Have you received a letter in the mail from the state telling you that you are being audited for Unclaimed Funds? Or, have you heard about this type of audit from a friend of yours and thought you better check into it? Either way, unclaimed funds audits have made their way to dentistry and you need to be prepared.
An unclaimed funds audit can cause all sorts of problems:
• Mountains of work on the accounts – that doesn’t increase production or collection!
• Frustration for the dentist at another intrusion in her small business
• Finding staff time to work on these accounts
• Worry and stress about paying a penalty
• Disagreements between staff and dentists about what “seems fair” – that can even lead to staff turnover (true story!)
• Realization that no actual refund process exists
This report was written to help dentists prepare for the audit so that the entire process goes smoothly, the dentist knows what to expect and the practice completes the audit relatively painlessly. Even if you have not been selected for an audit, this report allows you to “get your ducks in order” and establish a refund system in your practice that provides clear guidance to your staff so that your patient accounts are managed accurately.
You can check with your CPA for professional advice about unclaimed funds audits, but I created this report because often accountants are unfamiliar with dental practice management software. With this report, a dentist, dentist’s spouse or office manager can run the reports needed to prepare for this audit by following these step by step instructions.
In this short report, you will receive:
• Background on What is an unclaimed funds audit?!
• Step by step instructions for Dentrix users to run the necessary reports
• Guidelines to review each account
• A protocol for sending refunds to patients
• What to expect when the auditor arrives
Here’s to making your audit as smooth and painless as possible!