Scenario: Brenda Newman works in patient accounts for Dr. Susan Wilkins,a neurologist. Among her responsibilities are posting all transactions to patient accounts, monitoring accounts receivable, negotiating patient accounts and making payment arrangements, making collection calls for outstanding patient accounts, and some simple bookkeeping for Dr. Wilkins. Dr. Wilkins also works with Grant Schmidt, a certified public accountant (CPA), who assists her with supervising her office bookkeeping, creating financial statements, and overall money management of her practice. Mr. Schmidt is always willing to offer advice to the clinic's staff if any bookkeeping questions arise.
The team effort involving Dr. Wilkins, Brenda, and Mr. Schmidt results in a balanced budget for the clinic, and as a result, staff members are able to enjoy more benefits and perks.
Why is a continuous flow of income preferable to a once-a-month influx for a provider's office?
Why is it important to post charges, payments, and adjustments in a timely manner?
What should Brenda do when a patient wants to make payments on an outstanding patient account balance?
What should Brenda do when patient accounts are outstanding for more than 90 days after the date of service?