Aging of Accounts

 

Hi, I’m Dave Kats with Therapist Consultants and I have a tip for you.

If you take insurance and even if you are a cash practitioner, you should run an aging of accounts every month. What I mean by an aging of accounts is just a report that tells you who owes you money and how long they've owed you that money. And you have to decide based on that report what you need to do for collections. I have here a hypothetical aging of accounts that I'd like to go over with you and show you what we would do if we found these on our aging of accounts. Let's look at the aging of accounts. You can see the first person there is Bill Jones. Now he doesn't owe anything for 30 days, 60 days, 90 days, but from 90 days to 120 days he owes $100 and for over 120 days he owes $400. So he owes a total of $500. Now it appears to me that he has stopped coming in some time ago, about three months ago, and we have not collected from the times previous. Something went wrong, we sent it to the wrong...

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Professional Liability Insurance Coverage

 

Michael Perusich: Hi everybody, this is Dr. Michael Perusich and Dr. David Kats. We've got a video tip for you this week. One of the things that we always recommend is checking into every year doing a little checkup on your professional liability insurance and making sure that you're covered in the manner that you should be.

David Kats: That's right. It doesn't take but one call, and it's usually they're very interested in talking to you. You can usually get right through and talk to your malpractice carrier and find out if you're doing anything that you need to have special coverage for. Most insurance malpractice carriers will cover you for about anything, but a lot of times they want you to let them know if you're doing anything out of the ordinary. I'd say, every year or two, you probably should call your malpractice carrier and just talk to them and see if they feel you're properly covered.

Michael: That's right. Making sure if you've got associates in your practice, if you've...

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