My Office Profitability
NEWSLETTER
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The CNS for the Chiropractic Office
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December 2008 |
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 "Billing Precision
allows us to keep
compliant notes
at high volume.
I highly recommend
Billing Precision
for any office
of any size."
- Dr Traci Bishop,
Dr. Greg Loman's Office, Maximized Living
1,400 patient visits per week
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Welcome New Members!
- Michael Acanfora, DC - The Wellness Institute - Bayonne, NJ
- Glen Burford, DC - Burford Spinal Rehab - Collierville, TN
- Mary Burton, DC - Optimal Life Chiropractic - Roswell, GA
- Drs Brandon & Chantelle Crouch - Crouch Family Chiropractic - Bowling Green, KY
- Dale Dennis, DC - Winona Chiropractic Center - Winona, MN
- Michael Francis, DC - Vinciguerra Chiropractic - Wilmington, DE
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Gerard Graves, DC - Tranquil Moments PA - Veazie, ME
- Drs Jared Key and Daniel Roberts - Cornerstone Chiropractic PC - Hiram, GA
- Drs Gerard & Tabatha Liboiron - Focused On Your Chiropractic PLLC - Roundrock, TX
- Drs Michael and Terah McClain - Vital Energy Chiropractic - Helena, MT
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How to Reconcile Your Vericle Records with Your Bank Account?
Step 1: To reconcile and catch mistakes, keep deposit slips and copies of checks in a safe place. Maintain a table including
- Check #
- Check Date
- Payer that issued the payment
Step 2: At the month end, use this report
Reports -> Reconciliation -> EOB -> Check #
to produce a line item for each check # or grouping of payments that were posted on the same day without a check number and for a particular insurance.
Step 3: Print a statement from your bank for that month and the prior month.
Step 4: Now compare every item in the Vericle reconciliation report with your bank statement and deposit slips. See "What May Complicate Your Reconciliation of Vericle Report with Your Bank Statement"
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What Will Billing Precision Do If You Report that Your Bank Account Does Not Match Up With Vericle's Record?
Billing
Precision will address any opened tickets by calling the insurance
company and verifying the date of the check, address to which it was
mailed, check amount, and date it was cashed.
The team will then send
the ticket back to the provider asking for next steps.
The provider can then decide if they want to:
- Hold off for a few days and have the team check again later.
- Put a stop-payment on the check and have the payer reissue it.
- Reverse the incorrect posting. Note that Vericle automatically adjusts billing service fees for the next invoice.
- Escalate (Contact your SPOC using Vericle Help Interface) if you suspect a different problem.
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Why You Must Reconcile Your Vericle Records and Your Bank Account
It's
critical to make sure that every posting made in Vericle corresponds to
a deposit made in the practice's bank account. If a practice does not
reconcile their account, the following issues may cause extensive
damage:
- Wrong pay-to address:
Vericle may receive ERAs for money that is going to a different address
and is not being forwarded to the provider.
- Wrong EFT information: Vericle may receive ERAs for money that is being direct-deposited into a wrong bank account.
- Incorrect
payment posting: a Billing Precision or provider office employee may
enter a payment incorrectly in Vericle. This would result in Billing
Precision undercharging or overcharging the provider for the commission
on that payment.
- Incorrect secondary insurance filing, patient
statements, and PIP arbitration statements: payment information is used
in filing secondary claims, statements, and PIP arbitration. If the
information is incorrect, then the subsequent statements are incorrect
and may cause loss of revenues or incorrect revenues from subsequent
filings.
Billing Precision does not have access to the provider's bank account,
so it is up to the provider to make sure that the Vericle
reconciliation report matches their bank statement.
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What May Complicate Your Reconciliation of Vericle Report with Your Bank Statement
Each check and amount should match with the deposit slip or the bank statement, with the following caveats:
- EFT (electronic fund transfers) will not be in the deposit slips -- only in the bank account
- The bank may sometimes combine two or more checks into one deposit on the statement
- Some
checks in the Vericle reconciliation report at the beginning of the
month will match up to deposits made in the previous month. For
example, if the practice sent an EOB and deposited the attached paper
check on July 31, but the team entered the EOB on August 1, then the
check will show up in the August invoice, but the deposit will show up
in July.
- Some checks in the Vericle reconciliation report at
the end of the month will not match up to deposits made in the previous
month. For example, if Vericle receives an ERA (electronic remittance
advice) on July 31, but the insurance carrier sends a paper check that
arrives at the provider's office on August 5, then the practice will
not be able to reconcile the ERA check in Vericle.
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What If Your Bank Account Reconciliation With Vericle Does Not Match Up?
- If the discrepancy dates are at the end of the month (ERAs), then the practice should record the discrepancies and wait for the checks for another 5-7 days.
- If the dates are not at the end of the month or if the checks never arrived for dates at the end of the month, the practice should immediately open a Billing Ticket in Vericle, providing as much detail as possible regarding the missing checks.
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