It’s a new year! Welcome to 2017! It’s time to think about new insurance benefits, fee schedule updates and making sure that all your reports are up to date. There is a lot going on at the beginning of the year that we need to plan for and make sure your practice is running like a well-oiled machine.
First, let’s tackle the new insurance benefits. Now, not all insurance benefits renew in January but most still do and it is important to keep your insurance as accurate as possible so you can keep your accounts receivable in check. The insurance benefits used is updated and reset back to zero at the time you run the month end process.
It might be time to do a fee increase in your practice or maybe one of your contracted PPO plans has sent you an updated fee schedule (wishful thinking I know) that you need to update. If this is the case, then go to the Office Manager > Maintenance > Reference > Fee Schedule Maintenance. Now you can select the fee schedule you want to update and choose the appropriate process you want to complete. If you are going to update your office fees by a set percentage, then highlight the fee schedule name and click on auto updates and enter the details. If you have a PPO fee schedule plan that you need to update certain procedure codes, then highlight the fee schedule and click on View/Update. Then edit the procedure codes one at a time.
Now, the last thing I want to really hit home is how important it is to run your December month end so that your management reports are as accurate as possible. The month end routine will move your ending balance from the previous month into the beginning balance of the new month, so if you need to know what your A/R is at the end of December for accounting purposes this is extremely important. The easiest way to check your accounts receivable is to look at the Practice Analysis from the Office Manager > Analysis > Practice and then looking at the YTD ending balance. This ending balance will not be accurate if you have not performed month end.
Looking for an amazing year! Thank you for being a loyal reader of my blog.