August 2011

e-Newsletter

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New Balance AR Report 

 

By: Gail Zainfeld

 

In an effort to streamline the process of Period End Closing, Fastrack has developed a new Balance AR Section on the Period End Reports.  This new area allows the client to glance at the AR activity for the period and see all new AR, cash posting and in essence it calculates the beginning AR balance for the Period, plus all new sales, minus cash applications arriving to the new AR in the system.  This screen replaces the Roll forward worksheet.

 

Let’s take a look at some of the details.

 

You can access this new functionality by going to Reports Period End Reports; you will see a new button called “Balance AR”

 

 

Clicking on the button will display options allowing the user to select the period type to balance. (Month, Quarter or Year)

 

 

Once the period type and the branch have been selected, the system will gather all the pertinent data and show a summary of the activity for the period. 

 

 

Clicking on the Gross AR value will bring up the following screen which drills down to display all records that have been added to the AR during the time period selected this will include new sales as well as Cross Over claims, AR transfers, Initial AR, etc.

 

 

AR Adjustment drill down screen appears below:

 

 

Since the figures above should not be counted when trying to figure out the “New Business” the total is treated as an adjustment and is removed from the Gross AR to arrive to the Net AR for the Period.

 

Acc Rec Adjustments

 

Cash and other adjustments removed from AR as a result of “Cash Receipts” are summarized on this figure.  Clicking on the amount will allow you to see more detail on the type of transactions that make up the amount.

 

 

Furthermore, you can drill down even further to see the actual invoices that make up each of the above numbers, by just clicking on the number.

 

Up Front Reductions

 

These are transaction that either did not affect the recording of AR, or reduced AR when the initial recording.  These types of transactions are:

  • Hardship:  Since the system knows that you will not be getting the patient responsibility for these types of patients, it reduces AR by that amount when we create the primary claim.

  • Pre-Billing: Again the primary claims are reduced by the amount being crossed over to the secondary when you select to pre-bill.  This is done so we do not overstate the AR.

  • COD Sales: Similar to the pre-billing, the system reduces the primary bill AR for the COD amount collected from the patient, since the cash was collected and we will not generate a co-insurance bill for that amount.

Up Front Reductions drill down screen below:

 

 

Just like you can further drill down on the cash side for to get all the invoices, patients, products involved in these transactions, you can further drill down into these figures by clicking on the amount.

 

The Reconciliation

 

The Period reconciliation happens at the bottom of the form. We start by showing the Previous AR.  This is the amount of open AR you had before the previous period was closed.

 

 

This Balance AR report will be introduced in the upcoming SP3 release of the software due out in July. 

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New WebEx Class Offering

 

By: Gail Zainfeld

 

The Fastrack Training Department is pleased to announce the introduction of a new WebEx On-Line class “Ask the Billing Service”.  This class will be held every other Tuesday at 11:00AM EST beginning on June 28th and will be hosted by members of the Fastrack Billing Service-Amy Lawson & Nicole Wilcox.

 

Amy Lawson is the Vice President of Business Development and has 19 years in the DME Industry.  Nicole Wilcox is the Senior Account Manager and has a total of 21 years in the Medical Industry, 11 of them have been in DME.  Nicole has also been with the billing service for 11 years. 

 

The class will be an opportunity for users to direct all billing related questions to Amy and Nicole.  Be sure to check out the Fastrack Training Center for information on this class and all of the other informative classes we have to offer.

 

If you have a suggestion of a class that you would like to see offered, please feel free to contact the training department at Training@fastrk.com.

 

 

 

     

 

 

  Fastrack News

 

 

 

 

*  New Balance

   AR Report

 

 

*  New WebEx

   Class Offering

 

 

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  Announcements

 

 

 

 

 

Look for our

 

FREE WebEx Seminar

 

on Release SP3

 

Coming Soon!

 

 

 

 

 

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Reduce operating costs by

outsourcing your billing.  Fastrack

Billing Service will save you money

by lowering operating costs.

Contact Amy Lawson @

678-326-4051

or by email:

amyl@prometheusteam.com

 

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Improve Collections with the

Fastrack – AR Allegiance program

Contact Bruce @ 913-338-4790

or by email:

BGehring@ARAllegiance.com

www.arallegiance.com

 

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Contact Information

   

You may contact us:

 

By writing to us at:
Fastrack Healthcare Systems, Inc.
255 Executive Drive
Plainview, NY 11803

 

By Telephone/Fax:
Local Phone #: 516-349-9136
General Phone #: 800-520-2325
General Fax #: 516-349-8875

 

By Email:
info@fastrk.com

 

Website:
http://www.onlyfastrack.com

 

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