Tuesday Tip: How to Post Care Credit Payments
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Transcript:
Today we’re talking about how to post Care Credit payments in snowy, blowy Colorado.
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There are two schools of thought about how to post those Care Credit payments that we’ll talk about.
Let me introduce myself, I am Nancy Johnson, the founder of RevUp. We make sure that independent healthcare providers know how to collect all the money due them in order to maximize that revenue.
The first school of thought on posting these Care Credit payments is to do it all completely in the practice management system. So the Care Credit payment is posted to the patient balance and the Care Credit fee is also posted to the patient account. And then an adjustment is administered to adjust off the balance of that fee.
What happens using this method is that the daily balance sheets don’t balance.
And the second school of thought is to treat all these Care Credit payments exactly the same way you would treat a credit card payment. By utilizing both your practice management system and your accounting system, you account for the payment and the fee, the fee is a cost of doing business.
By posting these Care Credit payments the same way you would post a credit card payment, it gives an accurate picture of your revenue and your financials without inflating, artificially, your adjustments, say for that Care Credit fee that’s been adjusted off. And your daily balancing is easy and it makes your front desk so happy.
Thank you so much for stopping by. Make sure you watch the other videos we have posted, and take good care.
