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Chapter 17 Financial

Daily Financial Practices

Used to record individual cash transactions for minor or unexpected expenses Petty cash voucher
Record of charges, payments, and adjustments for individual patients and/or family members Ledger card
A record of daily patient transactions used in conjunction with pegboard system Day sheet
Record of services supplied and the charges and payments for those services; functions as a billing form for insurance reimbursement Encounter form, superbill, Charg slip, multipurpose billing form
Agencies that manage many private insurance plans and government-sponsored programs HMO
Abbreviation for received on account ROA
Decreases the balance due credit
the amount insurance requires patients to pay at the time of services copayment
a synonym for charge slip superbill, encounter form, multipurpose billing form
The acceptable abbreviation for usual, customary, and rasonable when referring to physiciian charges. UCR
Accounting function that describes the act of recording financial transactions into bookkeeping accuracy Posting
an increase or decrease to a patient account not due to charges incurred or payment received adjustment
Accounting system that consists of day sheets, ledger cards, charge slips, and receipt forms; all forms have matching columns that align and are held in place when the system is in use. pegboard system
sum owed by a business for services or goods received accounts payable
sum owed to a business for services ro goods supplied accounts receivable
Six habits essential to creating and maintaining accurate financial records use a consistent ink, form your numbers and letters carefully, align your columns, write small enough to stay within the columns, be careful when placing or carrying decimal points, double-check all math
Identify seven of the nine features that may be a part of the checking account intrest paid, monthly fees, check charges, automated teller, after hours depsot, initial depost and balance requirement, overdraft protection
Identify two work guidelines Always work with care and accuracy and double-check all entries
What are the five rules to ensure that checks are properly written and recorded? confirm that the numeric and wirtten amounts agree, confirm that everything is spelled correctly, the physician or office manager approve all expenditures, is the check signed, confirm that it si payalbe to the correct payee
Cashier's check guaranteed to clear by the banks accounts
guaranteed to clear by the banks accounts cashier's check
Certified check the bank certified the check for the amount
the bank certifys the check for the amount certified check
Money order purchased with cash for the amount
purchased with cash for the amount money order
voucher check has a stub attached used to indicate invoice dates, services proved
has a stub attached used to indicate invoice dates, services proved voucher check
traveler's check written in specific denominations and requires a signature
written in specific denominations and requires a signature traveler's check
Adjustments are entries made to a patient's account that do not represent charges ro payments. Name three reasons why adjustments may sometimes be made to a patient's account limited income, payment in full what the insurer allows, correction of error
a physician's fee profile is a continuous record of usual charges made for specific services
a patient encounter form might be called a charge slip and used to be called a superbill
the petty cash fund is kept on hand to pay for minor and incidental expenses
how much is usally kept in petty cash $75-$100
When a check must be guaranteed for the amount in which it is written a ______ is issued cashier's check
Restricting the use of a check should it be lost or stolen may be done through special endorsement
how much is kept in cash on hand $150
Created by: Seanmorrone