Reconciliation of payments with bank deposits
One of the best features of online accounting programs is their ability to digitally reconcile bank statements with recorded transactions. One of the challenges of traditional medical practice management is the inability to do this.
Bank deposits into practice bank accounts are classified in the following way:
- Medicare payments – Batch payments from Medicare online
- DVA payments – Batch payments from Medicare online
- Merchant Terminal settlements – for Visa/MasterCard/EFTpos and HICAPS settlements
- Bank Branch deposits – for Cash / Cheque banking
- Health Fund payments – for claims made via Eclipse or other channels
- Other less regular payments – e.g. EFT, Bpay, etc.
When such payments are automatically receipted in the PMS, they are captured by Surgical partners and processed for the accounting package. Resulting in a digital match on both sides for all of these transactions.
When combined with the use of other cloud applications, medical practices can cheaply and easily classify expenses and staff time. Thus, medical practices can now cost-effectively allocate expenses and wages against classifications of revenue (such as procedure type or location) to enable powerful reporting of profitability – known as “Activity-based costing”.
Using Surgical Partners will save you time, allowing you to concentrate on core business growth.