FINANCIAL SYSTEMS

It is commonly known that we need to record practice clinical systems in our policy and proceedure manual but how often do we record proceedures for administration systems such as our financial systems.

Practice Managers generally have the sole responsibility for extracting financial data, following up arrears and tracking incoming and outgoing money, reporting etc.  It is best to have another person in teh practice know how to do these tasks in case of illness or resignation.

For practice continuity it is good practice to keep a proceedure/ instructions on when and how each task needs to be done and an overview of the the financial processes of the practice.

A timeline or flow chart of incomming revenue is a good way to ensue that all staff know why they are following the processes that they do, rather than "just because". Tracking the process of receiving fees and following the process of end of night banking, physical banking and that the fees are paid out as wages and overheads. Include the process of following up arrears and outstanding 90 day doctor cheques also, this gives staff a sense of why their receipting accuracy is so important.

 

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