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CH 13/14 Business Pr
Business Practices Chapter 13 & 14
| Question | Answer |
|---|---|
| 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
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