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MED Office Proc II
Chapter 20
| Term | Definition |
|---|---|
| ABA Number | A fraction appearing in the upper-right corner of all printed checks that identifies the geographic area and specific bank on which the check is drawn. |
| Accounting | The process of communicating the income and expenses of a business and its financial health. |
| Accounts Payable (A/P) | Money owed by a business; the practice’s expenses. |
| Accounts Receivable (A/R) | Income or money owed to a business. |
| Age Analysis | The process of clarifying and reviewing past-due accounts by age from the first date of billing. |
| Bookkeeping | The systematic recording of business transactions. |
| Cash Flow Statement | A statement that shows the cash on hand at the beginning of a period, the income and disbursements made during the period, and the new amount of cash on hand at the end of the period. |
| Check | A bank draft or order written by a payer that directs the bank to pay a sum of money on demand to the payee. |
| Credit | An extension of time to pay for services, which are provided on trust. |
| Credit bureau | A company that provides information about the creditworthiness of a person seeking credit. |
| Disclosure statement | A written description of agreed terms of payment; also called a federal Truth in Lending Statement. |
| Endorsement | Signature on the back of a check with the terms for accepting the check as payment. |
| Guarantor | The patient, caregiver, or entity responsible for payment of the healthcare bill. |
| Journalizing | The process of logging charges and receipts in a chronological list each day; used in the single-entry system of bookkeeping. |
| Negotiable | Legally transferable from one person to another. |
| Open-book account | An account that is open to charges made occasionally as needed. |
| Payee | A person who receives a payment |
| Payer | A person who pays a bill or writes a check. |
| Power of Attorney | The legal right to act as the attorney or agent of another person, including handling that person’s financial matters. |
| Reconciliation | A comparison of the office’s financial records with bank records to ensure that they are consistent and accurate; usually done when the monthly checking account statement is received from the bank. |
| Single-entry account | An account that has only one charge, usually for a small amount, for a patient who does not come in regularly. |
| Skip | A patient who has moved without leaving a forwarding address and their bill is unpaid. |
| Statute of Limitations | A state law that sets a time limit on when a collection suit on a past-due account can legally be filed. |
| Third-party check | A check made out to one recipient and given in payment to another, as with one made out to a patient rather than the medical practice. |
| Tracking | Watching for changes in spending so as to help control expenses. |
| Truth in lending statement | A written description of the agreed terms of payment between the patient and medical practice when payment will be made in more than four installments. |
| Write-it-once (Pegboard system) | A manual bookkeeping system where the daily log has pre-punched holes on the right or left side of the log. Pre-punched charge sheets (of NCR paper) are placed in designated areas on top of the day sheet, which has been placed on the pegboard. |
| Written-Contract account | An agreement between the physician and patient stating that the patient will pay a bill in more than four installments. |
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