Key Financial Processes

In your office there are a number of financial processes. Here is a brief overview of those processes and how to use Spinalogic to complete them.

The critical items are marked with ** and the very important ones with *. The others are good to track but not essential to start.

Practice Processes

**End-of-Shift Reconcilliation

End-of-shift reconcilliation should be performed at the end of every shift by your CA. The primary purpose is to ensure that the amounts you have actually collected match the amounts you have recorded as collected in Spinalogic. These figures of course should always match to the cent. More…

*Banking

If you collect cash and or cheques, these need to get to the bank. You may do this daily or once or twice a week. More…

*Cash Security

The primary vulnerability to collections not making it to the bank is of course cash. If you take the right steps, you can reduce or even eliminate this risk. More…

**Accounts Receivable (Money Owed)

Accounts Receivable means the amounts owed to the practice. If you run a cash practice, this should of course always be zero. It’s important to review your accounts receivable on a regular basis like daily or weekly so they don’t get out of control! More…

Paying Your Associates

If you have associates in your practice you need to know exactly how much you want to pay them. There are reports in Spinalogic that make this easy. More…

Holding Account Transfer

If you take pre-payments, it is correct practice to maintain those pre-paid funds in a separate account to your regular trading account. You need to periodically transfer funds from your pre-pay account to your regular trading account. Typically you might do this once a week. More…

Average Fee Per Service

If your fee for a standard consult is $50 but you provide various discounts to your patients, you need to know how much on average you actually collect. You might check this once a month or so. More…

Patient Processes

Issue a statement

For patients to take to their insurer or know their position in your office. The easiest way to do this is by doing a monthly broadcast. More…

Tax Statement

If your patient can claim their fees back on tax, issue them a tax statement at the end of the financial year. This can be broadcast to all patients with email. More…

Issue an Invoice

For collecting unpaid fees. More…

Things you don’t need to track

If you are tracking all of the above that are relevant, you really have nothing else you need to do as far as your financial management is concerned. You may have reason to drill deeper for better understanding of your practice demographics, patient behaviours etc.  There is no need to track the number of patients who are pre-paid, or unpaid as this is all taken care of in the above processes.