Take a look at the metrics that will help your collections grow. Watch this short video to learn more about the metrics shown in the Collections Board:
AR (Accounts Receivable) Aging
Found on the Collections Board, the AR Aging metric will include the AR Aging Report as well as a Patient Credit Balances report in the Magnifying Glass icon. View the AR Aging trend by clicking on the Graph icon and view additional information by selecting the Information ( i ) icon.
What is AR Aging?
AR Aging with Dental Intelligence: It’s like upgrading your tools for tracking down payments owed by your dental practice’s patients. Unlike traditional practice management software, Dental Intelligence adds precision and efficiency, turning a complex task into a streamlined process.
Simplifying AR Aging:
Accounts Receivable: Easily view the total amount of money your patients owe you, all in one place.
Past Due: Dental Intelligence alerts you to balances that have been outstanding for more than 30 days, ensuring timely follow-ups.
Patients Past Due: Identify the number of patients who have not paid their balances within the 30-day window, with quick access to their detailed information.
Est. Patient & Est. Insurance: With a clear display of the patient’s ledger balance minus any outstanding insurance claims, managing the numbers has never been simpler.
AR Aging Report & Credit Balance Report: Export vital reports to Excel with just a click. They provide comprehensive information about all patient account balances, how long they’ve been outstanding, and who has a credit balance.
Why is AR Aging important?
If payments are taking too long to collect, it could signal a problem. Dental Intelligence doesn’t just alert you to slow business or greater credit risk; it provides actionable insights and automation that traditional practice management software lacks. AR Aging with Dental Intelligence helps you quickly identify late payers, allowing you to make swift and informed decisions.
In summary, AR Aging with Dental Intelligence isn’t just about managing and understanding the money owed to your practice. It’s about doing it smarter, faster, and with greater insight, ensuring that you maintain financial health while saving time and effort. It’s the next-level tool your dental practice needs to stay ahead in the game!
Found on the Collections Board, this metric includes the amount of estimated money owed to your practice by the patients' insurance company. Click on the magnifying glass icon to view the details of the source data that is included in this metric. Learn more about the Claims Aging metric by clicking on the Information ( i ) icon.
What is Claims Aging?
Claims Aging refers to the monitoring of outstanding insurance claims, which represent money your dental practice expects from insurance companies. It’s important to note that this doesn’t always directly relate to patient balances or AR aging.
Avg. Age: Average time it takes from submitting a claim to closing a claim.
Claims: These are like IOUs from insurance companies. Sometimes, they might promise to pay but end up not doing so because of issues like maxed-out coverage.
Past Due: This is the dollar amount on claims, where the claim more than 30 days.
Past Due Claims: The count of claim more than 30 days.
What to Watch Out For:
Be mindful that this will include all open claims. Even if the insurance claim has been received and payment has been entered into the ledger, the claim might still be counted if the office hasn’t officially closed it out.
Why is Claims Aging Important?
Claims Aging is like tracking a specific set of promises from friends for a group vacation; it focuses only on money related to insurance claims. AR Aging, on the other hand, is the bigger picture of all money owed to you, like tracking all financial promises, including loans and dinners.
Claims Aging doesn’t always align with AR Aging. For instance, insurance might say they’ll pay but don’t, or a patient might have already covered their share. It’s akin to a friend promising to pay for dinner but has already paid for movie tickets.
In essence, Claims Aging is a specialized tool for understanding and managing insurance-related payments within the larger financial landscape. It’s like focusing on one specific aspect of your personal budget, connected but distinct from the overall financial tracking.