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Financial Terms

TermDefinition
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