TheraOffice Aging Tools: Invoice Aging, Insurance Aging and More

As most people would agree, managing the accounting aspects of a business can oftentimes be filled with confusion, complications, and a lot of headaches. There are so many numbers to manipulate and reports to analyze. Clinic administrators and financial gurus spend a lot of time pouring over data to draw conclusions that ultimately help them make business decisions.

One large piece of accounting is staying on top of how long claims and statements have been outstanding, or aging. Tracking aging in accounting, whether it be for insurance aging, patient statement aging, or invoice aging, is a key component of analyzing your A/R and the overall financial health of your clinic. Luckily, TheraOffice comes packed with reports and tools to help make this process easier. The three aging tools that we will explore today can be located by clicking on the Backstage Menu > Accounting > Billing Tools. Let’s explore the options that TheraOffice presents for aging in accounting, and walk you through how to use each of them. 

Insurance Aging

It is extremely important for a clinic to review their insurance aging data on a regular basis so they can keep track of the claims that have been submitted and ensure nothing falls through the cracks. The insurance aging tool can be used to help clinics determine when they need to follow up on claims that have been aging for longer than normal. The tool also allows you to quickly filter by date range and facility to determine what claims are outstanding. Furthermore, after running this mini report, you can double-click on a payer to get the specific patients, dates of service, and batch information for that claim. Lastly, you have the option to re-batch a claim if you want to resubmit it. This helps to expedite the processes necessary for insurance aging, letting you skip some of the manual accounting work that would normally accompany this. 

Insurance Aging View

Patient Statement Aging

Patient statement aging is just as important as insurance aging. After generating a statement in TheraOffice, it is important to make sure a process is in place to follow -up on that statement to maximize your chances of receiving payment. The patient statement aging tool will show you all patients that currently have an outstanding statement and just how long it has been outstanding for. If you double- click on a patient’s name, you will be able to view specific information about that statement as well as have the option to re-print it.

Patient Statement Aging View

Invoice Aging

If your clinic bills out to any third-party organization (i.e. an attorney or law group), having the option to print and track invoice statements is critical. The invoice aging tool will display all of the invoice payers that have outstanding statements. If you click on an invoice payer, you will be able to get more specific information about that statement and have the option to re-print it.

Invoice Aging View

No matter what type of aging you are tracking, it is important to make sure a solid process is established to stay abreast of any new developments in relation to your claims or statements. Of course, a clinic is focused on providing the highest quality of care to their patients, but at the end of the day, they must also make sure that they are receiving timely payments in order to keep their doors open. These three tools will help you better track your aging numbers in accounting and, hopefully, increase the amount of money coming into your bank account while decreasing the number of write-offs.

*Please note that today’s blog is focusing specifically on TheraOffice’s aging tools, but keep in mind that the same information, and more detailed information, can be accessed through the reporting modules in TheraOffice as well.