To effectively run any service-based business including a medical clinic or hospital, maintaining records of transactions and services performed is necessary. For medical practices, documents such as patient medical records, patient information, and general accounting records are commonly used. Medical accountants use these records as well as additional accounting records to correctly bill insurance companies for the services performed by the doctor and keep accurate information about each patient.
Patient Information and Patient Records
As mentioned, any practice should collect important information about each patient. Personal details like full name, address, phone number, social security number, name of employer, insurance company, and co-pay information are among the necessary information to take. Keeping record of all tests administered will also ensure that the patient or his health plan provider is billed properly.
Business owners know the importance of keeping accounting records. Bills paid to the utility companies, salary of the administrative staff, professional fees received, co-pay plan payments, equipment costs, overhead costs and other dealings should all be kept in record to keep track of the cash flowing in and out of the practice. Medical accountants use these records to balance the books and determine if the practice is gaining profit or losing money.
Arrangements with other practices or medical facilities also need to be recorded in order to correctly bill the patient and pay the facility.