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Blesi8e Ch29 Terms
[MO2] Patient Accounts [Tier 01]
| Term | Definition |
|---|---|
| account | Record of all transactions made on an individual's Financial record that lists debits, credits and balance |
| accountant | One who keeps, audits, and inspects the financial records of individuals or businesses. |
| accounts payable (A/P) | The total amount owed by the practice to suppliers and other service providers for regular business operating expenses |
| accounts receivable (A/R) | All the outstanding accounts |
| adjustment | Credit entry made on an account to decrease a balance owed to the medical office |
| assets | Anything owned that has exchange value |
| bookkeeper | One who records the accounts and transactions of a business |
| business associate agreement (BAA) | An agreement with a company that insures the company understands the person's expectations as to what the company will do with the privileged information they will have access to and the consequences of an inappropriate disclosure |
| charges | Fee for services rendered |
| credit | A payment subtracted from existing balance |
| credit balance | Occurs when the amount paid is greater than was due or the account is being paid in advance of service provided |
| day sheet | Form used for recording all daily Financial transactions of charges made and payments received |
| debit | To deduct, to charge |
| debit balance | Occurs when the amount paid is less than the total due |
| double-entry bookkeeping system | Bookkeeping system that has two notable characteristics: one entry as a debit in an account and one entry as a credit in another account |
| journalizing | Entries on the daily log; when an entry is made on the manual day sheet |
| ledger | A record of all charges or services rendered, any payments made by the patient or the insurance carrier, and any adjustments, including with the specific dates of those injuries |
| payment | Money paid by the patient or the insurance carrier |
| posting | The transfer of information from one record to another |
| single-entry bookkeeping system | An accounting method in which each financial transaction is recorded only once in account books; similar to a checkbook register |
| trial balance | Bookkeeping strategy to confirm accuracy in debits and credits in Ledger |
Created by:
MaesterRay
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