
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*give an accurate statement about how much money has been earned, how much money has been collected , and hoe much money is owed
*Distribution of the expenses *with proper software the test can become very simplified and reporting can be accustomed with specific upon request |
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Watch the Financial Process
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*Timeliness of third party payments
-Type of insurance -Review the service billed with payment received -Review the amounts of insurance write offs *Review adjusted amounts(professional courtesy, hardship) *Review uncollected bad debt *Review collections process or service |
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Day Sheet
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*A financial diary of daily transactions
-Services rendered(CPT, other) -Charges(cost) -Receivables(copay, ded) -Deposits(insurance checks) -Payments(bills, invoices) |
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End of Day Summary
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*Making sure everything balances
*Reports can be created to verify -All services are billed -Money received and posted(by employee) -Transactions transmitted to insurance companies -Daily payments, refunds, and deposits |
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Aging Reports
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*can be utlized when doing follow-up
*this is the amount that is actually owed to the practice by either the patient or the insurance company depending on how it was requested *if doing collections you will be in the patients files *can be requested on either a 60, 90, 120 day basis and can be done in any increment of time *collecting the money can be a challenge (newest vs. oldest)pattern that will be found *needs to be worked on a regular basis to make sure they are being caught up with *usually the large dollar value is actually associated with the AR(accounts receiveable)keep this dollar amount at a minimum *understand how your particular office ages *do they age it based on the date of service or the age of entry |
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Practice Analysis Report
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*contains information regarding charges, payments, and an accounting summary for the particular practice
*with the accounting software the reports can be specailized to suite the needs of the requesting individual *they can be done for pacific periods of time(day, month, orderly, annually basis) *could be done by title or category |
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Fiscal year
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*A fiscal year is any 12 month period of time
*Combination of all reports complied into an annual summary *Information can be used for tax purposes and budgets |
