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Medical Accounting

Medical/Dental Practice Solutions

Frequently, practices must do more work with fewer employees, which decreases the likelihood of adequate internal controls. Too few employees handling cash and managing business operations without guidelines or appropriate oversight leads to less efficient cash management and greater risk of latent fraudulent activities. Our services provide a layer of oversight and management over the "service-to-cash" process.

Our complete financial management solution is founded on two basic tenets:

1. Maximize collections
2. Establish and maintain internal controls

Typically, these two aspects – collections and controls – must be weighed in the balance of other demand on time, knowledge of the personnel, level of trust, and structure of the organization. Our approach allows for both aspects to be addressed to provide a comfort level that collections are maximized and the integrity of internal controls are maintained.

Our processes are built on corporate best practices associated with cash and receivable management. We will work with your existing staff to establish processes and internal controls based upon established management practices including:

Cash deposits should be made on a daily basis. A separate deposit should be made for each day's receipt to facilitate the reconciliation and tracking process. The dollars deposited should balance with the summary activity from the practice's management information system's close out for the day to verify that all funds received on a day were in fact deposited.

Our accountants will reconcile the daily cash collected with bank funds deposited.

Insurance and explanation of benefits statements should be reviewed and balanced against the accompanying payments. Our process will ensure that claims are processed for all patients served and will monitor the claim aging reports to ensure claims are processed in a timely mannerEach payment from a payer should be tracked back to the originating claim and should serve as an audit trail as a proper documentation for posting the receivable. Checks from a single payer that are reimbursing several charges must be itemized to ensure they are reconciled against the originating claims. Our process will track payments on a claim by claim basis to track adjustments and appropriate level of payments for services.

Denials should be tracked and reasons for non-receipt of these monies documented, then researched, then resubmitted. Our accountants will aggressively monitor aging reports to ensure denied claims are identified and resubmitted in timely manner.