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
What is a Monthly Health Check?
A Monthly Health Check will help you. Have you set your practice goals with your Practice Success Coach? A Monthly Health Check for your practice and how it can help you is what’s covered in this free webinar. Your Practice Success Coach will help you set goals and KPIs for your practice and then follow-up with you about them each month. You will know immediately if you’re on-track to reach your goals and if not, then your Practice Success Coach will suggest ways to make improvements. You will learn a lot about your no shows, no future appointments, your collections for cash and insurance, your accounts receivable over 120 days and other important metrics. If you don’t track them, then how can you improve? Learn more by watching this free webinar on this page right now. Read the transcript: Jason: Let’s start over. Welcome, everybody. I hope everyone dug out of the storm and has able to remain warm at least here on the East Coast from Kentucky up to Massachusetts. I know buried is just the right word to use as far as snow is concerned, buried. I know we dug out from nearly two and a half feet of snow here. And so I hope for those people who are only able to make this webinar today because they weren’t able to open their business doors, I hope that you find it useful and I hope we’re able to give you some information that you can act on here in the future. So just to give you an idea of who I am, Jason Barnes, I’m the Chief Operating Officer, and I’ve got Jessica Pancoast with me, who is the head of our Help Desk and Training teams. And we usually tag team these weekly webinars, bringing useful information to everyone today. We’re gonna spend 15 to 20 minutes on monthly health checks, answering questions like, “Why should I have a monthly health check? What is a monthly health check? How can a monthly health check help me with a member of our coaching staff?” And then we like to open it up for any other questions that you might have at the end of it, so while we stick around to see how we can answer any other questions. So first answering a question of, “When somebody looks for a new software package, what are they looking for?” Well, that ranges from one office to the next with what types of problems that they’re going to solve and what kind of solution they’re looking for. Yes, it would be hard for me to say, “I know where the right solution for every single office out there.” But I know we do have something for everybody. And just like people use personal trainers to get the most out of a gym experience or workout experience, I know that we have people who can personally train and apply the tools in our gym, meaning the software system, to help practice owners, office staff really get the most out of what they want to accomplish. So today we’re gonna be talking about teamwork and how we can use our coaching staff to help identify what the issues are in your practice and then at least supercharge it, make it as efficient as possible. And so I want to fast forward all the way to the end of what you’re supposed to be getting out of working with our coaching staff. When most practices come on board, we take a snap shot, take a snap shot of what their practice performance was. How many visits they have, how many patients they were seeing actively at any given time, and what their per visit reimbursement rate was, and then what their overall office collections. And then we compare that after six months for a random subset of those clients, and we found that in each and every situation where those offices were having monthly health checks with our team, we were able to see pretty stark improvements after a six-month time frame. So, if you’re wondering, “Well, you know, how would working with somebody help me achieve those types of results?” That’s what we’re gonna talk about today. So, to answer that next is, what is a monthly health check? The first thing a monthly health check is is a prioritization. Your office can be working on 20 different projects at once. I can start listing off things that you could be working on. You could be working on implementing new no-show, no future appointments. You could be trying to get a business within the business off the ground, trying to put together e-commerce or selling more point of sale items. You could have a problem with hiring associates, training staff members. All of these things are important. Everything I listed is super important. But while that’s happening, you don’t have some of these credentials. While that’s happening, you don’t have the ability to realize that temptations, you know, didn’t show up this week and they’re never coming back again. So what we like to do during monthly health checks is, first of all, create a table in which we know what is urgent, what’s a necessity, and how on earth we should approach triaging, the things that need to be done in your practice. Are we able to do this for everything? No, but most things that are under the umbrella of good, solid best practices of practice management, we’re gonna be able to provide solid insight. We put together this graph and this decision making tree to help really coach providers in a situation with what should I be focusing on first, right? So the urgent, not urgent, managing and focusing. Patients are the lifeblood of your office. They’re always the first thing that we have to make sure… If we’re not paying attention to them, we know that every other metric in your practice is going to
Can We Just Focus on the Chiropractic Principles?
Note: As a Chiropractor, I founded Genesis chiropractic software as a way to provide the tools for Chiropractors to focus on building their practice through focusing in on chiropractic principles. We have been talking about getting back to basics, the root of why we became Chiropractors in the first place and about supporting businesses who are pro-Chiropractic. Today, I would like to talk about getting back to basics in another way because I believe that it’s about time that we get back to focusing on the principles of Chiropractic and teaching those principles to our patients. As we all know, Chiropractic is not just about relieving pain, correcting postures, and mitigating symptoms. Chiropractic is definitely not rooted in the reactive type of care insurance companies promote. Chiropractic is about removing interference to the bodies innate ability to heal and self regulate. We all know this. We all learned this in school and for most of us, it is one of the major reasons we chose to become Chiropractors in the first place. We believed in these core principles of Chiropractic so much so we’ve based our our professions and our livelihoods around them. The problem is that in the day to day grind of staff management, chart updates, insurance billing, patient visits, chiropractic software, marketing, and all of the other hundreds of tasks we perform, we often forget about what Chiropractic is truly about. In fact we started Genesis chiropractic software to help you remove the interference in running the day to day operations of your practice, with systems that enable you to grow and profit more effectively. We can begin to think of our patients by their symptoms or lack of symptoms rather than about the natural, healing power that is released when subluxations are corrected and the profound impact this delivers to the lives of our patients. Now is the time with the new year ahead of us to re-focus on the principles of Chiropractic. Each time we see a patient we should remember why and how Chiropractic works. Even more, we have to take the time to educate our patients and our staff on the principles of Chiropractic. A staff that is fully educated and informed about how Chiropractic began and how it changes lives, not just by relieving pain, is a staff that can deliver more to your patients and your practice. We have to take the time to train our staffs to not only handle billing and appointments but to also explain Chiropractic to our patients. Each interaction a staff member has with a patient is an opportunity to further the message of Chiropractic and create a patient for life. Patients that understand the philosophy behind the Chiropractic care they receive are not only more likely to follow-through with care, they are more likely to continue with maintenance care as well. Additionally, these are the patients who refer their friends and family members because they understand the profound impact of their health on their lives and their family’s lives. Let’s make 2016 the year that as a profession, we get back to basics, re-focus on the principles of Chiropractic, and build a patient base that understands the importance of Chiropractic. It’s about time we stopped letting the insurance companies and the medical community force chiropractic into the mold of medical doctors and instead return to the reason we became Chiropractors in the first place.
