Dental office profit and lost
For a Dental office, As far as income goes,Do you enter the gross production, The net production(after all the adjustments are done) or the collection, to get an accurate profit and lost report?
Thank you
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aB9njYK4Wr3PKzacfA8pyY
08/27/09 9:38pm PDT
Viewed by asker 08/29/09 1:10pm PDT
Viewed by asker 08/29/09 1:10pm PDT
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JoeHug
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Dental & Medical offices are handled the same, you have the "Retail" (gross charge to Insurance Carrier/Patient) revenue go to gross charges, and then you write down the "Retail" to Contracted using allowances to income when you receive the EOB. This will give you the receivables due from patient. If you get the coinsurance and deductible, then all is well. If you do not collect everything, then you need to write the receivable off to bad debt (uncollectible). These should all be calculated to get "Net Revenues", then expenses to get to "Net Profit/Loss"
Cash pay discounts are handled the same way.
Gross Charges
Less: Allowances
Less: Bad Debts (Uncollectible)
Net Revenues
Expenses
Net Profit/ Loss
