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CPAs4MDs Guide to Practice Management and Internal Control

Introduction

Segregation of Duties

Supervision

Internal Controls

Tracking Accounts Receivable

Eliminating Accounts Receivable

Monitoring Insurance Payments

Conclusion




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About CPAs4MDs
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ding Monitoring Insurance Payments

An internal check system should be established to contact an insurance company when a claim is 25 days old.

All claims must be filed no later than five days from the date of service. All rejected claims by the insurance company must be reviewed by the practice administrator and discussed with the billing clerk for resubmission - if appropriate.

Review the possibility of filing claims electronically. This speeds up the process of getting a claim into the insurance company's payment system and making amendments to the claim easier. Electronic filing results in efficiency and more accurate information.

Insurance calls should be batched and made weekly with the proper notations and remarks by the employees making the calls.

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To Conclusion

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