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...
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...
The first day on the job for any employee can feel like trying to get on a moving train, so have them "board" on a gradient. Get them apprenticed. Apprenticing is a VITAL missing ingredient in many practices. Don't just throw new staff in the water to see if they sink or swim. You should ideally have written materials of what is expected of them, and new employees should be given time each day to study those materials. The key is to not overwhelm anyone with too much information. Daily and weekly checklists also help. Kevin Tighe, Cambridge Dental Consultants,...
If you hire someone at $15 per hour times 8 hours per day, you increase your overhead by $120 per day. So that you don't blow out your payroll, you should feel confident collections will increase 4 times per day ($480) during the coming weeks and months. As always, "hire for attitude". Good attitude begins with having a customer service viewpoint so, if they have customer service background, that is definitely a plus. Other attributes: Eager to learn Outgoing and energetic Take pride in their work Organized Kevin Tighe, Cambridge Dental Consultants, Senior Consultant, got bitten hard by the business and marketing...
