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Chapter 63
Financial Management in the Dental Office
| Question | Answer |
|---|---|
| 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
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