In our analysis of your cash flow and orthodontic financial figures, adjustments play an important role. Due to the nuances of certain orthodontic practice management systems, adjustments could have an adverse impact and skew your practice’s financial figures. We train your staff to realize the importance of generally accepted accounting principles, the effects of certain adjustments, and the most efficient forms of documentation. This is done via a patient-by-patient analysis of adjustments in a given time period. We can then monitor your adjustments at regular intervals and follow up to ensure items are properly categorized and documented. Consulting on adjustments provides customer service benefits to your practice by ensuring accuracy in both patient and insurance ledgers, and alleviates some of your CPA’s workload by maintaining clean, accurate figures.
Collection activity can be an orthodontic practice’s most valuable marketing tool. Our sister company, AccounTrac, Inc., is founded upon this theory. We have more than 15 years of experience working as a third-party collections avenue for orthodontic practices. With our consulting services, we can transfer the knowledge we’ve gained and techniques we’ve perfected to your staff. We will provide the tips and tools they need to handle the ever-sensitive topic of collection activity while maintaining orthodontic standards and presenting a positive image for your practice.
Orthodontic insurance strategies are different than many other industries. There are two important things to analyze – how orthodontic claims are filed, and how the insurance ledgers are maintained. Initially, we consult your staff on the way they are filing their claims to ensure you are accelerating cash flow to maximize insurance benefits while still following proper insurance protocols. On an ongoing basis, we work with your staff to develop a game plan to tackle the insurance workload. By identifying which insurance ledgers require follow up and prioritizing the delinquency workload, JMShoemaker Consulting, Inc. will help your staff sift through their orthodontic insurance responsibilities.
Your financial coordinator is not the only person who has a direct impact on your cash flow – the financial arrangements for new patients made by the treatment coordinator can often have the greatest impact on a monthly basis. We analyze the elements of each new orthodontic contract in a given month, take a look at their impact, and consult you and your treatment coordinator on setting goals for the future. In addition, we can provide your staff the tools to track these statistics firsthand on a monthly basis in the most collaborative way possible – via Google Docs for JMShoemaker Consulting. This will provide you, your staff, and our staff, up-to-the minute results on the cash flow impacts from financial arrangements.
A skilled CPA is an invaluable asset for your orthodontic practice. Their specialized expertise means accurate financial reporting for your business, however specific industry and practice management software knowledge is beyond the reasonable scope and time constraints of their work. With our combination of orthodontic industry knowledge and financial accounting education, we can consult you on protocols and procedures to keep your financial data streamlined and secure. We can also work in collaboration with your CPA on special projects such as reconciling bank statements and investigating daily accounts.