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The objectives of this chapter are: Summarize the importance of and how to establish good bookkeeping and banking practices; compare singleentry, doubleentry, and writeitonce bookkeeping systems; outline patient related financial transactions; identify negotiable instruments and the items that must be present for a check to be negotiable;...
CHAPTER 21 Financial Management 21-2 Learning Outcomes (cont.) 21.1 Summarize the importance of and how to establish good bookkeeping and banking practices 21.2 Compare single-entry, double-entry, and write-it-once bookkeeping systems 21.3 Outline patient related financial transactions 21.4 Identify negotiable instruments and the items that must be present for a check to be negotiable 21-3 Learning Outcomes (cont.) 21.5 Describe the different types of check endorsements and the steps in creating a deposit 21.6 Carry out the process of reconciling the office bank statement 21.7 List several advantages to electronic banking 21.8 Implement setting up, classifying, and recording disbursements in a disbursement journal bank 21-4 Introduction • Medical practices require sound financial management • Employees must understand financial management procedures 21-5 The Medical Practice as a Business • To succeed - income must exceed expenses • Accounting • Responsibilities of medical assistant – Bookkeeping ~ a systematic record of business transactions – Banking 21-6 The Medical Practice as a Business (cont.) • Accuracy – Strive for 100% – Records form a chain of information – Errors can result in • Double billing • Omitting bank deposits • Improper payments to suppliers 21-7 Establishing Procedures • Be organized • Be consistent • Use markers • Write clearly • Check your work 21-8 Apply Your Knowledge What can be the result of errors in billing? ANSWER: Errors can result in billing a patient twice for same service, omitting bank deposits, and making improper payments to suppliers 21-9 Medical Office Accounting Methods • Computerized – most common • All methods record – Income – Charges • Manual Systems – Disbursements – Single-entry – Double-entry – Pegboard – Other financial information 21-10 Electronic Bookkeeping • Bookkeeping on the computer – Performs same tasks as manual method – Saves time • Performs repetitive tasks • Performs math calculations • Has built-in tax tables 21-45 Apply Your Knowledge What are the advantages of electronic banking? ANSWER: Electronic banking improves productivity, cash flow, and accuracy Computerized banking programs facilitate recording deposits, paying bills, displaying the checkbook and reconciliation of the account 21-46 Accounts Payable and Managing Disbursements • Three types: – Payments for supplies, equipment, and practicerelated products and services – Payroll – Taxes 21-47 Disbursements • Payments for goods or services • Recording disbursements Set up disbursement journal Enter check information and amount Determine expense category 21-48 Disbursements Record check amount under appropriate category Split amount if necessary and enter total in check amount column 21-49 Writing Checks • Account balance must cover the check • Enter on disbursement log then write check • Have the doctor sign the check • Mark invoice with date, check number, and amount paid; place copy in file • Mail check 21-50 Writing Checks (cont.) • Disbursement log – Total and track expenses by category – Check calculations – Tracking • Look for changes • Helps control expenses 21-51 Understanding Financial Summaries • Statement of income and expense • Cash flow statement – shows money available to cover expenses • Trial balance – Check periodically – Expenses should match amount in check column 21-52 Apply Your Knowledge How you record disbursements in a disbursement journal? ANSWER: To record disbursements: Enter check information and amount Determine expense category Record check amount under appropriate category Split amount if necessary and enter total in check amount column 21-53 In Summary 21.1 Procedures to be established to help maintain consistency in financial practices include being organized and consistent Write clearly and use markers to keep track of your current location Check your work frequently and correct any errors using the approved All entries must be kept readable at all times Finally, keep all figure columns straight so that decimal points line up Following through on these procedures can help ensure that your work will be concise and accurate 21-54 In Summary (cont.) 21.2 The single-entry accounting system, where an entry is written once on the patient ledger, on the daily log, and in the checkbook, contains no checks and balances for accuracy The double-entry system, based on assets = capital & liabilities, has checks and balances, but can be cumbersome and complicated The write-it-once system allows all transactions to be recorded in one procedure, using carbonless forms on all necessary documents Many computerized office management software packages are based on the write-it-once concept 21-55 In Summary (cont.) 21.3 Patient related financial transactions include starting the day, patient process, attaching the superbill to the patient chart, patient check out, after visit payments, returned checks, refunds, uncollectable accounts, and end of day procedures 21-56 In Summary (cont.) 21.4 A negotiable instrument is one that is legally transferable from one person to another To be negotiable a check • must be written and signed by the payer or maker, • include the amount of money to be paid, • be made payable to the payee or bearer, • be made payable on demand or on a specific date, • include the name of the bank that is directed to make payment 21-57 In Summary (cont.) 21.5 The types of check endorsements are blank, restrictive, special, and qualified To make a bank deposit, follow the steps outlined in Procedure 21-5 21.6 Following the guidelines outlined in Procedure 21-6, the student should successfully be able to reconcile a mock bank statement with a mock office checkbook 21-58 In Summary (cont.) 21.7 The computer software calculates each new balance, reconciles the monthly bank statement automatically and a computer password and security system is used to keep the information safe and confidential 21.8 Following Procedure 21-7, the student should set up a mock disbursements journal consisting of several columns of expenses Once set up, given a list of several “bills” to be paid, the student should document the check information and record the disbursement amount in the correct column(s) of the journal 21-59 End of Chapter 21 Never spend your money before you have earned it ~ Thomas Jefferson ... classifying, and recording disbursements in a disbursement journal bank 21- 4 Introduction • Medical practices require sound financial management • Employees must understand financial management procedures. .. systems 21. 3 Outline patient related financial transactions 21. 4 Identify negotiable instruments and the items that must be present for a check to be negotiable 21- 3 Learning Outcomes (cont.) 21. 5.. .21- 2 Learning Outcomes (cont.) 21. 1 Summarize the importance of and how to establish good bookkeeping and banking practices 21. 2 Compare single-entry, double-entry, and write-it-once