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Chapter 15- Financial Systems- Accounts Receivable
1.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Financial Systems: Accounts Receivable Chapter 15 1
2.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Financial Systems: Accounts Receivable 1. Define the key terms in this chapter. 2. Explain basic mathematical procedures and how to use decimals and percentages. 3. Describe common bookkeeping systems in dentistry. 4. Identify special bookkeeping situations that can occur in a typical day and identify their solutions. Lesson 15.1 2
3.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Financial Systems: Accounts Receivable (Cont.) 5. Explain the production of patient statements and discuss identity theft. 6. Discuss the importance of establishing financial arrangements and the functions of a credit bureau. 7. Discuss the rules for collecting late payments and the function of a collection agency. Lesson 15.1 3
4.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Bookkeeping Systems Two types of financial systems are used in the dental office: Accounts receivable Accounts payable 4
5.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Accounts Receivable Includes all production Data are entered for: • Treatment rendered to patients • Payment received • Calculations for new balances Computation of the data leads to determination of the amount of the current accounts receivable 5
6.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Accounts Payable Includes all financial obligations, or money that is owed by the dentist (outgoing money) 6
7.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Financial Records Protection for both the dentist and patient Information for tax purposes Data for business analysis 7
8.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Financial Records Bookkeeping The recording of financial transactions Accounting The recording, classifying, and summarizing of financial and business records 8
9.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Mathematical Computations Enter data accurately Avoid embarrassment Avoid patient dissatisfaction Reduce possibility of loss of cash flow A technological failure means computations must be done manually 9
10.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Decimals Correct: 0.5 Incorrect: 0.5 2.8 2.5 + 30.50 + 30.50 33.80 60.50 10
11.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Decimals 600.75 2 decimals (multiplicand) × 0.20 2 decimals (multiplier) 120.1500 2 + 2 = 4 decimals 11
12.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Percentages 5% = 5 = 1 100 20 7.5% = 7.5 = 75 = 3 100 1000 40 15% = 0.15 12
13.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Percentages $ 670 × 0.80 $ 536 13
14.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Computerized Bookkeeping System A single entry can be transferred to a: Financial record Patient statement Insurance form 14
15.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Components of a Computerized Bookkeeping System Opening the program Locating account information Editing account information Adding, inactivating, or transferring a patient 15
16.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Components of a Computerized Bookkeeping System Name or ID number The provider Patient’s address, telephone number Personal data (Date of birth, gender, and age) Social Security number Employment and insurance notes Preferred pharmacy 16
17.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Patient Information Screen 17 Courtesy Patterson Dental, St. Paul, Minnesota.
18.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Walkout Statement 18 Courtesy Patterson Dental, St. Paul, Minnesota.
19.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Components of a Computerized Bookkeeping System Backing up data Prevents loss of information Use CD-ROM, DVD, external hard drive, or other storage device Use off-site backup service through the Internet 19
20.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Special Situations Credit balance Nonsufficient funds (NSF) check Courtesy discount Debit and credit cards Healthcare credit cards 20
21.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Statements Indicate the charges, payments, and balances of accounts for the preceding month Usually sent once per month May be on the same day (first, fifteenth, thirtieth) May be on a staggered basis according to the alphabet (suggested for large practices to maintain a better cash flow) 21
22.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Identity Theft Be mindful of unknown individuals American Dental Association information Online search for the latest information 22
23.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Establishing Financial Arrangements Conform to community standards Reflect the attitude of the dentist toward the patient’s welfare Represent sound business concepts Present in written form to the patient Provide options to the patient Policy should be followed all times 23
24.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Types of Payment Policies Cash only Payment of statement in full Extended payment 24
25.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Using a Credit Bureau Collection Bankruptcies Judgments Lawsuits 25
26.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Aging Accounts Provisions of the Fair Debt Collection Practices Act of 1996 No harassment, oppressive tactics, or abusive treatment No making false statements to a debtor No calling at work if employer or debtor objects and requests no calls No calling before 9 AM or after 9 PM Speak only to debtor 26
27.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Collection Letters The recommended sequence is: Reminder Inquiry/discussion Urgency letter Ultimatum letter 27
28.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Telephone as a Collection Instrument Remember, privacy is required Biggest mistake: Waiting too long to follow up 28
29.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Collection Agency Reputable Follows federal and state guidelines Make sure agency will not start legal action without the dentist’s consent Make sure agency understands a patient’s needs 29
30.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Collection Agency Debtor’s full name Last known address and phone number Total amount of account Date of last entry on account (credit or debit) Debtor’s occupation Business address and phone number Any other pertinent information 30
31.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Collection Agency Send no more statements Indicate the transfer to the collection agency on the patient’s financial record, giving the date of transfer Refer the patient to the agency if the person contacts the office Report the amount to the agency when payment is received in the office Rely on the agency staff members to do their job 31
32.
Elsevier items and
derived items Copyright © 2016, 2011 by Mosby, Inc., an affiliate of Elsevier Inc. All rights reserved. Questions? 32
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