Billing and Collections/Accounting Practices
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| Preventing collection problems | Inform the patient of the payment policy at the first encounter. This is the health professional fiscal responsibility.
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| Billing System-Monthly | A system in which all accouts are billed at the same time each month.
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| Billing System-Cycle | Staggers bills during the month and is a flexible system for large practices.
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| Collection Agency | Payer of last resort.
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| Payment Plans | 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.
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| Collection letter | Sent to the patient after 3 months.
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| Collection of fees at the time of service-recommended ratio | Minimum ratio of 90% for collection of fees.
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| 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.
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| Accounts receivable ratio | Measure the speed in which outstanding accounts are paid. Current Accounts Receivable divided by Average Monthly Gross Charges.
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| 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.
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| Computerization | Statements are generated by the computer. Provide a means to manipulate more information.
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| One-Month Turnaround | Time frame payment received in the office. Recommended billing policy/practice.
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| W-4 Form | Employee's Withholding Allowance Certificate, completed by all employees.
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| Fixed Costs vs. Variable Costs | Fixed cost are costs that do not vary in total as the number of patients vary. Variable costs are those that vary in direct proportion to patient volume such as clinical supplies and laboratory procedures.
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| Small Claims Court | Handles cases that involved only limited amount of debt.
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| Death of a patient | Collection of fees must be directed to the executor of the estate or the one responsible for overseeing the estate.
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| Patient Aging Accounts | Sending to collection agency
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| Statue of Limitation | Defines the period in which legal action may take place.
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| What hinders collections of fees? | Sending people to collections.
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| Legal and ethical guidelines for making collection calls. | 1. When making collection calls, callers must identify themselves and ascertain that they are talking to the person who is responsible for the account. 2. A collection call should not be made to the patient's place of employment.
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| Legal and ethical guidelines for making collection calls. | 3. In most states, a debtor may be contacted only between 8am and 8pm.
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| Legal and ethical guidelines for making collection calls. | 4. Do not make telephone calls at odd hours or make repeated calls to the debtor's friends, employers, or relatives.
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| Legal and ethical guidelines for making collection calls. | 5. If a contact must be made to the debtor's place of business, do not reveal to any third party the nature of the call. Patients have a right to confidentiality and privacy.
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| Legal and ethical guidelines for making collection calls. | 6. Do not threaten to turn the person's account over to collection agencies.
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