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Module 5

Business Practices -- Chapters 13-15 Test Review

When establishing fees, the following are taken into consideration: Fees of physicians in same specialty, physician education and experience, geographic location, cost to maintain practice
What is true regarding physicians who offer discounts? If offered to one must offer to all
Hospitals received federal grants to enlarge facilities in exchange for care for indigent (poor) pts: Hill-Burton Act
Most important collection practice to increase collections, improve public relations, and reduce pt complaints, business-office turnover, accounts receivable and write-off amounts: State fees for service and collect fees at time of services rendered
Allows billing at certains times of the month based on alphabet, account number, ins type, or date of first service and allows for cahs flow, receiving statements all at once and distributes billing phone calls: Cycle billing
What is the credit law that states collectors must identify themselves and the medical practice they represent and must not mislead pts? Fair Debt Collection Practices Act
What length of time does a pt have to request the reason credit was denied under the Equal Credit Opportunity Act? 60 Days
RegulationZ of the Federal Truth in Lending Act applies to: Pt agrees to pay in more 4 installments
Breaking down accounts into lengths of time money is owed: Aging accounts
What is true about the longer an account goes unpaid? The longer an account remains delinquent, the harder it will be to collect
What is consider a realistic and good collection rate? 30-60%
Even after judgement is made in favor of medical practice in small-claims court, what must the practice still do? Pursue that money or the court will not know it had remained unpaid
Garnishment A legal proceeding in which salary and property are attached to repay a debt; Limited to 25% of disposable income in any work week
A joint checking account requires what? Signature of one or both parties
System by which preauthorized transfer are made from savings to checking accounts: EFTS
What happens if the numerical amount and written amount do not match? The payee receives the amount that is spelled out
If the endorser's name is spelled incorrectly on the face of the check Write the correct name as that is the name that must appear to be endorsed
All checks in a medical office should be: Stamped with a restrictive endorsement upon receipt
How often should bank deposits be made? Promptly to prevent payment from being lost, misplaced, or stolen
Who routinely prepares bank deposits? Administrative medical assistant
What do timely deposits reduce? Possibility of being returned due to insufficient funds
Why is it an act of courtesy to cash checks promptly? Allows payers' bank statements to be reconciled more easily
What is true about ATM PIN numbers? They should be memorized and not shared with anyone
If a check is not written properly the financial responsibility falls on who? The drawer
When reconciling a bank statement be sure to Subtract the total of outstanding checks and withdrawals
Why are manual bookkeeping skills helpful? They increase understanding of basic computations a computerized system automatically does
Which accounting system requires the transfer of info onto journals and ledgers? Single-entry accounting
Accounts Receivable (A/R) are Assets
In a physician's practice, pt accounts are known as what? Open accounts
Cummulative listing of each pt seen, services rendered, fees charged, payments made, and adj calculated on one day is called what? Daysheet or daily journal
What is true regarding debits, credits, postings and calculations on a ledger card? Fees are posted in the charge column, payments and adj are posted in the credit column
What do you divide by to locate a transposition error? Divide by 9
Totaling the balances of all pt accounts with a balance due and comparing that total with the ending balance total A/R figure on the daysheet is referred to as what? Accounts receivable control
Money kept on hand for making small cash purchases Petty cash fund
Typical amount for petty cash fund $50-$200
Message to remind pt of delinquent payment DUN message
Debtor who moves and does not leave forwarding address Skip
List of physician procedures, services and fees Fee schedule
To trust in an individual's integrity to meet financial obligations Credit
Why is pt registration form valuable for the collection process? Keep track of pt to send statements, billing ins more easily, collecting payments in timely manner
How ofter should you update pt info? Regularly to keep current
Whose job is it to discuss and collect fees? MA
4 factors in establishing physician fees What are others in that specialty charging, physician experience and education, geographical location, overhead maintenance of practice
In states that allow multiple fee schedules, what programs may have separate fee schedules? Worker's Comp, Managed Care Contracts, Medicare, Private Pay Pts
When should copay be collected? Time of service -- helps ensure payment and maintain positive cash flow
Signs of deadbeat Blank lines on reg form, sketchy employment record, no business/home phone, many moves of residence, doctor hopping, no referral, no insurance
Longer a bill goes unpaid Less likely it will ever be paid
Names used for the form that serves as a communication bill, insurance form, and routing document Charge slip, communicator, encounter form, fee ticket, pt service slip, routing form, super bill, transaction slip, multipurpose billing form
Reasons to use a billing service Prompt billing, pt understands all charges and payments are listed, save office time, space and money, service answer pt questions
Inappropriate collection practices violate which law? Fair Debt Collection Practices Act (FDCPA)
If credit is refused, which federal legislation must be complied with? Equal Credit Opportunity Act
Pts requesting to make 4 or more monthly payments applies to which act? Federal Truth in Lending -- Regulation Z
If interest is charged on monthly billing statement, which law requires disclosure before time of service? Truth in Lending Consumer Credit Cost Disclosure
Which law states requirements and limitations for pt and practice when a complaint is registered about a billing statement error? Fair Credit Billing Act
What is the time limit for collection on an open account in NYS? 6 years
How often is an itemized billing statement sent out? Every 30 days
What is the average time frame for turning an account over to collections? 5-6 months
Where will you obtain forms and inform ation for filing a claim for small claims court? County clerks office, municiple or justice courts, online
Chapter 7 Nonsecured debt forgiveness (straight line)
Chapter 13 Secured debt forgiveness -- after 5 years must resume payments
Withdrawal or subtract from a bank account Debit
Deposit or addition to a bank account Credit
Person named on the check as recipient of amount shown Payee, Bearer
Person signing the check to pay out funds from checking account Payer, Drawer, Maker
Financial institution where money is deposited in a checking account Drawee
Bank, transit or routing number ABA number
Check stub Voucher
Most common types of checking accounts are Individual or joint, Business or commercial
What should you ask for when handed a check, out of state check or check that appears questionable? Extra ID -- license, employee ID, other proof of addresss and name
What is ABA stand for and what does it do? American Banker's Association -- code used to identify bank location
Federal act that allows use of electronic checks 21st Century Act -- Check 21
When calling a pay-by-phone system, be sure to indicate you wish to make a transfer of funds
Restrictive endorsement "For deposit only" to endorse
Blank endorsement Name of endorser only
Full endorsement Full name and company name of endorser
If typo on check Either put line through and void entire check or correct the error and initial the correction
3 options of how to handle an unsigned check Call pt back to sign, Pt sends replacement, Type over indicating "lack of signature" and include physician's name, your name and title and submit for payment.
Aside from checks, what else might be subtracted from checkbook balance? Service charges, automatic withdrawals, payments
In bookkeeping, entry that records increases assets and expenses but decreases liabilities Debits
In bookkeeping, entry that records decreases assets but increases earnings Credits
Created by: monkmaroni