Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Financial Terms
| Term | Definition |
|---|---|
| Accounts payable | Balance due to creditors for supplies and services purchased by the MD |
| Accounts receivable | Total balance due from patients for services rendered by the MD |
| Adjustment | Amount of money written off by the MD that consist of the difference between the amount charged by the MD for the procedure and the amount allowed for the procedure by a government insurance program such as Medicare or Medicaid (Medical) |
| Aging Analysis | List of unpaid accounts by date of services |
| Balance (Due) | Amount of money owed by the patient to the MD for services rendered |
| Balance (Due) | Amount of money owed by the patient to the MD for services rendered |
| Bank balance | Amount of money available in a bank account at a given time |
| Charges | Fees for procedures performed; may be paid at the time of service in part or in full or may be paid at a later time |
| Check Register | Record of disbursement’s from and deposits to a bank account |
| Copayment (co-pay) | Part of payment for medical services that the patient is required or chooses to pay at the time services are rendered: also referred to as co-pay |
| Credits | Amount of money received from the patient or an insurance carrier and deducted from the balance due |
| Day sheet | Daily log of accounts of patients seen on a given day: shows the total of account receivables |
| Debit | Another term for a change |
| Deductible | Portion of the bill that the patient is required to pay each year |
| Encounter Form/Charge Slip | Preprinted statement listing codes for basic offices charges |
| Endorsing | Placing the office practices name and account number on the back of a check |
| Invoice | Bill for goods ordered and shipped or services rendered |
| Ledger card | Record of patient information, charges, and payments |
| No sufficient Funds (NSF) | Check that has not been cleared by the bank due to inadequate funds to cover the checks |
| Payee | Person to whom a check is written |
| Payer | Person on whose bank account a check will be drawn |
| Payment | Amount of money, either in cash or by check, paid to a individual such the MD by the patient or an insurance carrier |
| Pegboard System | Write-it-once bookkeeping system specifically designed forms which will allow an individual to record data on the top form and simultaneously reproducing it on each form lying beneath it: advantage: saves time and errors by writing data once |
| Petty Cash | Small sum of cash available for minor expenses that occur in an office |
| Posting | Entering charges and payments to a patient account |
| Procedure Codes | Five-digit (plus) numbers that identify procedures performed by the MD: described in the Physicians Current Procedure Terminology |
| Service Charge | Monthly fee for bank accounts |
| Statement | Record of patient charges and payments |
| Superbill | Document that includes information for insurance carriers and the patient’s personal records; may be given to the patient at the time of service |
| Write-off | Cancellation of an unpaid debt |
Created by:
Clondy
Popular Medical sets