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Financial Management

Study Guide-Financial Management

Study Guide-Financial MGTAnswers
EOB Explanation of Benefits, also called a remittance notice, is a document prepared by the carrier that gives details as how the claim was adjudicated. Contains patient information, date of service, payments, reasons for nonpayment.
Ledger Card An accounting form on which professional service descriptions, charges, payments, adjustments, and current balance are posted chronologically. Balance on the far right side.
Endorsements Blank and Restrictive. Restrictive endorsements are commonly used in ambulatory setting. Includes: signature, "for deposit only", pay to the order of", name of bank/acct. number, payees names/listed under the company name with practice address.
Bankruptcy A patient declares bankruptcy to all debtors and is allowed to clear all debts and start fresh. Statements may no longer be sent nor any attempt be made to collect delinquent accounts.
Skip A patient who has moved with no forwarding address.
W-2 Summarizes all earnings and deductions for the year and must be prepared for each employee by January 31.
Encounter Form Document used by most medical practices. This multipurpose billing form is known by many names e.g. superbill, routing form, patient service slip).
Accounts Receivable Ratio Measure the speed in which outstanding accounts are paid. Current Accounts Receivable divided by Average Monthly Gross Charges.
Collection Ratio Gauges the effectiveness of the ambulatory care setting's billing practices. Total Amount Collected this Month divided by Total Monthly Charges minus adjustments.
Truth-In-Lending Act Regulation Z of the Consumer Protection Act of 1967. According to the Truth-In-Lending Act, requires providers to submit in writing charges of interest to a patient's account. Payment for medical services in more than 4 installments.
What is on a purchase order? (1). Date (2). Purchase order number (3). Bill to address (4). Ship to address (5).Vendor information (6).Req by (7). Buyer (8). Terms (9) QTY (10).Units (11). Description (12). Unit price (13).Total (14).Discount (15).Subtotal (16).Tax & Freight, Bal due
Customary Fee Within range of fees charged for the same services by those with the same training and experience.
Balancing Petty Cash (1). Count money remaining in the box. (2). Total amounts of all voucher in the petty cash box. (3).Subtract amount of receipt from th original amount in petty cash (4).When the cash has balanced against the receipt, write a check only for amount used.
Single Entry Bookkeeping Used extensively in ambulatory care settings because of its simplicity and inexpensive nature. It is difficult to find errors, for there are no internal controls, and financial analysis information is inadequate.
Disbursements Expenses paid out to vendors, such as building rent, office supplies and salaries.
Account Patient's entire financial record. In the pegboarding system, patient's account would be their ledger card.
Receipts A receipt is a written acknowledgement that a specified article or sum of money has been received as an exchange for a good or service.
Fee Profile Average of a physician fees over a peiod of time.
Payables Unwritten promise to pay a supplier for property or merchandise purchased on credit or for a service rendered.
Bonding Blanket bonding used in the ambulatory setting, covers everyone.
End of Day Summary Financial summary at the end of the day
Pegboard System Also known as a write-it-once system consists of day sheets, ledger cards, encounter forms or charge slips, and receipt form. Can be computerized.
Income Statement Financial statement showing net profit or loss.
Created by: MichaelAJ007