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Published at Saturday, May 22nd 2021, 16:57:43 PM. Bill Spreadsheet By Marcia Hines. There is an easy way to start getting your monthly bills under control... create a spreadsheet, list all of your monthly bills, categorize each bill and then let the spreadsheet do the bill calculations. Just a recap on organizing your monthly bills; Step #1 is to gather all of your monthly bills into one location as they come in. Step #2 is to schedule a "monthly bill paying day" each month preferably the day after you just get paid. Those two steps are pretty simple. Dont mistake their simplicity with their importance. If you want to be effective in getting control of your monthly bills you have to do these two steps first: #1 Where are all of your monthly bill physically or electronically located? #2 Once you find them when do you plan on paying them? Before moving on I think it is important to create a goal for all of this organization that we are going through. The goal with all of this organization is to get the monthly bills under control.
Published at Saturday, May 22nd 2021, 16:10:09 PM. Bill Spreadsheet By Sabrina Walters. Step 1: Pull Data from Financial Reports Many practices fail to get past steps 1 and 2 because they dont know what data to pull. The basic information you need to analyze your billing performance includes: Charges Adjustments (contractual) Collections Total accounts receivable (A/R) balance Accounts receivable (A/R) aging analysis (0-30 days, 31-60 days, 61-90 days, 91-120 days, and 120+ days) Patient encounters When gathering this data from your reports, there are a few important factors to consider: Time Period: Your data for each of the items above must be for the same time period, ideally for a 12-month period, which helps identify trends or patterns. Oftentimes, I have received reports reflecting different time periods and even incomplete months, which makes the analysis process much more difficult. Reviewing a single month (which can be good or bad based on practice variables) is not nearly as enlightening as reviewing a quarterly or annual time period.
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