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Chapter 20 & 21

Billing and Collections & Accounting Practices

A mthod that sends all bills at the same time each month, usually on or about the 25th day of each month Monthly Billing
a process by which accounts are determinded to be overdue aging accounts
also known as the Consumer Credit Protection Act of 1968 an act requiring providers of installment credits to state the charges in writing and to express the interest as an annual rate Truth-In-Lending-Act
An outside establishment that collects outstanding debt Collection agency
Statute that defines the period of time in which legal action can take place Statute of limiations
A method of spreading billing over the whole month instead of sending bills at the end of the month Cycle billing
the status of collections and the possible losses in the medical facility collection ratio
measures the speed with which outstanding accounts are paid accounts receivable ratio
In a pegboard system what method is used to identify the age of accounts? Color coded strips are attached to the ledger cards to show the age of an account
Name three classes of acounts? open book accounts, written contracts, single-entry accounts
The most appropriate time to discuss fees with patients is? Scheduling the first appointment
The Truth-in-Lending Act is also known as? Consumer Credit protection act
The charge slip is also known as? Encounter form or superbill
When a patient files for bankruptcy? file a proof of claim and a copy of the account to the bankruptdy court
in determining how aggressive to be in debt collections you should consider? the value of the dollar owed
The purpose of cost analysis is to? determine the costs of each service
Income statements should show both profits and expenses? true
The W-4 Form shows the empoyee's withholding allowance? true
Financial statement showing net profit or loss income statement
these vary in direct proportion to patient volume variable cost
Records and categorizes all checks written check register
The outstanding accounts receivable divided by the average monthly gross income for the past 12 months accounts recievable ratio
a procedure that determines the cost of each service cost analalysis
An itemized statement of assets, liabilities, financial condition, and owner's equity balance sheet
Income is recognized when the money is collected cash bases of accounting
These do not vary in total as the number of patients varies fixed costs
System of monitoring the financial status of a facility and the financial results of its activities porviding information for decision making acconting
debts, financial obligations, for which one is responsible liabilities
The gross income divided by the amount that could have been collected less adjustments? collection ratio
properties of value that are owned by a business entity assets
an unwritten promise to pay a supplier for property or merchandise purchased on credit or for service rendered accounts payable
The amount by which business assets exceed business liabilities owner's equity
Formula that shows the cost of procedure or service and helps determine the financial value of maintaining certain services cost ratio
reports income at the time charges are generated accrual basis of accounting
a review of medical services before they can be performed utilazation review
Name three bookkeeping systems that are appropriate for use in a noncomputeriaed or manual environment single entry system, pegboard system, and double entry system
Financial records should provide the following at all times amount earned, owed, and collected within a given period, where expenses incurred in a given period.
a hopital cost report for Medicare is a part of financial accounting
The accounts receivable trial balance shows any problems between the daily journal and the ledger
Calculating and reviewing costs provide ambulatory care settings with profit determining and practice performance monitoring
Created by: Seanmorrone