Podcast
Questions and Answers
The ______ is a predetermined minimum quantity of a specific supply left in the inventory.
The ______ is a predetermined minimum quantity of a specific supply left in the inventory.
reorder point
A ______ tax return is filed on or before April 15.
A ______ tax return is filed on or before April 15.
income
Major purchases used for 5 or more years and depreciated by the office are classified as ______.
Major purchases used for 5 or more years and depreciated by the office are classified as ______.
equipment
The amount of time a product is guaranteed fresh is known as its ______.
The amount of time a product is guaranteed fresh is known as its ______.
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Internal marketing is a technique used within the practice to keep ______ and new patients active.
Internal marketing is a technique used within the practice to keep ______ and new patients active.
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A ______ is a single-use item that is discarded immediately after the procedure.
A ______ is a single-use item that is discarded immediately after the procedure.
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______ are supplies that are used up or consumed with use.
______ are supplies that are used up or consumed with use.
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A ______ practice leads to financial stability.
A ______ practice leads to financial stability.
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There are two types of bookkeeping: 1) accounts ______ and 2) accounts payable
There are two types of bookkeeping: 1) accounts ______ and 2) accounts payable
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Bookkeeping is the ______ of the accounting process
Bookkeeping is the ______ of the accounting process
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Accounts receivable is the money owed to the practice for ______ services
Accounts receivable is the money owed to the practice for ______ services
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The daily journal page is a record of all transactions for the patients seen each ______, including the name of the patient, charges, payments, and adjustments to the account
The daily journal page is a record of all transactions for the patients seen each ______, including the name of the patient, charges, payments, and adjustments to the account
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Simple fees are ______ payments for services or payments made after a service is rendered
Simple fees are ______ payments for services or payments made after a service is rendered
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Fixed overhead expenses include ______, utilities, insurance, and salaries
Fixed overhead expenses include ______, utilities, insurance, and salaries
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One advantage of paying by ______ is that it provides proof of payment
One advantage of paying by ______ is that it provides proof of payment
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Gross income is the total of all ______ income received
Gross income is the total of all ______ income received
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Study Notes
Bookkeeping and Accounting
- Bookkeeping involves the recording of financial transactions and can be divided into accounts receivable (money owed to the practice) and accounts payable (money owed by the practice).
- Accounting is the process of recording, classifying, and summarizing financial transactions.
- Accounts Receivable: Includes charge slips for transmitting financial data, daily journal pages that mark transactions for patients seen each day, and walkout statements showing current account balances.
- Types of Fees: Simple fees entail unconditional payments for services rendered, while contingency fees depend on treatment type, duration, and complications.
- Payment Types: Includes payment in full, statements, divided payments, and dental insurance.
- Payment Methods: Cash, checks (providing proof of payment), credit cards (offering reduced paperwork), and insurance (allowing patient choice of provider).
Accounts Payable and Income
- Overhead Expenses categorized into fixed overhead (ongoing expenses like rent, utilities, and salaries) and variable overhead (expenses like supplies and contractor fees).
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Income Categories:
- Gross Income: Total professional income received.
- Net Income: Gross income minus practice-related expenses.
Taxation
- Income Tax Return (ITR) must be filed using FORM 1701 by April 15.
- Professional Tax Revenue/Occupation Tax (PTR) is paid annually by January 31.
Supplies Management
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Types of Supplies:
- Consumable supplies: Used up during procedures.
- Disposable supplies: Single-use items discarded post-procedure.
- Expendable supplies: Low-cost items replaced frequently.
- Equipment: Major purchases that last 5+ years, subject to depreciation.
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Guidelines for Storing Supplies:
- Maintain a central storage area for supplies.
- Limit stock to a minimum amount.
- Monitor light or heat-sensitive products.
- Utilize storage bins for organization.
- Regularly check supplies, reorder points, and dispose of expired items.
Marketing Strategies
- Internal Marketing: Focuses on engaging existing patients and generating referrals; involves patient perception, staff interactions, first impressions, case presentations, and targeted advertising.
- External Marketing: Aims at attracting new patients outside the current pool.
Patient Loyalty
- Loyal patients contribute to a productive practice and financial stability.
- Success factors for retaining patients include cleanliness, location, reasonable fees, personality, sincerity, thoroughness, courtesy, gentleness, punctuality, well-maintained office/equipment, and updated knowledge.
- Common reasons for patient attrition include unreasonable fees, inconvenient location, lack of dentist presence, delays, discrimination, and personality conflicts.
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Description
Learn the basics of bookkeeping and accounting, including recording financial transactions, accounts receivable, and accounts payable. Understand the importance of daily journal pages and walkout statements.
