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STACK 9

AAHAM CRCS STACK 9

QuestionAnswer
What does ADRR stand for and explain. Average days of Revenue in Accounts Receivable AKA A/R Days outstanding to calculate: A/R at a specific time DIVIDED BY average daily revenue = ADRR
Define Charity Care Svc provided, never expect it to result in cash flow.
Define Indigent A person who has no means of paying for treatment/svcs and not eligible for MA.
Define Bad Debt An uncollectable account, resulting from extension of credit.
What should a written collection policy include besides minimun acceptable payments and the follow up policy, including title/role of f/u rep? public relations policy charity care requirements disc policy practice of charging interest Contract amt implications Age when acct is considered uncollectible determination/verification of responsible party process for handling errors/complaints
Chapter 7 Bankruptcy The individual or business cannot pay debts based on their income. Except for exempt property as defined by law, assets are auctioned off to pay debts.
Chapter 11 Bankruptcy "Reorganization Bankruptcy". Gives a reprieve from creditor claims while make payments and try to get caught up.
Involuntary Bankruptcy If debtor has 12 or more creditors, 3 of which have claims in excess of $5K each - or at least 1 creditor with more than $10,775, can request involuntary BK.
Chapter 12 Bankruptcy For farmers, "only a family farmer with regular annual income may file"
Chapter 13 Bankruptcy Prohibits creditors from collecting for 3 years, allowing the person to pay in full or installments for that period of time.
What steps do we take if we are notified of a patient with a bankruptcy and the hospital debt IS included on the petition? Flag pt acct including chapter, court jurisdiction, legal counsel & phone number. Suspend all collection activity pending final disposition Notify any 3rd party collectors and forward notice to them Notify all parties if pmts are rec'd on the acct
What do we need to do if we are notified a patient is deceased? Check if a legitimate estate exist and file appropriate caveat to the estate Check the register of wills for an estate change the mailing address to "The Estate of_________" If no estate or responsible party, write off self pay after ins pays
What does GAAP stand for and define: Generally Accepted Accounting Principles -common set of principles, rules & standards a co must follow when compiling financial stmts.
What are the generally accepted accounting principles? endorse checks immed w/ FOR DEPOSIT ONLY Issue receipts for all cash pmts Separate cash per cashier Store deposits in a fireproof safe keep a dupe number rcpt log have a designated locked cash drawer keep a pmt log segregate duties don't share pw
What does ADR stand for and how do you get this info? Average Daily Revenue: Total revenue or charges for the period DIVIDED BY number of days in said period = ADR
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