For CPA and accounting purposes, loan payments are split between interest and principal. The principal portion is a reduction of a liability, not an expense. For practice management purposes, include the entire loan payment as it still represents real money that needs to be earned and paid out. That way you know what your BAM is. Kevin Tighe, Cambridge Dental Consultants, Senior Consultant, got bitten hard by the business and marketing bug during long summer days working at his dad's Madison Avenue ad agency. After joining Cambridge as a seminarist in the mid-1990s, Kevin went on to become Cambridge’s senior consultant...
Overdue hygieneProcedures Not on a ClaimAging Reports (run without the credit balances) Production by providerCollections reportAccounts receivableInsurance aging Adjustment Procedure Day Sheet The insurance aging report should be worked daily. Review the End of Day Adjustment reports for: a) patient refunds, b) no cash payments, and c) non-approved adjustments and write-offs. Depending on the practice, too many refunds and too little cash could be red flags. Make sure your deposit slip matches the cash and checks for the day. Kevin Tighe, Cambridge Dental Consultants, Senior Consultant, got bitten hard by the business and marketing bug during long summer days working at...
Tips: 1. Deposit slips should be done daily even if you do not make daily deposit. 2. Keep a copy of day sheet, deposit slip, credit card and patient financing summary for each day. Use to reconcile monthly bank statement. 3. Patient finance companies, like Care Credit, take their fees before depositing. You can add back in the charges to reconcile or ask the company not to take their fees from the deposits. 4. EFTs: Check daily first thing in the morning and nter into PMS. Consider creating a separate bank account for EFTs. Doing so makes reconciling your monthly bank...
Many dentists will agree it's never a good idea to hold onto an employee—if you would dismiss the person otherwise—out of concern for an increase in your unemployment insurance. Each state has its own formula to calculate unemployment benefits but all the states use the employee's earnings when figuring it out. The length and maximum weekly benefit varies state to state. How much any given employer is responsible for will be based on a percentage of what the employee earned from their previous jobs over a specific period of time and can't exceed the state's weekly maximum. Kevin Tighe, Cambridge Dental...
