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CH 13/14 Business Pr

Business Practices Chapter 13 & 14

QuestionAnswer
Which method divides patient accounts by alphabet or some other criteria to send out portions of the monthly statements at certain times of the month? Cycle billing
Trust in regard to financial obligations is known as Credit
Fees for professional services rendered are also known as Charges
Which legislation specifies that if a business (medical practice) agrees to extend credit to one customer the same financial agreement must be extended to all who request it? Equal Credit Opportunity Act
It is common for patients to use _______ to pay physicians for services rendered Credit Cards
___________ generally prefer not to discuss financial matters with patients. Physicians
It is important to discuss _____ with patients in a private area of the office so they can feel free to talk about financial issues Fees
A questionable employment record may indicate Difficulty paying bills
A ________ increases collection costs and delays cash flow. Itemized statement
Extending credit for medical services and the use of credit cards started in _______ The 1940's
Federal regulations ________ a physician to establish more than one fee schedule. Allow
Which legislation applies to any business that charges interest or agrees to more than four payments for a given service? Federal Truth in Lending Act
Business transactions that represent unsecured accounts receivable in which credit has been extended without a formal written contract are Open-book accounts
A report that shows accounts receivable categorized as 60, 90 or 120 days past due is a Aging analysis
Which of the following may a physician offer to patients paying cash, as long as he or she offers it to all patients? Discount
Which fee schedule involves three components: participating, non-participating and a limiting charge? Medicare fee schedule
Which document is a combination form that can be used as a bill, an insurance claim form and a routing document? Multipurpose billing form
A phrase on a billing statement that reminds a patient about a delinquent balance is a Dun message
Which service may be used by a medical practice to prepare and send monthly statements and to place collection calls? Billing service
A payment system in which the patient pays for medical services directly then files a claim for insurance reimbursement is a Individual responsibility program
According to the Fair Debt Collection Practices Act Debtors may only be contacted once a day, may not be contacted on Sunday and may not be sent post card reminders
Complete the statement: "The longer an account remains delinquent..." The harder it is to collect
If the patient sends an unsigned check for payment on an account what is the first thing you do? Ask the patient to come in to sign the check
When on physician offers to pay another physician for a referral of patients, this is an illegal practice known as Fee splitting
A plastic card that is similar to a credit card or debit card is known as a Smart card
If you were unable to locate a patient who owes a blanace, you should turn the account over to a collection agency Immediately
For patients who have no private or government insurance, charity care will usually Cover outpatient services
When communicating fees to patients the MA should NOT Apologize for the fee
The best way to describe a deadbeat is One who evades paying bills
Individual time limits that are set for each state to collect oral and written contracts are referred to as the Statute of limitations
The collection abbreviation L1 stands for Letter 1 (sent)
The collection abbreviation PP stands for Promise to pay
Legal process of discharging or reorganizing debt Bankruptcy
Statement of services provided and fees owed Bill
Total amount owed by patients for services rendered Accounts Receivable
Extended payments terms or a loan Credit
Proportion of money owed to money collected Collection ratio
Used to make payments, withdraw cash, or transfer funds from a bank account Debit card
Fee for a professional service Charge
Paper record for an individual account showing charges, payments, adjustments, and balances owed Ledger card
A debtor who has moved with no forwarding address Skip
List of services and amounts charged Fee schedule
Common law principle that means the patient agrees to pay the physician a fair amount for services rendered Quantum meruit
Insurance payment that involves a set fee schedule Fee for service
A stop payment may be instituted if a ___________ was used Check guarantee card
A check is ________ and must be signed by the bank Non-negotiable
A check must be written as payable to the Payee
The person who signs a check is the Bearer
Which form of payment can be purchased for face value plus a fee from a bank, convenience store, or other retail location and must be signed by the purchaser Money order
A check that is so old when presented for payment it is no longer valid Stale check
A check that is not considered negotiable but can be converted into a negotiable instrument or cash is a Warrant
What is the name for a check that has been created from a digital image of the original? Electronic check
The most common way of endorsing a check is when the payee simply signs the back is a Blank endorsement
Which type of endorsement is used on a check that is to be transferred to another person or business Full endorsement
When deposits are made, they are added to the balance of the bank account or, Credited
When withdrawals are made, they are subtracted from the balance of the bank account or, Debited
On a monthly basis, to ensure accuracy of the bank balance, the bank statement should first be Reviewed with the physician
Many banks do not accept Third party checks
A check stub can also be used as a Check register
When using bank by mail, always use Restrictive endorsements
A machine that imprints figures on a check so that they cannot be changed is called a Check writer machine
When reconciling a bank statement and the statement balance and checkbook balance do not agree, what number do you divide the difference by to find a transposition error 9
Created by: Megpalace