Reconcile Monthly Close to Deposits

No matter what process you use to reconcile your payments, you need a way to ensure that all payments received are posted in the system (or that you have a specific reason why a payment wasn’t posted in the system – for example it was posted to a legacy billing system). The amount of money you deposit into the bank can be referred to as the control total because it is a known quantity that can be referenced by other sources. The amount of posted payments in a deposit should match the control total, or should be explained in a note on the deposit. This is the best way to ensure that no payments deposited in the bank are inadvertently missed during the payment posting process. Not posting a payment could result in patients or insurance companies not getting credit for payments made and could result in unnecessary rebilling and rework on claims and delays in billing secondary payers and patients.

Note Regarding Daily Closes

Many businesses make a habit of posting all payments entered in “batches” to ensure that the entire batch is posted to the system. This is often called a “daily close”. In some systems, you are not allowed to enter new payments until a prior day’s batch of payments have been closed. In Insight Billing, the daily reconciliation process is done by balancing payments posted into batches or deposits which do not need to be done daily. You can specify a batch name whenever you are creating a payment. The batch name will persist as long as you continue creating payments in the session. Often, the batch name used is a specific date. You can then use the Deposits tab to filter all payments with the same batch name and select those payments and put them into a deposit.

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