Triple-checking if you’ve been paid isn’t fun, and it’s even less fun for the patients and payors that have to hear that their payments are past due. When we originally developed Practice Perfect, we wanted to make tracking these kinds things as easy as possible, so we incorporated a few EMR tools to spare you and your people from future headaches:
End of day reconciliation reports
Reconciliation reports are a handy EMR tool for logging your clinic’s cash flow. It’s good to get into the habit of running one of these reports at the end of each day. They allow you to track key operational data like the number of patients who visited your clinic, the providers who treated them, and the total revenue generated. Reconciliation reports can also log other other things like the new patients coming in through your doors or the patients who who walked out of them without being charged. The functionality of the reconciliation reports makes them an indispensable EMR tool.
A good EMR software will allow you to setup individual ledger accounts within the software so you don’t have to think twice about which account your revenue belongs in. For example, some of our clients have setup a ‘sales tax payable’ ledger account so they’ve got all of their ducks in a row when it comes time to remit that money to the government.
In addition to storing all of a patient’s clinical information, client profiles also serve an important purpose in terms of payment processing. For example, the client profiles in Practice Perfect have a tab that is wholly dedicated to ‘Payment Info’. This enables your clinic to receive payment for services rendered as soon as your patient gives you the go ahead.
A good EMR software will also give you the ability to pull up patients’ payment history by service, or by invoice, so you can easily see all of the financial transactions between a patient and your clinic.
Overdue payments are a drag. Looping back to reconciliation reports, there are proactive of preventing these types of issues. But, you can run reports tracking all overdue payments in the event of an oversight. And on top of that, if a patient or payor hasn’t been compliant, you can automatically add interest to their balances.
Imagine that your staff has been pulling extra long hours, or one of your treatment providers needs to cover someone else’s shift. When you’re responsible for making sure that everyone gets paid, it helps to have an EMR software that can not only project your payroll figures, but can tracks schedule changes on the fly make sure that everyone gets what they’re owed. That said, compensation reports are a clutch EMR tool that your clinic stands to gain a lot from.