When you’re using a practice management software like Practice Perfect, you have a lot of tools at your disposal to track the earnings of your clinic. Every day, you’re using your practice management software to create new appointments, input treatment information, and update patient coverage. But a clinical management software’s true strength lies in its ability to regurgitate all of this information in a meaningful format. In this article, we’ll be discussing how Practice Perfect can help you out with this task.
Using the ‘Key Patient Information’ Section
When you’re using practice management software in your clinic day in and day out, you end up entering a lot of information that’s relevant to the financial livelihood of your practice. A great example of this is your patients’ coverage information.
At the outset of a patient’s episode of care, it’s likely that you’ll be entering some details about their coverage. For example, you’ll be entering details about their insurance carrier, whether they have a co-pay, or the total amount of coverage allotted to them. In Practice Perfect, this information becomes prominently displayed in the ‘Key Patient Information’ section—this includes any outstanding balances or remaining coverage relevant to this episode of care.
Tracking Accounts Receivable Through Reporting
Managing a successful business is all about being very familiar with your numbers. On any given day, you should be able to tell how many patients have visited your clinic, the treatments or services that were performed for them, and most importantly, how much money there is to collect. Knowing this, we provide our users with several canned reports that can highlight all of this information, and more.
One of our favourite reports is called the ‘Accounts Receivable by Invoice’ report. As the name suggests, this report will provide you with detailed information about all of the outstanding invoices. You can adjust the settings to feature specific payors, clients, providers, or divisions. And after running it, you’ll have a clear idea of how much money is owed, who owes it, and how long it’s been since the treatment or service was performed for them.