Dental Accounts Receivable Monitors Each Month
Dental accounts receivable monitors are fun! At least, I think so! It is so rewarding to see the numbers go down each month. But remember, numbers don’t lie! So, if you do not consistently work aging reports, these numbers go up!
Consistency creates consistency. Crazy things can happen in dental office receivables. Electronic claims mysteriously disappear. Somehow, a whole day’s worth of claims vanish into the ether. No trace of them anywhere. But you find this if you work the aging reports weekly. Our aging reports show the dental practice where there are inconsistencies. And they show us where our dental administrative team needs more training and support. Dental Front Desk Training can be done through online courses, e-books, and power point presentations within my Membership opportunity for you! Sign up today!
Run all aging reports at the month end. You want numbers that are accurate. So be sure everything has balanced and you are looking at correct and final numbers. These final numbers are your monitor numbers. You will also want your final month end day sheet. Really, it’s just that simple. Download a FREE Accounts Receivable Monitor Template here:
Dental Accounts Receivable Monitors Include Total Accounts Receivable
The total accounts receivable includes all insurance and patient balances. That’s right! Every penny that is due and uncollected. You may need to run separate reports. Unless you can get what you need from just one report. It’s possible you might need a patient ageing report. And also an insurance ageing report as well. Then, total those numbers for your grand total.
Dental Accounts Receivable Monitors Include Insurance Aging Totals
Next, you add the total out to insurance. If you have already printed the report for your total accounts receivable number, you are all set. Otherwise, print that report to get this number. This number includes current, over 30, over 60, and over 90 days. It’s the grand total.
From this same report, pull other numbers you need. Add the current insurance aging. This is a total dollar amount of unpaid claims that are less than 30 days. Then, add the over 30, over 60, and over 90 days to the monitor. All of these numbers should equal the grand total of all unpaid insurance claims out to insurance.
Dental Accounts Receivable Monitors Include Patient Aging Totals
Now, you will do the same with the patient aging report. Go ahead and run this report if you haven’t yet. This report may include some claims pending insurance too. Especially, if a patient has a balance and a claim pending insurance too. If your numbers seem off, this could be the reason for that. Hopefully, the claim is not calculated in this report.
Follow through with the same process. Only this time you will be pulling the patient balances due. Add the balances that are current. This are balances that are unpaid and billed out in the last 30 days. Then add the over 30 days, over 60 days, and over 90 days too.
***Attach all printed reports to the monthly monitor for the doctor to review themselves**** This is very important*******
Dental Accounts Receivable Monitors Month To Month
Great job! You’ve completed your dental accounts receivable monitors for the month! Now what? What does this do for us? Honestly, nothing. Unless we put these numbers to work for us.
Compare numbers month to month. If accounts receivable goes up, find out why. Did the production numbers also go up this month? Or did the production numbers go up in a previous month? Is the majority of outstanding money insurance claims or patient balances? And is most of the money due current or over due money?
What If Most Of This Money Is Over 90 Days?
Don’t waste a second digging into this report. You really want to know what’s happening!
- Are patient statements being sent? I’ve seen dental practices where the dentist thought statements went out consistently. However, that wasn’t the case.
- Check to see that insurance payments are being entered. One practice I went into, we found insurance checks hidden in a drawer at the front office.
- Could it be that patients are allowed to make their own “payment plans”. I’ve been called into help when this was discovered too.
My Systems Work !
Dental accounts receivable is my specialty. I’m here for you. We can get it fixed fast! Honestly!! Here’s what others have said:
“April developed a series of administrative systems that were adopted and still currently in use. Her collection efforts resulted in an over 50% reduction of outstanding accounts”. Marc B. Brown, DDS PA, Newington NH.
“I hold April in high professional and personal regard and heartily recommend her in health care, financial, and managerial posts. She is a thoughtful and analytical leader who contributed mightily to our business growth and improved sophistication in business systems. She has a keen sense of balancing our financial needs with our mission as health care providers and community participants.” Gary S. Lindner, D.M.D., D.M.Sc., Bedford NH.
I’m Here For You!
Ready for some additional help and support to fix your accounts receivable problems? Maybe you want to consider additional dental front desk training for your team? Or just want to talk about some options to consider! Let’s chat..