Review
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each of the black spaces below before clicking
on it to display the answer.
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| Debit | An entry on an account constituting an addition to an expense or asset account or a deduction from a revenue, a net worth, or a liability account
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| Charge slip/ Transaction slip | A transaction or fee slip completed by a physician at the time a patient recieves medical treatment
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| Accounts Recievable | The total amount of money owed for services rendered
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| Credit | An entry on an account constituting an addition to a revenue, net worth or liability account; the balance in a person's favor in an account
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| Bankruptcy | The state of being legally unable to pay one's debts; destitution
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| Check | Written order to pay a sum of money; the most common form of money exchange othe than cash
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| Aging accounts | An analysis of accouns receivable indicating 60, 90, and 120 days delinquency- useful for collection purposes
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| Bill | A statement of fees owed for services rendered
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| Collection Rate | The proportion of money that is owed to money that is collected on accounts receivable
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| Account balance | The money owed on an account
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| Bonding | An obligation of an insurance company or bonding agency to protect an employer against financial loss caused by the acts of ommissions of employees
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| Collateral | Any possession, such as automobile, furniture, stocks, or bonds, etc., that secures the discharge of an obligation
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| Cycle billing | Sending itemized statements on the basis of an alphabetical breal-down to portions of the accounts receivable at certain times of the month
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| Charging | Fees for professional services rendered
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| Prevailing rate in the community | The average composite fee. Different in the cost of living. Different in the community
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| PATOS | "Pay At Time Of Service- best financial arrangement
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| When shall fee be adjusted | Before treatment
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| Truth-in Lending Act | Enforced by FTC- requires disclosure of finance charges-required when 5 or more installments are made
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| Three reasons patients usually fail to pay | Negligence, unwillingness, inability
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| Direct Billing | When bills are computerized and sent from office
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| What are some steps that encourage prompt payment | Prompt billing- Statements must be correct, itemized and mailed promptly. Once a billing date has been established, it should not vary by more than 5 days without notifying the debtor.
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| What are the advantages of of Cycle Billing | Stabilizes workload as well as cash flow
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| Where do you send a bill for a emancipated minor | Directly to the minor
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| 30 days delinquent | Send a bill- 45 days, another bill with a dun message attached to it
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| 60 and 90 days delinquent | Phone calls make notations, final call and letter given to patient 15 days before sending to collections
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| 120 days delinquent | Collection letter- copy kept in patient's chart. Doctor, MAA, or MA may sign letter after phone calls have been made
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| Fair Debt Collection Practices Act | Prohibits abusive, deceptive and unfair debt collection practices by debt collectors- call after 8 am before 9pm.
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| SKIP | When statement returned with no forwarding address
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| Chapter VII bankruptcy | No asset situation- office files a claim, doctor's fee is an unsecured debt and therefore last to be paid and collection procedure cease
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| Chapter XIII bankruptcy | Wage- Earner Bankruptcy- patient pays a fixed amount to a bankruptcy referee in which monies from this fixed amount are passed on to the creditor-small payments made to the creditor over course of three years
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| How long do you wait after a person is deceased to send a bill and to whom do you send the bill | 30 days- Address to Estate of (Person)- C/o spouse or next of kin- patient's last known address
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| When are discounts usually figured | Always before taxes
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| What does a red flag signals | Time to reorder
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| Back order | Goods not in stock at the time of delivery; will be sent at a later date
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| Shelf life | The lenghth of time a drug may be used before it deteriorates
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| Administrative supplies | office supplies
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| Medical supplies | used in medical procedures
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| What step should be taken when a product is recieved | Check invoice/packing slip to the original order
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| Extending | The balance brought forward oon a payment ledger card
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| Open accounts | A record of business transaction on the books that are open to charges made from time to time
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