Bookkeeping for medical practices

What the books involve

• Reception takings: card terminal settlements and any cash reconciled against the day's billing report from the practice software, so each day's patient payments can be traced to the bank.
• Medicare payments matched to the claims they cover, with a running list of claims that have been sent but not yet paid.
• Insurer and employer accounts: workers compensation and motor accident consultations billed to insurers, and pre-employment medicals billed to employers, tracked until each invoice is paid.
• Bank and card accounts reconciled every month, with any payment that cannot be matched to a billing listed for the practice manager to follow up.
• Supplier bills for medical consumables, locum agencies, practice software and equipment leases entered as they arrive and checked off when paid.
• Reporting by income stream: patient fees, Medicare payments and insurer billing shown separately in the monthly profit and loss, if the practice wants that view.