Accounts Receivable Management

Accounts Receivable Management

OBJECTIVES

• Identify the role and job responsibilities of an Accounts Receivable Management.
• Approve credit for the right customers.
• Outline the process of billing customers.
• Outline the processes of collecting money.
• Summarize the need for quality customer service as well as place internal controls.
• Handle deduction issues, Letters of Credit and other security interests.
• Summarize legal considerations surrounding credit.
• Deal with bankruptcy.
• Use technology in the Credit and Collections process

WHO SHOULD ATTEND?

Accountants, Accountants receivable managers; supervisors; personal, finance professionals.

COURSE OUTLINE

Day One

Managing Ledger Transaction

• Understand the Ledger symbols and display
• Post procedures in the Ledger
• Understand the assignment of payments
• Post payments and adjustments
• Split payments
• Edit/delete payments
• Correct posting errors in history
• Set up payment defaults

Day Two

Tips for Streamlining Financial Processes

• Enter finance charges and late charges on individual accounts
• Enter taxes and discounts
• Enter and edit batch payments
• Search for payments using the Search Payments utility
• Make financial notes in Guarantor Notes
• Create financial patient alerts

Day Three

Informing Patients of Their Balances

• Understand and use billing statement options
• Verify billing statements to send or print
• Generate individual statements from the Ledger
• Set up billing statement defaults
• Set up dunning messages
• Set up custom billing statement notes

Day Four

Collecting Outstanding Balances

• Open and use the Collections Manager
• Create an individual collection letter
• Create a collection email message
• Set up payment agreements
• Set up common collection lists
• Generate collection letters with the Letter Merge feature

Day Five

Monitoring Your A/R

• Generate and understand the Aging Report
• Generate and understand the Credit Balance Report
• Generate and understand the Patient Balance Report
• Generate and understand the Provider A/R Totals Report
• Generate and understand the Practice Advisor Report – Production and Collections sections

Performing Monthly A/R Routines

• Understand the importance of closing the month
• Run the Month End Update
• Apply finance charges and late charges
• Set up and use the Month End Wizard tool