PROTECTING YOUR BUSINESS - THE IMPORTANCE OF DAILY AND MONTHLY REPORTS

Apart from the basic control systems and procedures that have to be enforced within each practice, there are other tools to facilitate efficiencies such as reports like the daily audit trails, age analysis, payments received, unallocated fees, outstanding claims per scheme, etc. All of which are tools in your practice administrators’ hands that are invaluable to ensure effective financial controls are in place and payments are received as quickly as possible.

Daily reports

We recommend that the Daily Audit Trail/Daily Transaction Audit report should be printed and checked on a daily basis. 

Whether you use patient files, daily worksheets or an electronic or manual appointment diary to balance back to, this report will assist you in your cross check.

This is a method of controlling the accuracy of transactions captured.  You can be sure that you will immediately pick up any discrepancies e.g. incorrectly captured amounts or overlooked transactions. Obviously the sooner an error is located the sooner it can be rectified. By doing this daily it is far easier to go through a day’s work rather than a week or a month to fix a capturing mistake. This report also serves as a paper back up of all transaction movement made in the practice.

Payments received/receipts also appear on this report, although your PMA has a multitude of management reports to cross check against this particular one should be checked daily. This will assist you in balancing back to the receipts books and remittance advices which ultimately balances to the bank deposits

Your PMA will either have sequentially numbered daily reports or date generated report which can not be duplicated or changed. If your PMA is set up to allow users to delete transactions then this report is the one that you will use to pick up this kind of activity on a daily basis.

At any point in time, the total on last daily report printed will equal what is owing to your practice and will balance to the age analysis. (Provided you run an age analysis including all ages, debit and credit balance accounts)”*

• Mastermed – you will run the financial status to balance out with your age analysis.