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10 Collections in the Medical Office Lecture 2. 10.4 Working with Collection Agencies 10-11 A collection agency is an outside firm hired to collect on.

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Presentation on theme: "10 Collections in the Medical Office Lecture 2. 10.4 Working with Collection Agencies 10-11 A collection agency is an outside firm hired to collect on."— Presentation transcript:

1 10 Collections in the Medical Office Lecture 2

2 10.4 Working with Collection Agencies A collection agency is an outside firm hired to collect on delinquent accounts – Practice no longer contacts the patient if the account is turned over to a collection agency – Often paid on the basis of the amount of money they collect When payment is received from a collection agency, it must be posted to the patients account – Information found on the statement provided by the agency Exercise 10-1

3 10.5 Writing Off Uncollectible Accounts When all collection attempts are exhausted, the collection process is ended Amount owed is often called an uncollectible account or a bad debt, and it is written off the practices expected accounts receivable A write off is a balance that has been removed from a patients account Exercise 10-2

4 10.6 Using a Patient Aging Report for Collections An aging report shows the patients chart number and name, and the amount of unpaid charges in each of these categories: – Current: Up to 30 days – Past: 31 to 60 days – Past: 61 to 90 days – Past: 91 to 120 days – Past: More than 120 days Exercise 10-3

5 10.7 Adding an Account to the Collection List Overdue accounts are added to a collection list The collection list is designed to track activities that need to be completed as part of the collection process – Ticklers or collection reminders are displayed as collection list items A tickler is a reminder to follow-up on an account that is entered on the collection list

6 10.7 Adding an Account to the Collection List (Continued) The Collection List dialog box displays ticklers that have been entered into the database

7 10.7 Adding an Account to the Collection List (Continued) Tickler Item dialog box Exercise 10-4 Tickler tabOffice Notes tab

8 10.8 Creating Collection Letters Before collection letters can be sent in Medisoft: – Patient-responsible tickler item must be entered in the collection list – Collection Letter report must be created Report is generated when the Patient Collection Letters option is selected on the Reports menu

9 10.8 Creating Collection Letters (Continued) The Patient Collection Report lists patients with overdue accounts to whom statements have been mailed

10 10.8 Creating Collection Letters (Continued) After printing collection letters, an account alert appears in the Transaction Entry, Quick Ledger, and Appointment Entry windows There are three account alert abbreviations: – RB – remainder balance – DP – delinquent on payment plan – IC – in collections Exercise 10-5

11 10.9 Creating a Collection Tracer Report A collection tracer report is used to keep track of collection letters that were sent The report lists: – Tickler item number – Responsible party – Chart number – Account balance – Date collection letter was sent – Reasons the account is in collections Created via the Collection Tracer Report feature on the Reports menu Exercise 10-6


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