Balance The Claims File - Part 2

Thursday, February 14, 2002 | 0

You're sold on balancing the claim file, and understand that it doesn?t necessarily mean a test of your athletic abilities. The biggest problem is that you always seem to have difficulty with this task heck, you can't even balance your check-book and get it right. What to do?

Balancing the claims file is similar to any other accounting balancing function there are debits and credits, and at the bottom of the worksheet the number in the debit column must match the number in the credit column, or in other words, balance.

Work with care and take your time most errors in balancing are the result of simply working too fast and making careless errors. Good clean work habits will help avoid many errors.

If your file does not balance, follow these simple steps:

1. Re-check your file register against the loss run statement to be sure your checked off all posted transactions.
2. Double check your addition and subtraction.
3. Double check all transactions to be sure you logged them properly.
4. Check for transposed numbers.

With practice balancing the claim file becomes easier, and a routine task rather than an onerous task. Your life will be simpler and less stressful, especially when audit time comes around.

Author Cyndi Koppany is a partner in the firm Corporate Training Solutions. With her partner,Tina Chong, Corporate Training Solutions offers intensive claims department training programs. They can be reached at (323) 467-4430, or by e-mail at ckoppany@earthlink.net(Cyndi Koppany) or ctschong@earthlink.net (Tina Chong).