e-MDs Practice Tip: Daily Reconciliation Process

e-MDs Practice Tip: Daily Reconciliation

We go into the practice of medicine to help people.  One of the benefits of this call is that it can offer a decent income.  However, with shrinking reimbursement we need to make sure that we are capturing every dime from every claim possible.  The first step to this is making sure you have a solid process for your daily reconciliation of funds.  We’ve seen practices with very convoluted processes that take over 30 mins to complete.  Not very efficient.  We’ve also gone into practices with NO daily reconciliation process.  Yikes.  Stephen Covey says, “Accountability breeds response-ability”.  We need to give our staff an easy process that helps hold them accountable and that can be easily followed.  Let’s dive into the Daily Reconciliation process.

There are two main reports in e-MDs that should be run for your daily reconciliation: Till Reconciliation and Pre-Payment reports.

The Unposted Pre-Payment report shows monies that have been collected but haven’t yet been posted to an invoice.  The Till Reconciliation report shows all monies that have been posted to invoices.  Go to Bill\Reports\Pre Payment  (See below)

Simply set your date range.  Click on the “Unposted” pre-payments button.  Hit preview.  This will give you a list with patients’ names, type of payment, amount, and totals.  If there is a payment you collected today that doesn’t appear on this list, it should be on the Till Report.

To run a “Till” (Till Reconciliation Report) Go to Bill\Reports\Till Reconciliation (See below)

Set your date range to whatever dates you choose.  It automatically defaults to the current date.  Hit preview.  This will show you payments collected by staff person.  Under each staff person you will find a date, then each payment type, individual payment, and to what invoice the money was posted.  There will be a subtotal per user and grand total on the final page.

By using this system, you have a greater chance of preventing embezzlement.  You can use the billing audit tools to track user key strokes.  You can also have two people reconcile the cash drawer as witnesses for each other.

Again, this is a basic process that will put you on the path to creating accountability for your daily revenue.  To quote the great philosopher Bo Derek, “Whoever said money can’t buy happiness simply didn’t know where to go shopping.”   We know that this process will help your practice track your money and help you sleep a little better at night.

Let us know if we can be of assistance to your practice by filling out the contact form below.

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