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Chap 20 Review
Medical Office Procedure 2
| Question | Answer |
|---|---|
| Which of the following is true regarding patient accounts? | Payment is due at the time of service. |
| In order to be profitable, your accounts receivable amount should be? | Greater than your accounts payble |
| What type of payment brings income into the practice faster? | Immediate |
| What is sent to patients to inform them of payment due? | Statement |
| When mailing a statement to a patient, what should you enclose to encourage prompt payment? | Self-Addressed Envelope |
| When filling out a statement, what important information must you include? | Total Balance |
| Credit arrangements can be made for a patient? | When the practitioner agrees to extend credit |
| How many common collection problems are there? | Two |
| Accounts receivable is the term for? | Income or money owed to the practice |
| Which of the following is a systematic recording of business transactions? | Bookkeeping |
| Which of the following is considered a banking task in the medical office | Endorsing Checks |
| The person who writes the check is known as the? | Payer |
| Reconciliation is? | Comparing the office's financial records with bank records |
| Computerized bookkeeping tasks are usually performed by? | The Medical Assistant |
| A check must be negotiable, which means? | It is legally transferable from one person to another |
| If the closing balance on he previous statement does not match the opening balance on the new statement, you should? | Call the bank |
| A disbursement is? | A payment the physician's office makes for goods or services |
| Who is responsible for collecting patient payments? | Medical Assistant |
| Whenever you do bookkeeping, you should strive for? | 100% accuracy |
| Which federal act states that patients must know ahead of time if credit extension will include interest fees? | TLA |
| Accounts Receivable: | Money Patients owe the practice Money owed to the practice by third party payers |
| Accounts Payable: | Payroll Liability Insurance Equipment Lease Payments |
| Acceptable Payments: | Check dated with correct date Coins Credit Card Debit Card $100 Dollar Bill |
| Unacceptable Payments: | Expired debit card Unsigned check Post-dated Check |
| Needed for credit check: | Patient's name Patient's phone number Patient's address Employer address Employer phone number Social Security Number |
| Not needed for credit check | Monthly Income Next of kin address Name of last credit card used Next of kin name Next of kin phone number Banking account number |
| Assets: | Goods or properties that have a dollar value |
| Bookkeeping: | Systematic recording of business transactions |
| Payee: | Person who will receive the payment |
| Reconciliation: | Comparing the office's financial records with the bank records. |
Created by:
Tagcal