Accounts Receivable (Vet Mngment)

if the owners are uncooperative can they be advised that account will be sent to collections?

yes

should monthly statements document in record?

yes

should the team members call client to collect?

yes

Monthly statements advise what?

advise clients of their balance

employee accounts receivable mandate what? establish what?

mandate monthly payments - establish maximum charge amount

the sooner the collection, the ___ likely the account will be paid

more likely

when checks are returned the vet team must charge what?

must charge service fee

collections agencies provide vital information to aid in _____ of account

to aid in collection of account

define accounts receivable

the money owed to a veterinary practice for services rendered or products sold

what does postdated checks mean?

-accepting a check with a date in the future - district attorney offices will not prosecute hot check writers that postulate checks - check-authorizing companies will not authorize postdated checks

monthly statements must include what? and may include what?

-must include statement fees to recover hidden costs (postage, time, paper/envelope) - may add interest (encourages quicker client payoff; percent varies by state)

why was the FAIR DEBIT COLLECTION PRACTICES ACT passed? what does it mean?

-passed to protect the public from unethical collection procedures - debtors cannot be subjected to harassment, oppressive tactics or abusive treatment - debtors cannot be called at work if employer objects - cannot call before 9 am or after 9 pm

How to perform telephone calls to outstanding accounts?

-verify client is the retriever of the call - identify self - offer friendly advice - keep conversation focused on AR - offer payment plan if needed - follow up with letter

How are payments accepted on AR computerized?

- all calculations automatically added to AR - eliminates errors - decreases embezzlement

How are payments accepted on AR manually?

- all transactions kept on ledger cards - recepits must be generated for clients - implement internal and external methods to prevent embezzlement

Information to provide collections agents

- clients full name, address, and phone numbers - balance due on account, including finance charges - clients occupation and address if known - drivers license number - copy of client information sheet and signature guaranteeing payment

aged account groups?

0-30 days, 31-60 days, 61-90 days

accounts receivable should not exceed what percent of gross revenue?

1%

if a uncontrolled account is reported to the credit bureau, and affects clients credit for at least how many years?

7 years

Returned checks are another source of __

AR

Use check machine to prevent ____ checks?

NSF checks

What does holding check mean? is it recommended?

accepting a check with current date and holding it until a date client has agreed it can be deposited - no

Insulating a no charge policy. place these signs where?

all throughout practice

noting the driver license number on check allows what?

allows prosecuting authorities and collections agent to track client if needed

collection letters should be kept short and to the ____

and to the point

Insulating a no-charge policy. After client signs estimate, take deposit of at least how much?

at least half of estimate

collections agencies should be chosen based on what?

based on recommendations, professionalism, ethics, and references

Insulating a no charge policy. Provide estimates to clients before?

before service is performed

collections letters can be generated by what?

by computer software

collections agency charge what percent range of outstanding balance?

charge 40 to 60%

Name four things to check/do when accepting checks?

check date, check amount, match ID, note drivers license number on check

AR over 90 days should be sent to ______ agency

collections agent

Uncontrolled accounts are reported to the c_____ b___

credit bureau

collections letters has different messages depending on age of ______

depending on age of account

when are employee accounts receivable difficult to collect?

difficult to collect when employee leaves practice.

How should you discuss financial issues with clients? Clients may feel how? Team members should not?

discuss in a private area - embarrassed that they cannot afford best care - angry that they cannot afford best care -team members should not take comments made by angry clients personally

Insulating a no charge policy estimate must state that remainder of balance is due when?

due with release of patient

true or false: small balances MAY NOT be written off instead of turned over

false

accounts sent to collections must be _____ to prevent further charging

flagged

collection letters include a _____-___ date

include a respond by date

should you still send statements once account has been sent to collections

no

Returned checks are considered NSF. what is NSF?

nonsufficient funds

Monthly statements print when?

print same day each month

As accounts receivable (AR) increases, profit _____

profit decreases

true or false: add stickers if needed to monthly statements if needed to attract clients attention

true

true or false: many clients continue to expect service years after being turned over to a collections agent

true