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Medical Office 2

Patient Collections and Financial Management

good bookkeeping and banking practices All entries must be kept readable, organized and consistent. Keep all figure columns straight so that decimal points line up.
single-entry system easy to use because each entry is written once on the patient ledger, on the daily log, and in the checkbook but contains no checks and balances for accuracy.
double-entry system based on Assets = Capital + Liabilities
write-it-once system office software is based off this system. used in manual offices because it allows all transactions to be recorded in one procedure, using carbonless forms on all necessary documents.
Accounts receivable refers to the money that is owed to the practice
Accounts payable refers to the money that the practice owes other vendors
common payment methods accepted in medical practices include cash, check, money orders, and debit and credit card
accounting process of communicating the income and expenses of a business and its financial health
bookkeeping systematic recording of business transactions
Establishing Procedures organized, consistent, write clearly, check your work,
Manual Bookkeeping Systems Write-It-Once, or Pegboard, System, Daily Log, Patient Ledger,
Write-It-Once, or Pegboard, System contains a formula to check your work, system uses the same bookkeeping forms as the single- and double-entry systems, but the day sheet, also called the daily log, has pre-punched holes on the right or left side of the log
Daily Log also known as a general ledger, day sheet, or daily journal, depending on the practice, chronological list of each patient’s charges, any payments made on the account, and any adjustments on the account
journalizing record the service provided, the fee charged, and the payment (if any) received
Patient Ledger includes the patient’s name, address, home and work telephone numbers, health insurance information, Social Security number, and employer’s name; the name of the guarantor
Accounts Receivable (AR) total owed to the practice
Accounts payable (A/P) amounts the practice owes to vendors
Created by: baybro9933