Most agencies have two pieces of software – billing and electronic medical records (EMR) and their accounting software. Rarely, if ever, do the two systems integrate. Usually the accounting software is QuickBooks and you use it for accounts payable, banking, some light financial reporting and maybe payroll. Your electronic record system usually handles billing and produces revenue reports.
But these two systems operate simultaneously and do not share data or information. So, what else is there to do? Well two options – one is to print out a report from the EMR and then enter a journal entry into QuickBooks. While this works, some agencies like additional data and history on the patient.
The other method, which is best for agencies still working with paper records, is to enter the total amount of the claim for the episode. When you receive the RAP, this will be deducted from the total due to your agency. Once the final claim is submitted and received, adjustments can be made. Once you enter the total claim – never modify this invoice. Instead, work with QuickBooks to make the adjustments so you have a true understanding of how much you are billing.
QuickBooks is great and also confusing because it is not developed exclusively for agencies, but for all businesses. We understand this and can help you get up to speed so you can run your agency like a business and make the necessary decision to succeed!