Today, I want to dive into something that can significantly streamline your dental practice—specifically, the four accounting tasks you should be doing every single day. Trust me, keeping on top of these tasks not only enhances your workflow but also ensures that your data is accurate, which is crucial for a successful practice.
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At the end of the day, after a busy schedule of patients and procedures, it’s easy to overlook the critical accounting elements. However, I can’t stress enough how important it is to maintain a daily routine for these four accounting tasks. Doing so will ensure that your reports are more accurate, payments come in faster, and you’ll experience a lot less stress. Plus, you’ll save time by avoiding tedious tasks later on.
Balancing the Day Sheet
The first task is balancing the day sheet. This is essential for ensuring that everything from procedures to payments is accounted for. I remember how daunting this seemed at the end of a long day, especially when you’re tired and just want to go home. But here’s the thing: if you don’t balance your day sheet right away, you might miss important entries.
I used to let my clinical team review the day sheet overnight. Often, they would walk in the next morning and say, “Oh no, I forgot to post that treatment!” Giving them that time helps catch any discrepancies. So, make it a habit to balance your day sheet every day, ensuring that all procedures, payments, and credit card transactions are correctly recorded. This first step sets the stage for everything that follows.
Sending Out Claims
The second task is sending out insurance claims. I cannot emphasize this enough: **claims must go out within 24 hours, no exceptions**. This is where timely communication with your insurance providers plays a critical role. Once you’ve balanced your day sheet, you should be ready to click that electronic claims icon and send off your claims. If you let these sit, you risk delays in payment, which can affect your cash flow.
For those who might struggle with clinical notes being completed on time, I recommend implementing systems that help streamline this process. Your clinical notes should also be done within 24 hours of treatment. This will ensure that when it’s time to send out claims, everything is in order.
Allocations for Accurate Reporting
Next up is optional, yet highly recommended—balancing allocations. This task helps ensure that payments are correctly distributed among the appropriate providers. If your practice is set up to post payments to the guarantor or primary provider, you may overlook these allocations. However, missing this step can lead to significant discrepancies in your accounts receivable reports.
If you have providers who are compensated based on collections, daily allocations become non-negotiable. Utilizing reports like the Provider Credit Balances Manager can simplify this task. It only takes a few minutes each day, and the accuracy it brings to your financial reporting is invaluable.
Sending Daily Billing Statements
Finally, we arrive at the fourth task: sending billing statements. You might be thinking, “Every day? Really?” Yes! By sending billing statements daily, you can reduce the workload and avoid the bottleneck that comes with sending them out all at once. This daily practice means that when it’s time to follow up, the inquiries will be more manageable, and your team can handle the influx of calls much more effectively.
Using tools like QuickBill allows you to send out statements electronically, cutting down on the hassle of printing and postage. Incorporating this process into your daily routine simplifies your accounting tasks and keeps your patients informed.
Conclusion
In summary, the four accounting tasks everyday—balancing your day sheet, sending out claims, performing allocations, and sending billing statements—are essential for maintaining a well-run dental practice. These tasks not only enhance your operational efficiency but also ensure that you have accurate data for better reporting.
I hope you find this information helpful and encourage you to integrate these tasks into your daily routine. If you’re looking for more detailed guidance, check out my online courses, where we dive deeper into these principles. Together, let’s transform your practice into a high-performing dental team!
