Cash Security

Pretty much all collections that don’t make it to the bank are cash. Cash represents the greatest risk of money loss and so you should take special care to minimize the risks.

Spinalogic includes a number of saftety features to reduce risk such as requiring your practice manager to authorize any account write-offs.

The reality is though that no matter how much care you take, cash is always vulnerable. The only completely guaranteed way to eliminate the risk is not use cash. Zero-touch payment allows you to still do pay-as-you-go but without the risk or CA time of over-the-counter payments.

Here are some the ways you can reduce these risks:

1. Have your End-Of-Shift Summary reports completed by one person and your banking and bookkeeping done by another. This allows a double-check of the report.
2. Check for ‘Write-Offs’ in the End-Of-Shift Summary report. You may do this once a week. If you are maintaining regular care of your accounts receivable, there should be few or no write-offs in any given week.
3. Ensure all patients get a copy of their insurance statements whether they are using a health fund or not and ask them to check them for errors. This is in your patient’s best interests and they will pick up any missing payments.
4. Cast a critical eye over your reports. If anything seems out of order, investigate. Spinalogic includes many detailed reports to give you multiple contrasting views of your accounts making it hard to hide mistakes.
5. Review the Practice Financial Processes to make sure you are using the tools provided for your protection.