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VTHT 1217 Ch 18

QuestionAnswer
What is the fair debt collections practices act and why was it established? It was passed to protect the public from unethical collection procedures.
what characteristics should be considered when choosing a collections agent? how much do they charge to collect the money and do they collect their charge up front
what is an insufficient funds charge? charge often placed on checks that bounce
why should a percentage of interest be added to outstanding client accounts? lowers the chance of clients not paying their bill
what information is needed when reporting delinquent accounts to a credit bureau? drivers license
why should post dated checks not be accepted? illegal in some states
what is a held check? accepting a check with the current date that the check is written, but holding it for deposit until the client agrees on a date for it to be deposited.
how often should statements be sent? monthly and immediately
what percentage of gross profits should be allowed as accounts receivable? <1.5%
if a practice generates a yearly gross income of $1,123,598.68 and accounts receivable is 1%, what is the total accounts receivable balance? $112,359.87
Accounts receivable should not exceed: a. 1.5% of gross revenue b. $2 c. 5% of gross revenue d. 10% of gross revenue a. 1.5% of gross revenue
True or False: holding checks for clients is recommended when they cannot pay for services the day of false
what is a result of the fair debt collection act? calls can be made between 8am and 9pm
True or False: Withdrawing the total amount due (for an employee accounts receivable) from employee checks is an acceptable form of payment. False
Third Party payment plans include: a. carecredit b. veterinary pet insurance c. paymentbanc d. all of the above d. all of the above
What are estimates? list of probable services to be completed. Initial estimate needs to be premier treatment. Review them in detail with client and have client sign declined services
True or False: estimates should be provided daily for hospitalized pets. true
Created by: kcrabtree507