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Business Practice

Chapters 13, 14, 15

TermDefinition
garnishment legal proceeding in which money and property are attached so they can be used to pay a debt - limited to 25%
credit "to trust" in an individual's integrity to meet financial oblications
open accounts open to charges made from time to time. record of business transactions on the books that represents an unsecured A/R where credit has been extended without a formal written contract
dun message to remind pt about delinquent payment
skip debtor who moves and does not leave a forwarding address
aging account analysis of A/R showing 30, 60, 90, and 120 days delinquency
fee schedule list of the physician's procedures, services and fees
a medical practice may have separate fee schedules for what types of programs workers comp, managed care contracts, medicare, private pay/self-pay pts.
names used for the form that serves as a combination bill, insurance form and routing document charge slip, multipurpose billing form, communicator, encounter form, fee ticket, pt service slip, routing form, super bill, transaction slip
if a pt is called about a delinquent bill at 10pm what federal law is being violated FDCPA - fair debt collection practices act
name two types of bankruptcy Chapter 7 - straight petition Chapter 13 - wage garnishment - 5 years - 10-20% of wages
debit withdrawal or subtraction from a bank account
payee person named on a check as the recipient of the amount shown - aka bearer
voucher a check stub
ABA number routing, bank or transit number
payer person signing a check to pay out funds from checking account - aka drawer
credit deposit or addition to a bank account
most common types of checking accounts individual or joint and business or commercial
what is ABA used for checks go to the Federal Reserve Bank location
21st Century Act aka check 21 - the federal act that allows the use of electronic checks which are created from a digital image - reproductions are called substitute checks
restricted endorsement "for deposit only" w/signature - most common for medical office
blank endorsement signature only
full or special endorsement "pay to the order of ..." can be deposited into any account
debit bookkeeping entry that records increases in assets and expenses and decreases liabilities
post to record a charge, payment or adjustment on a ledger
AR ledger record of all pts' outstanding accounts showing how much each one owes for services rendered
asset anything owned by the business (cash, inventory, furniture)
liability monies that are owed for business expenditures - AP
daysheet or general ledger register for recording all daily business transactions of pts - services rendered, fees charged, payments made, adjustments
credit bookkeeping entry that decreases assets and increases earnings
proprietorship owner's net worth
AP ledger register or checkbook that lists amounts paid out for expenses of the business practice
quantum merit as much as he deserves
latin term for credit credere
what do you do for a transpostional error divide by nine
petty cash or basic register for minor office expenses $50-$200
red flag rule prevents ID theft - use 2 pt identifiers
fee schedules are based on what what the average physician in the same specialty receives, the specialty practiced, doctor's experience, location of practice
registration information of pt name, contact info, DOB, insurance
concierge fees retainer based medicine - cash based business - charge annual fee for service
medicare participating fee amount paid to the physician who have contracts
medicare non participating fee amount paid to physicians who do not have contracts
medicare limiting charge highest amount a non-participating physician can charge a Medicare pt
hardship discounts granted on income level
charges fee for professional services rendered
Hill-Burton Act enacted in 1946 - provided federal dollars for communities to build hospitals around the countries. hospital ineligible for state aid
fee for service set dollar amounts for professional services
guideline for communicating fees medical service should be stated clearly and accurately
signs of a deadbeat record of doctor hopping, no referral from PCP, motel address (if you are unable to locate pt who owes a balance contact collection agency immediately)
not insured self pay
ledger card pt record showing charges, payments, adjustments and balance owed and is created for each pt when they first receive medical services - for PATIENT - not the same as general ledger
cycle billing method where certain portions of AR are billed at specific times during the month on basis of alphabetical breakdown, account number, insurance type or date of first service
another name for debit card check card
offline credit card - does not require PIN
online debit card - requires PIN
individual responsibility program concierge medicine - program where physicians accept all pts but refuse to accept reimbursement from any third party, private or govt programs
fair debt collection practices act FDCPA - debtors may only be contacted once a day and never on a Sunday or day of Sabbath, calls placed after 8am and before 9pm,
equal credit opportunity act ECOA - physicians agrees to extend credit to one pt, the same arrangement must be extended to all pts. Not all pts approved - need to be told buy dr. Pt has 60 days to request a reason of denial in writing
federal truth in lending act governs anyone who charges interest or agrees to more then four payments for a given service - do not have to disclose if charging interest on payment plan - Regulation Z
truth in lending consumer credit cost disclosure similar to federal truth and lending but have to disclose all costs
regulation Z requires that disclosure form be completed and signed when payment plan is instituted (part of federal truth in lending act)
fair credit billing act pts have 60 days from date of statement to complain about an error
fair credit reporting act FCRA - consumer reporting agencies gather and assemble information on private individuals to evaluate and determine credit standing and capacity. CRAs sell consumer reports that detail the information for future creditors, employers, etc.
credit bureaus two branches: first branch consists of companies that issue non-investigative reports, second branch consists of companies that issue consumer investigative reports (major credit cards)
good collection rate 30-60%
three types of collection accounts open-book, written contract, single entry
open book collection account aka open accounts - represents an unsecured AR where credit has been extended without a formal written contract
written contract collection account agreement to pay (=regulation z) the bill in more than four installments under the truth in lending provisions
single entry collections account account with only one charge listed - usually for a small amt
fee splitting illegal practice where dr offers to pay another dr for referrals
Bankruptcy legally unable to pay one's debt
Chapter 7 bankruptcy straight petition - wipes out all non-secure debts
Chapter 13 bankruptcy wage garnishment - have 5 years to pay off otherwise take 10-20% of wages
Chapter 11 bankruptcy for businesses
secured items mortgage, car payments
non-secured items credit cards
most common types of banking accounts checking and saving
electronic funds transfer system EFTS - preauthorized transfers are made electronically from one account to another
pay by phone substitute for a check writing - MA calls bank and says "I would like a transfer of funds"
automatic bill pay bank is given permission by the account holder to transfer funds
POS banking system point of service - instant transfer of funds from a pt's bank account
bank's fractional number number at the top right of a check that is a combination of a routing number and account or check number
drawer aka payer/maker - pays the $$
drawee financial institution the money is coming from
payee aka bearer - receives the $$
cashier's check drawn by the bank - no stop payments allowed
stale check when time limit on the check has passed
limited check statment indicates that check is void if written over a certain amount or date
money order purchased at post office, 7/11, supermarket - purchased at face value plus a fee (secured check)
travelers checks used for travel - incriments of $10, $20, $50, $100
warrant check not considered until it is converted into negotiable instrument - does not have an ABA or routing number - mainly used for insurance co.
intent to defraud check written with knowledge that not enough money in account to cover it
when are businesses more vulnerable to fraud Friday afternoons, evenings, weekends, holidays
how do you endorse a check signature must be exactly as payee's name on front - if incorrectly written should be endorsed twice with incorrect spelling then corrected spelling
non-sufficient funds NSF - payer doesn't have enough money in account to cover check - check will be "bounced" by bank and fee to payer will incurr
accounting system of recording and summarizing business and financial transactions and analyzing, verifying and reporting results
difference between accountants and bookkeepers accountants do the math, bookkeepers just record
single entry accounting easy to learn and accepted by federal and state - hand written - used for general ledger
other names for general ledger journal, day sheet, daily log, day book, charge journal
double entry accounting manual and electronic - exact science b/c must balance before it allows you to move forward
capital original investment money and other property
pegboard accounting most popular bookkeeping method used for decades - accurate and easy to learn and provides foundation in bookkeeping - entirely manual
computerized accounting expedites posting, incorporates billing capacity, reduces paper but expensive
where are transactions posted in computerized bookkeeping system to pt's account
where are transactions posted in a manual bookkeeping system pt's ledger card
when are charges posted date of service - charges are debited to the account
when are payments posted date received - payments and adjustments are credited to account
how to reconcile cash and change drawer cash rec'd should equal cash amount on deposit slip, remaining amount in drawer should be same as what you started with
what are required forms for pegboard bookkeeping system ledgers/day sheets, transaction slip, pt's financial record, deposit slip
Other names for general ledger Daysheet, daily log, daybook, charge journal
Created by: gcjlentz