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Financial Management

Final Examination

EOB Explanation of benefits
Endorsement "for deposit only" restrictive endorsement
W-2 Form Employer gives 2 copies for employee for federal income tax
Turth in Lending Act Regulation Z - if more than 4 payments it must be in writing and reveal finance charges
Fee information to Patient Includes fee structure and procedure codes, not copay information
Cedit Cards do not add to patient fee the amount charged by company!
Purchase Order Date, Unit price, order #, item description, bill to address, delivery address, vendor
Deductibles Paid by patient
Ledger Card balance in the right hand column
Skip Person who moves without leaving a forwarding address
Bankruptcy Chapter 7 - all bills are cleared
Encounter form office keeps the white copy in pegboard system
Collection Ratio Collection divided by total charges
Accounts Receivable Ratio Current accounts receivable divided by Average monthly gross charges
Financial Management 1. provide patients with information about fees, 2. collect payment, 3. make credit arrangements
Cash basis of financial reporting income noted when payment is received
Petty cash $100 maximum purchase to balance count remaining money, total vouchers, subtract from orginal amount, balance cash against receipts
Single Entry Bookkeeping problems: lack of internal controls, inadequate information for analysis, difficulty in detecting errors
Disbursements amount of money already paid out
Account patient's financial record
Receipts payment for professional services
Fee profile average of physician's fees over time
Customary within range of fees charged for the same service by those with the same training and experience
Bonding blanket type covers all of the office employees
End of the day summary analyze and balance financial data
Peg board system can be computerized
Assets property owned by business
Income statement profit and expense
Created by: Maribeth teacher