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Chapter 63

Financial Management in the Dental Office

QuestionAnswer
Accounting A system designed to maintain the financial records of a business
Accounts payable Expenses and disbursements paid out from a business
Audit trail Method of tracking the accurancy and completeness of bookkeeping recors
Bonding Form of insurance that reimburses an employer for loss resulting from theft by an employee
Bookkeeping The process of managing the financial accounts of a business
Carrier The insurance company that pays the claims and collects premiums
Change fund Fixed amount of cash
Check A draft or an order drawn on a bank account for payment of a specified amount of money
Check register Record of all checks issued on and deposits made to a specific account
Coordination of benefits (COB) Coordinating insurance coverage between two insurance companies
Current Dental Terminology (CDT) Publication that lists the procedure codes assigned to dental services for the processing of dental insurance
Customary fee A fee that is within the range of the usual fee charged for the service
Deposit slip An itemized memorandum of funds to be deposited into the bank
Disbursememts Payments on nay outstanding accounts payable
Expenses The overhead costs of a business that must be paid to keep operating
Fixed overhead Business expenses that are ongoing
Gross income The total of all professional income received
Invoice An itemized list of goods that specifies the prices and terms of sale
Ledger A financial statement that maintains all account transactions
Net income Gross income minus expenses
Packing slip An itemized listing of shipped goods
Payee The person (or business) named on the checkas the recipient of the amount shown
Pegboard system A manual bookkeeping system
Petty cash A limited amount of cash that is kept onhand for small daily expenses
Posted Describes the documentation of money transactions within a business
Provider The dentist who provides treatment to the patients
Reasonable fee A fee that is considered justified for an extensive or complex treatment
Responsible party Person who has agreed to pay for services or for an account
Statement A summary of all changes, payments, credits, and debits for the month
Transaction Any charge, payment, or adjustment made to a financial account
Usual fee A fee that the dentist charges for a specific service
Variable overhead Business expenses that change depending on the types of services needed
Walkout statement A written indication of any balance due on an account, given to a patient as he or she leaves the practice at the end of an appointment
Created by: KalynBaimakovich