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GuntermanMOS 18-19
| Question | Answer |
|---|---|
| a system of recording, classifying, and summarizing financial transactions is called | accounting |
| "cash basis" system used by most physician offices means | charges are recorded as income at the time they are received |
| If not handled properly ____ can decrease what is owed to the provider. | credit balances and refunds |
| STARK law imposes restriction on what | professional courtesy |
| an account that is ____ days pas due requires a final demand letter before being turned over to collection | 90-120 |
| considered the most successful collection strategy | telephone call |
| what is a "skip" | someone who has moved without a forwarding address to keep from paying a bill |
| when tracing a "skip, what is forbidden by law | contacting a third party more than once |
| when a check is returned from the bank due to NSF, the medical assistant should | reverse payment on patient account and add the amount charged for the NSF. |
| what should be considered when using a collection agency | net back |
| the best bank account for maintaining funds that are used for paying seasonal expenses | interest bearing account |
| if a bank cashes a check that is later returned for NSF, who pays to recover the amount lost | the last person to endorse the check |
| when should you deposit checks from patients and other sources | as soon as possible |
| four types of endorsements | blank, special, restrictive, and qualified |
| what is the first thing you should do when a check is returned unpaid from the bank | contact the person who wrote the check |
| check drawn on the bank's own account and signed by an authorized bank official | cashier's check |
| any individual, corporation, or legal party who signs a check or any type of negotiable instrument is considered | maker |
| capital sum of money due as a debt or used as a fund for which interest is either charged or paid | principal |
| the United States is divided into how may Federal Reserve districts | 12 |
| insured account requiring a minimum balance that draws interest at a higher percentage than a regular savings account | money market |
| a plan in which payments are transferred, usually electronically, by a paying agency directly to the account of a recipient | direct deposit |
| something legally transferable to another party is considered | negotiable |
| a check made to "cash" is often used in the office for | petty cash |
| if a person in the office is allowed to sign checks on the physician's business account they must first sign what document at the bank | signature card |
| what digits in the RTN represent the individual bank identification number | last 6 digits |
| for offices with a no cash policy, what is the recommended payment method | money order |
| the endorsement includes words specifying the person to whom the endorser makes the check payable | special endorsement |
| reasons to stop payment on a check | loss of check, disagreement about a purchase, disagreement about a payment |
| many direct deposits are process through | ACH |
| debt incurred but not yet paid | accounts payable |
| money that is expected but has not yet been paid | accounts receivable |
| credits posted to the account record when the provider's fee exceeds the amount allowed | adjustments |
| individual assigned to make financial decisions about the estate | executor |
| individual who subscribes to the insurance plan and accepts financial responsibility for the patient | guarantor |
| something of value that cannot be touched physically | intangible |
| list of products or services provided to the facility for payment | invoice |
| party filing a complaint | claintiff |
| payments returned to the insurance company for overpayment | refund |
| coordinator of financial resources assigned by the court during a bankruptcy case | trustee |
| debt that is not guaranteed by something of value, credit card debt is the most commone | unsecured debt |
| misuse of healthcare facility's funds for personal gain | embezzlement |
Created by:
monicagunterman