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Ch 13 14 15

Business Admin

QuestionAnswer
a record of the total monies owed to the medical practice Accounts Receivable
analysis of accounts receivable showing 30, 60, 90, and 120 days' delinquency Aging Account
legal process of discharging or reorganizing debt Bankruptcy
Collection rate for Collection Agency 30-60%
proportion of money owed to money collected on accounts receivable Collection ratio
AKA "retainer-based medicine"; primary care physicians opt out of insurance programs, decrease their patient load, and charge an annual fee for services. Concierge Medicine
to trust in an individual's integrity to meet financial obligations Credit
a method in which certain portions of the accounts receivable are billed at specific times during the month on the basis of alphabetical breakdown, account number, insurance type, or the date of first service. Cycle Billing
no insurance no phone numbers, address a motel address a record of doctor hopping no referral unfilled blanks on Pt. registration form many move of residence questionable employment record Deadbeat Patient (What to look for)
used by bank customers to either withdraw cash from any ATM or make electronic transfers of cash from a customer's bank account to a merchant's account; AKA "check card" Debit card
a message to remind a patient about delinquent payments Dun
law that states the requirements and limitations for the patient and the medical practice when a complaint is registered about a billing statement error; patients have 60 days from the date the statement is mailed to complain about an error. Fair Credit Billing Act
collectors must identify themselves and the medical practice they represent; they must not mislead the patient; cannot call before 8 a.m. and after 9 p.m.; debtors may only be contracted only once a day FDCPA- Fair Debt Collection Practices Act
governs anyone who charges interest or agrees to more than four payments for a given service Federal Truth in Lending Act
set dollar amounts for professional services Fee-for-service
a list of the physician's procedures, services, and fees Fee Schedule
physician offers to pay another physician for the referral of patients- this is ILLEGAL practice between physicians Fee splitting
1. The doctors experience 2. The location of the practice 3. The specialty 4. The overhead for the maintaining the practice The Four Factors for Physicians Fee Schedule
a legal proceeding in which money (salary) and property bare attached so they can be used to pay a debt Garnishment
provided federal doctors for communities to build hospitals around the country; patient is INELIGIBLE for state aid Hill-Burton Act
a record showing charges, payments, adjustments and balance owed; is created for each patient when he/she first receives medical services Ledger Card
highest amount a non-participating physician can charge a Medicare patient. Medicare Limiting charge
amount paid to the physician who do not have contracts Medicare Non-participating fee
amount paid to the physician who have contracts Medicare Participating Fee
a combination bill, insurance form, and routing document, which may be given to the patient at the time of the office visit; AKA charge slip, communicator, encounter form, fee ticket, patient service slip, superbill, routing form, transaction slip Multipurpose Billing Form
accounts receivable where credit has been extended without a formal written contract; record of business transactions on the books that represents an unsecured Open Accounts
"as much as he deserves"; a common law principle on which fees are based; term translates as the promise by the patient to pay the doctor as much as she or he deserves for labor. Quantum merit
identify patients using TWO identifications Red Flag Rule
a debtor who moves and does not leave a forwarding address Skip
the physician still has to pursue the money Small-claims court in favor of medical practice
requires that providers disclose all costs including interest, late charges, and so on prior to the time of services Truth in Lending Consume Credit Cost Disclosure
1- Joint checking accounts & individual accounts 2- Business or commercial checking account 2 most common types of Checking Accounts
federal act that allows the use of electronic checks The 21st Century Act (Check 21)
bank or transit number; ABA (American Bank Association) number is the number that locates where the check is originally backed; its original federal reserve location ABA number
a computerized terminal that enables a customer to make a deposit, withdraw cash, transfer of funds or obtains other bank services. Automated Teller Machines (ATMs)
with permission the bank can transfer money to a certain day of the month from an interest paying savings account into a non-interest paying checking account Automatic Transfer of Funds
most common way of endorsing a check; Payee signs name on the back of the check near the left end Blank Endorsement
type of banking account that is subject to withdrawal of funds by check, ACH, debits and online bill paying. Checking Account
deposit or addition to a bank account Credit
withdrawal or subtraction from a bank account Debit
deposits money electronically for you so you don't have to risk losing a pay check and your money appears directly into your account Direct deposit services
paperless computerized system that enables funds to be debited, credited, or transferred; it is pre-authorized transfers that are made from one account to another Electronic Funds Transfer System (EFTS)
approved signature on the reverse side of a check that indicates liability for payment for funds disbursed in the case of default or nonpayment Endorsement
The check is endorsed TWICE. First as it appears on the face of the check & as it appears on the signature card Error made in writing or typing a check, what should you do?
a fake; a fraudulent signature on a document Forgery
used when a check is to be transferred to another person or company; referred to as a "Third Party Check" Full (Special) Endorsement
an instrument similar to a check purchased for a face value plus a fee Money Order
Most common types of accounts Checking accounts & Saving Accounts
written order to promise to pay a specific sum of money on a specific date to the order of a specific payer or the bearer Voucher
payer did not have sufficient money in the account to cover the checkv Non-sufficient Funds (NSF)
taking too much money out of the account Overdraft
the person named on a check as the recipient of the amount shown Payee (Bearer)
the person signing the check to pay out funds from a checking account Payer
a check that is dated when it can be and will be cashed by Postdated check
act of providing the accuracy of all transactions that have occurred on a checking account Reconciliation
words are adding such as "FOR DEPOSIT ONLY" Restrictive Endorsement
an interest-bearing account into and from which deposits and withdrawals may be made Savings Account
limited checking bearing statements that indicates the check is void if written over a certain amount or certain date Stale check
a fee associated by a bank for processing transactions Voucher
check that is not considered until it is converted into a negotiable instrument Warrant
acceptable to both federal and state authorities as a basis Advantage: Federal & State approved Disadvantage: Mistakes can be easily made Single entry accounting
Advantage: an exact science (BOOKS MUST BALANCE) Disadvantage: need advanced accounting skills Double entry accounting
advantage: easy to learn disadvantage: have to do by hand Pegboard board account
shows amount paid out for the expenses of the business practice Accounts Payable
consists of all of the patients accounts showing the amounts owed for the services rendered Accounts Receivable Ledger
contains records showing monies that are available for minor offices expenses-- should be between 50-200 dollars Petty cash fund
anything owed by the business; example: computers, projectors, etc. Assets
original investment money and other property Capital
are monies owed for business expenditures-- its the same as your accounts payable (what you owe) Liabilities
the owners net worth Proprietorship (owners equity)
method adopted by medical practices to expedite posting; advantages: increases accuracy, reduces paper disadvantages: equipment is expensive Computerized Accounting
when posting an error when writing a number for another, example writing 900 for 90 Sliding a number
- New daysheet - Transaction slip - Ledger - Bank Deposit Slip Forms required for a Pegboard
pd Paid
B/F balance forward
adj adjustment
ROA received on account
recd received
R Right
pt patient
L left
mg milligram
kg kilogram
p.r.n. as necessary
ad lib as much as needed
ASHD arteriosclerotic heart disease
i.e that is; as is; example
wk week
retn return
ECG electrocardiogram
Dx diagnosis
HBP high blood pressure
CT Computerize Tomography
PTR patient to return
I & D incision & drainage
stat immediately
ABA American Bank Association
NSF Non-sufficient Funds
EFTS Electronic Funds Transfer System
POS point of sale
MICR Magnetic Ink Character Recognition
ATM Automated Teller Machine
FDCPA Fair Debt Collection Practice Act
FCRA Fair Credit Reporting Act
FTC Federal Trade Commission
comp comprehensive
Created by: crisz
 

 



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