Are your outstanding receivables at over 60 days or more? Ollin Sykes warns pharmacists about the dangers of relying on your third-party accounts reconciliation system to manage your receivables . In this video, get tips for monitoring remittances, dealing with unpaid claims and watching out for inaccurate write-offs and adjustments in your system. Keep your accounts receivables up to date to support monthly accrual basis financial reports that are required for most pharmacies for tax purposes.
If you don’t have a third-party reconciliation system, Ollin says it’s time to get one. Some systems offer concierge services to follow-up on unpaid claims, improving your operational efficiency and bottom line.