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Financial Policies, Banking Security, and Insurance EFT
Many dental managers must institute protocols and practices to ensure their office stays in compliance and is secure against fraud.

Segregation of Duties - Dual Controls
Ensure that you have responsibilities for monies spread between more than one person. In an office with only one front desk employee, you may have to take payments, enter insurance reimbursements, balance and reconcile the bank statements, and run credit card batches on your own. But there are ways to create checks and balances between yourself and the doctor.

•  Train a dental assistant or hygienist to assist you in opening payments and insurance reimbursements and running a tape, signing off with their initials.
•  After entering payments for the day, run a second tape with your initials, and attach this to the copy of checks made and your printed deposit slip from your practice management software. These reports should be signed off on nightly by the doctor prior to being entered into Quickbooks.
•  All deposits should be taken by the doctor, and not by the individual entering the check payments. The deposit slip can also be attached to the nightly reports the next day to verify funds entered into your practice management (PM) software match the bank deposits.
•  Any insurance adjustments should be highlighted in your nightly reports with explanations if credits or patient refunds are due.

In an office with multiple front office employees, the business team can share responsibilities. For example, your Scheduling Coordinator could open checks and run a tape for the Insurance Billing Coordinator before they enter the payments and make adjustments. Nightly reports can be audited by the Dental Office Manager, and the bank deposit can then be handed over to the doctor for deposit.

Banking - Personal Computer Security
With the plethora of computer viruses, it is essential that the computer used for banking and anyone accessing the online bank account has security measures in place.

•  Use individual user accounts for banking. This assists in tracking activity.
•  Remove terminated employees immediately from banking user accounts.
•  Establish security levels and administrative rights
•  Ensure that you are updating your computer with automatic security updates and automatic microsoft updates
•  Update your banking passwords frequently, and do not share user information with others.

Insurance EFT Payments
With more and more insurance companies remitting payments through EFT only, it is vital that doctors protect their banking information. We recommend the following:

•  Set up a separate bank account, solely for EFT payments
•  Set up two users for this account, the doctor with administrative rights, the office manager or insurance billing specialist with viewing rights only
•  This bank account should be a zero balance account, meaning that each night, a sweep is automatically initiated to move monies deposited into the EFT account over to the doctor's business account.

Additional Resources


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