The Therabill Account Health/Healthcheck series is designed to help you get the most out of Therabill by staying on top of crucial workflows.
Stay on top of your unpaid patient balances by reviewing your Balance Aging Report monthly. The majority of your patient balances should be between 0 and 60 days old. Balances over 90 days old should be limited.
We recommend having less than 30% of patient balances over 90 days old.
This report shows the payments due from the patient. By keeping patient balances aged 90+ days below 30% (an industry standard) you can be assured that whoever is managing your client billing is successfully sending patient statements and receiving payment for those resolved visits. Remember, client statements should be sent out at least once per month.
We recommend reviewing this report Monthly as part of your month-end processes as shown in our workflow guide.
- Hover over the Reports menu and choose Snapshot Reports.
- Open the Balancing Aging Report.
- Because we are examining unpaid patient balances, set the Aging by: drop-down to Client.
- Be sure to check the Only finalized charges checkbox. By default this report includes all charges tied to the patient, including charges still open to the insurance. By checking this box, you’ll only view the balances due by the patient.
- Here, we will compare the total patient balances aged 90+ days to the total outstanding balance.
- To do this, we’d add the 90-119 days total to the >119 days column total and then divide by the total balance and multiply by 100. Remember, our goal is for this number to be less than 30%.
Formula [ (90-119 days total + >119 days total) / Total ] x 100
So using the data shown above and the formula, we will add [17625.94 + 88086.18] and then divide by 406468.71. This equals .642. Next, multiply .642 x 100 = 64.2%.