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FreeDOM Journal (Accounting)
Medical accounting is inherently messy. FreeDOM's accounting functions were thoughtfully designed to minimize the messiness. The FreeDOM Journal (Figure 1) is the accounting work area and presents your financial data in a clear, organized manner. Two primary terms are used to describe monetary amounts — Master Transactions and Splits. Master Transactions and Splits allow you to work within the unusual medical accounting construct.
1. FreeDOM Journal - Master Transactions, or simply "transactions," represent original whole amounts. Splits represent only portions of the transaction (whole amount), including portions that have been satisfied (paid) and unpaid portions, or "balances."
Figure 1 - The FreeDOM Journal
2. The Journal Editor (Figure 2) is where transactions are created. FreeDOM Transaction Types include the following:
- Balance Forward
- Charge
- Charge-Off
- Misc. Credit
- Misc. Debit
- Payment
- Refund
- Retraction
- Write-Off
You may assign a Cost Centers to a transaction, or leave them blank and they will inherit the cost centers of another transaction that they are applied to.
Figure 2 - Journal Editor
3. Automated Functions! - A really nice feature of FreeDOM's accounting is that most "core" accounting functions are automated, such as copayments, refunds, retractions and reversals. You can also perform these operations manually if you wish. Below is an example of an automatic retraction.
Step 1 - Right click on a Payer payment
and select "Retraction" from the popup menu
(Figure 3).
Figure 3
Step 2 - The Journal Editor is opened, already populated with the relevant data (Figure 4). Simply click "Save."
Figure 4
Step 3 - The new Retraction (master transaction) is created and automatically linked to the original payment that was retracted. (Figure 5). Done!
Figure 5