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Mod 4 Ch 18

Ch 18 Financial Record Keeping

posting accounting term used to represent the act of recording transactions
PMS software Practice Management System. -Electronic computer systems used to manage patients' accounts. -every PMS provides similar functions but are usually set up slightly differently.
Accounts Receivable AR, refers to amounts owed by patients and their third party payers (insurance)
AR increases each time a service is provided or bill is issued
AR decreases each time a payment is received
adjustment -original charge minus approved or allowed amount -positive or negative change to a patient's account balance that does not involve the exchange of money. -Usually a credit, write-off, discount, or insurance contractual allowance
employees must have 2 things in PMS 1. user name 2. password
manual bookkeeping system -pegboard system -write-it-once system
numbered receipt should be generated for each patient payment received
Explanation of Benefits -EOB -paper form explaining insurance payment info -can be mailed in bulk
Electronic Remittance Advice -ERA -electronic EOB form explaining insurance payment info
allowed / approved amount -amount insurance is willing to pay -if provider is participating, they must accept this amount
copay -should be collected by the provider at the time of service -is a set $ amount from the insurance company
co-insurance -set % from the insurance company
balance billing patients -billing the patient for the amount left over after the insurance company has paid bill -provider cannot bill patients for this amount if they are PAR w/ insurance (illegal)
cycle billing -25% of bills are sent out each week -allows for even cash flow distribution throughout the month.
telephone collections -only talk with person legally responsible for payment -don't leave message w amount owed -obtain a firm commitment to pay with date and amount -Only call Mon-Sat from 8a-9p. -No Sundays or holidays
Created by: vanstellee