Can You Increase Your Cash Flow This Year?
How Can You Increase Your Practice Income? By using our built-in Point-of-Sale (POS) system! Use a bar code scanner to create an inventory that your patients would be interested in purchasing. Use the same scanner to check out your sales and your inventory will be controlled automatically. A task will open to alert you when products need to be re-stocked. Learn all about your POS system with this free webinar. See how easy it is to track your product sales and then see an increase in your bottom line. See the POS system in action and learn more by watching this free webinar on this page right now. Read the transcript: Jason: All right, we’re gonna kick off today. My name is Jason Barnes, and I’m here with Jessica Pancoast, head of our support team, our help desk teams. Excuse me, I said support. I meant, training team and help desk team. And today we are going to discuss point of sale items. And we would love it if anyone had a question at any moment during this, don’t hope that we’ll cover it. Type in your question. Jess, where do they go to type in the question? Jess: It may also already be open on the left-hand side of your screen. If it’s not, at the top left, there will be a button that says, “Show chat,” and you can click on that, and then you’ll have the chat window on the left side, and you can enter your question down at the bottom. Jason: Awesome. So more and more with the practices that are using our system, we see that it’s a core offering in a major part of their business to sell products, different services that are not covered by insurance, that they only expect patients to pay in cash, you know, credit or check. And so we wanna make sure everyone understands how, number one, make sure that their services are coded, entered with associated prices or MSRPs, that they have a good understanding of how those items are entered and bundled underneath the patient accounting scheduler. And then we can show them how to actually look these items up from a reporting perspective, to see which positions, which locations, and which products are actually selling. And then on top of that, we wanna make sure that you are staying in control of your inventory. So that will be our agenda for today, to really walk you guys through our methodology, you know. As always, we have a specific way of doing things here within [inaudible 00:01:52], and we wanna automate as much as we possibly can. When you have an inventory control problem, for instance, we don’t want you to manually count the bottles of vitamins or your Biofreeze or your TheraBands, [inaudible 00:02:08], etc each and every day. When you have a shipping come in, that’s the time where you know you had 36 come through the door, we wanna make sure that the only manual part of this process for checking inventory is when you actually go in and enter in 36 additional of the unit came in. This also goes for pricing for things. We wanna make sure that you don’t have to remember pricing in the beginning. We wanna create a fee schedule that will pull each and every time you sell the same item. And this also will…it will go for a couple different places, like scanning and barcodes, you know, remembering codes, descriptions of things. We wanna make sure you guys know all the tips and tricks to really get the flow of this down. So to start with, we’re…Jess, you mind taking them through how somebody would manually enter in a product that they wanted to sell and track in the system? Jess: Sure. So to configure your point of sale items, you’re gonna go to configuration practice, and then go down to point of sale, and you’re going to get the list of… Jason: One control boxes. Jess: Sure. Place them in there. All right. So you’ll get the list of any items that you already have in the system. So then you have two options of adding new ones. You can go to the last page if you do have more than 30 by using the next button up the top so you get the blank four lines. Or you can simply click on the Add New button, which will immediately bring you to four quick empty lines that you can fill in. So to enter a point of sale item, what you’re going to do is you’re going to go into the CPT field. What do I recommend is hitting enter. This will pop up a window to let you know what your next CH code is in order rather than trying to remember which one you left off on. And then you can just select the next one. If you do try to reuse the CH code, you’re gonna run the error of there’s nothing to save. And it does have to be a CH code. You can’t make up your own CPT codes for these items. The CH codes are all entered in our database so our system can use them. So that is how you’re going to pick the CPT code to begin with. The next field, you’re just going to enter in the price of whatever item you are trying to sell, and then you’ll enter the tax for your state. You have two options. You can do the percentage or .075 will be 7% or type in 7 and it will just be the percentage. Jason: It sure is smart. It knows whether or not you meant to put it that one and didn’t. Jess: Yes. Jason: Okay, all right. Jess: In this instance, yes. Short description, just a basic abbreviated description of the item that you’re selling. I’m just going to make up that we’re selling a wrist brace.
Can You Spend Your Care Plan Escrow Account?
Your Escrow Account – How Do You Track it? Learn about your care plan escrow account and about how to legally administer the account. Can you spend it? Should it be kept separate? How do you track it for every patient with a care plan? What’s your total? This account is the money that your patients have paid in advance for their care and you’re supposed to hold it until the appropriate time to pay for their treatments. See how easy it is to track your account by date range and then see a total with a few clicks in our software. See it and learn more by watching this free webinar on this page right now. Read the transcript: Jason: Well, welcome, everyone. My name’s Jason Barnes, and I’m the Chief Operations Officer here, and I just love talking to people who are looking to solve problems. And today, we received a request from a fairly number of our clients to learn how to better track and understand a single topic, which I’ll introduce here in just one second. But with me is Jessica Pancoast, who is the head of our Training and Help Desk teams, so we’re gonna be co-presenting this particular one today. To start off with, we’ll define the feature/the problem that we’re trying to solve. When a patient walks into an office and agrees to a particular care plan, there are three ways of handling this particular incident, right? They can make payments as they go, co-payments, whether or not they’ve got insurance or if they agree to an all-cash plan, they can do that. It’s not a problem. Jess, I would say we’ve got lots of practices operating successfully in this particular model, right? Jessica: Yes. Jason: Not an issue. But then the next two can help us run into a problem or two as patients prepay or have recurring payments for their treatment plans. There are three scenarios doctors can find themselves in. Now, one, they can be in a state that doesn’t even allow this as I’ve listed here as our second item. Some states require separate accounts, but any way you look at it, regardless of whether or not you can or can’t take prepayments, if you have one, you have to track it. And I’ll start with, you know, I will quote, I didn’t write this quote down, one of our doctors who said, “If I was to die tomorrow,” Jess, correct me if I’m wrong, “If I was to die tomorrow, I need to know how much I owe my patients.” And so, that is the correct quote? Jessica: Yes, or rather, this is how much the staff needs to give the patients back as he’d be dead. So… Jason: Excellent clarification. So today we’re talking about escrow accounts. Escrow accounts represent the money that a patient has paid for their services that an office has not earned yet. So today we’re gonna to talk about not only why you should do it for good accounting practices, but some of you might have real legal motivation to actually do this. I know in the State of New Jersey, prepaying for, let’s just say, any type of service can be illegal. So, you have to really watch what you’re doing. But in most areas, there are lots and lots and lots of patients who prepay or set up recurring payments to pay for their care with the doctor’s office. So today, we’re gonna talk about how to solve that problem and what is that we can do to help you keep track of it so that you can do a few things. And to cut to the chase, if you’ve got a bank account that’s separate, you’ll have to keep X number of dollars in that account. If you don’t have a separate bank account, for balancing reasons, you need to make sure you keep at least a certain amount in that bank account cover the credits. I’m not a tax expert. I’m not a compliance expert. You can always contact one, but they will share some information that you do need to keep certain number of dollars in your accounts to cover the credits that you need to for patients that you have not yet rendered services for but have money on the books. So today, we’re actually gonna get into some of that information. So, I will get over here. This is our demonstration account. There’s not much information to show right here, but we’ve got a number of reports that will help people actually look information like this up. So, in our reporting menu or drop-down that anyone would have access to, we’ve got “Practice” and we have a “Care Plans” drop-down that will allow you to access to a whole bunch of other things. In this particular case, there are lots of different ways to keep track of the finances for any individual, patient, or group of patients. Our best practice recommendation is that every single patient will have a care plan if you plan on seeing them more than once. You can look up balances, you can see what the expectations are, which will help you forecast what your revenue for the following month would look like, so it’s a great tool. But for this one, this Care Plan Escrow Report, this is the one that we utilize to help you as a practice figure out how much cash you need to have on hand should a patient do one of three things. Patient decides not to have any additional care, even though they’ve prepaid, you’ll have to have a policy on refunding dollars, most of the time you have to give it back. If a patient, you know, discontinues care, you’ll have to have a policy if they don’t contact you. You have $400 of their money, how are you going to know how long you can keep this money, whether or
Increase Collections In Your Chiropractic Office
Use Payor Allowed Amounts to Increase Collections Increase collections from insurance companies by viewing this free 30 minute webinar. See how to use Payor Allowed Amounts to check if you have been paid on-time and in full for your services by the insurance companies. This built-in feature of our Genesis Chiropractic Software shows what you’re supposed to be paid for various CPT codes that you bill out. Use this to actually see what you were paid and then you can see if it’s an underpayment or not. Insurance companies are known to underpay by “mistake” as they try to keep money that should be paid to your Chiropractic practice. If an underpayment is detected then the claim can be sent to your billing team for follow-up with that insurance company. Let them get to the bottom of it for you. Watch the webinar immediately right on this page. Read the transcript: Jason: Welcome to those who are just joining, we are going to start in just a moment here. Waiting just for a few more people to jump from the web section to the audio section and then we’ll get today’s webinar started. Thanks for joining us. You’ll notice that you’re all muted and we ask that you check your questions in so that we can answer them as the webinar goes on. We’re going to start, we’re going to spend about 10 to 15 minutes on our topic today which is Collections, very specific to Collections, the Payer Allowed feature in our system, and we’ll talk about why it’s important and then we’ll open this up to any type of question that you might have after that. So, I’m looking forward and we’ll give you…actually it’s 2:05 now, Jessica. Let’s get started. So, my name is Jason Barnes, chief operations officer here and this is starting to sound like a broken record, isn’t it? Jessica: A little bit. Jason: As always. Jessica Pancost [SP], the head of our training and help desk team here at our organization, is co-hosting. So, today we are talking about a topic near and dear to pretty much every practice owner that we have and then a whole bunch of staff who are directly impacted by collections. And so, today we’re talking about collections, so we’re going to spend a little bit of the time talking, not necessarily about why collections are important, I think that one’s self-explanatory unless you want to spend some time on that Jess? Jessica: No. Jason: You’re good? but we want to talk about how to measure collections. Want to talk about how to break it down in two separate areas where a practice owner can make sure A, all their visits are getting paid, and B, all the visits are getting paid the right amount. Today, we’re going to primarily focus on the second of the two problems we discussed. The first problem of making sure all visits are getting paid, it’s not necessarily a simple problem to solve. However, we will spend just a moment in a broad stroke on how we approach that, and it has to do with our dashboard. You can see here that I’ve blown up one of the most important parts of our home screen and it’s the dashboard, here of course, in our dummy practice where we’re going to look at collections month to date, total outstanding accounts receivable, meaning all of the charges that need to be followed up on from an insurance perspective, and then we break down those accounts receivable into three separate buckets. The accounts receivable will be on 30 days, beyond 60 days and beyond 120 days. So, in this particular case, there are $32,419 total outstanding accounts receivable, $26,000, $6,000 and then zero dollars beyond 120 Days. We break this into percentages so that folks can measure, not only compared to themselves, but to the industry, how well they’re doing at making sure all visits are getting paid. Good question, Jess. “How do I know if my accounts receivable is really low and all our visits are getting paid?” It basically translates into if you have a visit that’s not paid, that’s sitting out there past 120 days, the likelihood of collecting on it, I don’t care if it’s from a patient or an insurance company, goes down significantly. Your goal as a practice owner should be to monitor this number. This zero dollars is unheard of, but it happens, and we can start talking about ways that it happens in this webinar series, but this is a great indication that you’re getting all of your visits paid. If your accounts receivable over 120 days is very, very low, one, two percent, it means that you’re getting 98%, 99% of your visits paid. And the rest of them are either getting written off, appropriately we hope, but there’s ways of tracking that as well or they’re being moved into a paid status which is the ultimate goal. So, if you know that your visits are getting paid, and again that’s not where we’re going to be spending the bulk of our time today, the other one is, “Are your visits getting paid the right amount?” And I ask a bunch of interrogative questions today want to go over the answers to them. What is the right amount? Jess, how does, you’re talking to somebody about collections, do you have any idea, you know, to tell them if they’re getting paid the right amount for their CPT codes? Jessica: No. Jason: Why not? Jessica: I don’t know [inaudible 00:04:37], but different contracts and different states and everyone gets paid… Jason: Its complicated, it’s a complicated answer and the first thing we want to let all of our providers know is if it doesn’t seem simple for you, that’s correct, you’re not in a simple industry. What I need to establish before we start looking into this is it’s meant to be confusing, it’s meant to not
Chiropractic Financial Planning
Learn how to avoid money mistakes and use money saving tips with Chiropractic Financial Planning rules and then implement them.
