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Chapter 17

Daily Financial Practices

Chapter 17 Study GuideStudy Guide Answers
Fiscal responsibility From the 1st encounter with the patient, patient's needs to know his/or responsibility. This relationship is maintained through the duration with the provider. Remind patient to bring insurance card, payment due, obtain demographics.
ABN Advanced Beneficiary Notification-serves as waiver. This form is the only legal means an office has to collect payment on charges not allowed/covered by Medicare.
Petty cash vs. Cash on hand Petty cash is money kept in the office for minor, routine and unexpected expenses. Kept separate from the cash drawer. Cash on-hand used to make change for patients paying their co-payments. Kept in a locked change drawer that will contain up to $150.
Accounts receivable Money owned to office by the patient or insurance company.
Accounts payable Amounts paid are unwritten promise to pay a supplier for property/merchandise purchased on credit or services rendered.
Receiving payment If patient comes in and makes a payment, provide them with a receipt.
Encounter Form Daily activities, charges, return visit information, procedures and diagnosis codes. Demographic information.
Credit cards in the Clinic Credit and debit cards are convenient and ensure payment. Monies for fees charged are usually available within 24 hours or so.
Types of endorsements Restrictive endorsements are commonly used in ambulatory setting. Includes: signature, "for deposit only", pay to the order of", name of bank/acct. number, payees names/listed under the company name with practice address.
Inspect the check Inspect the check for correct date, amt, and signature, do not accept third-party check unless it is from the insurance carrier, check signature with picture identification, check numeric and written amt. to ensure they are the same.
Inspect the check Memo line should not read "paid in full" unless it is
NSF Call respective bank to check on fund availability, redeposit if funds are there, call patient and request that they bring in cash or cashier's check.
NSF If fund are not available, deduct the amount from the checking account balance of the practice. Add the amount back into the amount due by the patient by entering the amount in the paid column in parentheses and increase the balance by the same amount.
Guarantor The one responsible for payment if the child is not insured with a contracted insurance carrier.
Pegboarding Bank deposit not part of the system, forward the balance from the previous day, total Accounts Receivable/ledger cards with outstanding balances. Should equal your Accounts Receivables. Deposits should be made daily.
Bookkeeping Rules (1)Work with care and accuracy, (2) work must be kept current or it may become an overwhelming chore. (3) double-check all entries made for accuracy
Bookkeeping Rules (1)Use a consistent ink color; black or blue is preferred. (2)Form your numbers and letters carefully, using neat and clear writing. 3)Align your columns carefully, preferably using paper with gride lines. (4)Write small enough to stay within the columns.
Bookkeeping Rules Be careful when placing or carrying decimal points. (2)Double-check all math. (3)If a mistake is founds, draw one line through the error and write "Corr". or "Correction" above it. Red ink may be used in correcting errors on a paper copy.
Pegboard System A complete pegboard or write-it-once system consists of day sheets, ledger cards, encounter forms or charge slips, and receipt forms.
Cashier's Check Used when a bank must be guaranteed for the amount in which it is written. (1)Bank's own check, drawn against the bank's accounts (2)Recipient has the assurance check will clear
Cashier's Check ((3)Obtained by paying the bank cash or personal check for the amount of the cashier's check.
Certified Check Depositor's own check that the bank has "certified" with a date and signature to indicate the check is good for the amount written.
Voucher Check Type of check with a stub attached to it that can be used to indicate invoice dates, service provided and so on.
Voucher Check ((1)Used for payroll check(2)Ambulatory care setting for accounts payable
Traveler's Check Available in most banks and are convenient, safer to use than cash when traveling. Requires a signature when purchased and cashed. ATM use is recommended by the bank where available.
Created by: MichaelAJ007
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