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Fees,Credit,Collect

Business Practices- Chapter 13

TermDefinition
Accounts Receivable Total amount owed by patients for services rendered
Aging Analysis Breakdown of accounts receivable by the length of time they are delinquent (60,90, or a 120 days past due)
Bankruptcy Legal process of discharging or reorganizing debt
Bill Statement of services provided and fees owed
Calculator Device used to perform mathematic functions
Charge Fee for a professional service
Collection Ratio Proportion of money owed to money collected
Credit Extended payment terms or a loan; trust in regards to financial obligations
Cycle Billing Billing systems where portions of accounts receivable are billed at certain times of the month
Debit Card Used to make payments, withdraw cash, or transfer funds from a bank account
Dun Message Phrase used to remind a person about a delinquent balance
Fee-for-service Insurance payment arrangement that involves a set fee schedule
Fee Schedule List of services and amounts charged; some states allow for physicians to establish more than one
Garnishment Attaching a debtor's property or wages for payment of a debt
Ledger Card Paper record fir an individual account showing charges, payments, adjustments, and balances owed
Multipurpose Billing Form Combination bill, insurance form, and routing document
Open Account Unsecured account for which credit has been extended without a formal contract
Quantum Meruit Common-law principle that means the patient agrees to pay the physician a fair amount for services rendered
Receipt Written acknowledgement of payment
Skip Debtor who has moved and left no forwarding address
Fee Splitting an illegal practice of sharing fees with professional colleagues, such as physicians or lawyers, in return for being sent referrals
Statute of Limitations Individual time limits that are set for each state to collect oral and written contracts
Smart Card a plastic card that is similar to a credit or debit card and contains a microchip
Deadbeat patient evades paying bills; has a questionable employment record, history of doctor hopping, incomplete registration form, no business or home telephone, many moves of residence or Motel address, no referrals, no insurance
Charity Care for patients who have no private or government insurance; typically covers outpatient services
Equal Credit Opportunity Act Legislation that states if a business agrees to extend credit to one customer, the same financial arrangement must be extended to all who request it
Federal Truth in Lending Act Legislation that applies to any business that charges interest or agrees to more than four payments for a given service
Discount physician may offer to patients paying cash, as long as he offers it to all patients
Medicare Fee Schedule Involves three components: a participating fee, a nonparticipating fee, and a limiting charge
Billing Service may be used by a medical practice to prepare and send monthly statements and to place collection calls
Individual Responsibility Program A payment system in which the patient pays for medical services directly then files a claim for insurance reimbursement
Fair Debt Collections Practices Act States that debtors may be contacted only once a day, they may not be contacted on Sunday or their Sabbath, calls should only be placed after 8:00 a.m. and before 9:00 p.m., and postcards may not be used for collection purposes
The longer an account remains delinquent the harder it will be to collect
If you are unable to locate a patient who owes a balance, you should turn the account over to a collection agency immediately
When communicating fees to a patient the medical assistant should not apologize for the fee and needs to discuss fees with patients in a private area
Collection abbreviation L1 Letter 1 (sent)
Collection abbreviation PP Promise to pay
Registration Form should include basic demographic information, employment information, and insurance information
Credit for medical services was established in the 1930s
Itemized monthly statements Decrease collection costs and allows for continuous cash flow
Payment at time of service Emphasizes options and incentives to patient
Fair Debt Collection Practices Act Legislation guidelines for collection practices
Truth in Lending Consumer Credit Cost Disclosure Legislation that states all costs- Interest, late fees, must be discusses with patient prior to time of service
Fair Credit Reporting Act (FCRA) Legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
Concierge Fees Retainer-based medicine; opt out of insurance programs
Hardship Discounts Dependent on income level> Asset disclosure form should be filled out to verify their level of need
Hill Burton Act A patient seeking medical care may have no way to pay for it and may not qualify for state aid. Hospitals have received federal construction grants to enlarge their hospital and in return they must care for Indigents needing medical care
Physicians prefer not to discuss financial matters with patients
It is not uncommon for patients to use credit cards to pay physicians for services rendered
If a patient sends an unsigned check for payment on an account you should ask them to come into the office to sign the check
Created by: MsKim6399