Monthly Financial Overview

Every month, the front office team will need to review the following reports as part of the monthly financial overview.

Accounts Receivable Report

• Look at the aging brackets to see what percentage is in the over 90-120 day category.
• Review the accounts in these categories to make sure all are collectible.
  • Are any of the accounts barter accounts?
  • Are any of the accounts “untouchables?”
• Be aware of who owes the practice money as patients come in for treatment planning to avoid collection challenges.
  • The financial coordinator should note what they learned on the report during a follow-up phone call.
    • Who the financial coordinator spoke to
    • What they committed to do
    • When you should see payment

Outstanding Insurance Claims Report

(Have report run by the insurance company for claims 30-days and older. Many insurance companies will not accept a claim for processing more than 90-days from the treatment date.)

• Follow-up on claims over 60-days immediately to prevent processing challenges.
• Look at the aging brackets to see what percentage is over the 90-120-day category.
  • Is the total made up of several small claims or a few large ones?
  • Have you received an EOB asking for additional information?
• Do any of these claims need information from the Doctor before resubmission?
  • Are the claims from the primary or secondary insurance carrier?
  • Ask your financial coordinator to make notes on the report after a follow-up phone call.
    • Who the financial coordinator spoke to
    • What they committed to do
    • When should you see payment?

Un-Submitted Claims Report

• The purpose of monitoring this report is to catch any claims that may have “fallen through the cracks” and needs attention before submission.
• These claims are often waiting for a narrative to be written and attached.

Adjustments Report

Review adjustments by category, paying close attention to the number of adjustments going out for professional/office courtesy within your control.

Short Call List

If your financial coordinator is also in charge of scheduling, request a short call or ASAP list. The purpose of this list is to make sure it is actively updated and used for last-minute openings.