The accounts receivable in a dental practice is all monies owed to the practice. Accounts receivable management, commonly referred to as bookkeeping, involves maintaining financial records for all transactions related to collecting fees for services rendered to the patients. With the high cost of materials and equipment, practice profit management is important. Information must be arranged so that it is always current, precise, and provides the information needed to efficiently manage financial matters.
The dentist may obtain bonding insurance on team members whose primary responsibility is to handle the practice monies through receiving, banking patient payments and writing disbursements. While this insurance will cover a loss of money, the team member can be still be prosecuted under the laws of a given state for any theft of funds.