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MED254 MED OFF PRO 2
MED254 CH 20 PT COLLECTIONS & FINANCIAL MGMT
| Question | Answer |
|---|---|
| MED254 CH 20 PT COLLECTIONS & FINANCIAL MGMT | |
| Which of the following is income or money owed to the business? A. Accounts receivable B. Accounts payable C. Disclosure statement D. Open-book account | Accounts receivable |
| What do most offices do to notify the patient, they have an immediate patient payment system? A. Let the insurance company notify the patient B. Nothing C. Post a sign D. Tell them after the visit | Post a sign |
| The superbill allows the provider to indicate information about the patient visit including: □ Payment due □ Diagnosis □ Procedures provided □ Return visit | Diagnosis; Procedures provided; Return visit |
| Which of the following systems uses a pegboard that allows you to record the payment on the patient's ledger card? A. Computerized office B. Accounts payable C. Accounts receivable D. Manual paper system | Manual paper system |
| A patient is legally considered to be their own guarantor if they are: A. 17 yrs or older B. 21 yrs or older C. 18 yrs or older D. 19 yrs or older | 18 yrs or older |
| The accounts receivable records shows the total amount ___ A. owed to the practice B. owed by the insurance companies C. owed to the patients D. owed by the practice | owed to the practice |
| Which of the following are benefits of having a patient pay the bill at the time of service? □ It brings income to the practice faster □ It allows the patient to have an outstanding balance □ It lets the medical assistant use the new credit card machine □ It saves the cost of preparing and mailing a statement. | It brings income to the practice faster; It saves the cost of preparing and mailing a statement. |
| Which of the following should be included in a patient statement? □ Patient's name and address □ Guarantor's name □ Balance from the previous month □ Medication prescribed | Patient's name and address; Guarantor's name; Balance from the previous month |
| What is attached to the patient chart for the provider to check off services provided which produce charges? A. A bill B. A ledger C. A superbill D. A statement | A superbill |
| Superbills list which of the following items? □ Charges □ ICD-10 codes □ Patient history □ CPT codes | Charges; ICD-10 codes; CPT codes |
| Computerized offices post payments to a patient's account using A. office billing software B. a calculator C. office billing hardware D. a pegboard | office billing software |
| A person with financial responsibility for a patient is known as a(n) A. obliged B. guarantor C. advocate D. parent | guarantor |
| Which of the following is a law that sets a time limit on when a collection suit on a past-due account can be legally filed? A. medical authorization B. truth in lending C. statute of limitations D. legal requirement | statute of limitations |
| Which of the following is income or money owed to the business? A. accounts receivable B. accounts payable C. disclosure statement D. open-book account | accounts receivable |
| Which of the following should include the guarantor's name, previous balance, an itemized list of services and charges, payments from the patient or insurance during the month, and the total balance due? A. statements B. allowances C. receipt D. narrative | statements |
| When making collection calls, a medical assistant should call patients at their A. convenience B. home C. workplace D. relatives' home | home |
| A superbill is also known as a(n) A. billing analysis B. statement form C. age analysis D. encounter form | encounter form |
| After posting overpayments, the account balance will be a negative number, known as a(n) A. overpayment B. charge C. credit balance D. balance | credit balance |
| The statute of limitations is a A. state law B. office policy C. federal law D. HIPAA guideline | state law |
| The practice will adjust the remaining balance off the account if an account is found to be never collected, which is called a(n) A. uncollectable account B. paid account C. debit account D. collectable account | uncollectable account |
| Which of the following is the process of classifying and reviewing past-due accounts by age from the first date of billing? A. credit report B. accounts receivable C. age analysis D. single accounting | age analysis |
| When calling a patient about collections, a medical assistant should be □ friendly □ apologetic □ sympathetic □ callous | friendly; sympathetic |
| Which act governs the methods of payment that can be used to collect unpaid debts? A. HIPAA Law of 1996 B. Payment Plans of 1964 C. Medical Practice Act of 1983 D. Fair Debt Collection Practices Act of 1977 | Fair Debt Collection Practices Act of 1977 |
| When the combination of insurance payments and patient payments exceeds the allowed charges, this is known as a(n) A. overpayment B. posting C. collection D. payment | overpayment |
| Which act protects telephone subscribers from unwanted telephone solicitations, commonly known as telemarketing? A. Telecommunication Privilege Act B. Telephone Consumer Protection Act of 1991 C. Telemarketing Laws Act D. Telephone Consumer Rights Act | Telephone Consumer Protection Act of 1991 |
| Accounts that are not paid by patients and the office cannot collect on, are known as: A. Debt B. Uncollectable C. Collectable D. Paid | Uncollectable |
| Which of the following pieces of information must be given to a collection agency regarding a patient account? □ full name of the patient □ total amount of the debt □ diagnosis of the patient □ last known address of the patient | full name of the patient total amount of the debt last known address of the patient |
| Which of the following helps you keep on top of past-due accounts and determine which ones need follow-up? A. ledger cards B. billing analysis C. credit reports D. age analysis | age analysis |
| How often is bank record reconciliation done in most practices? A. once a week B. once a month C. once a day D. once a year | once a month |
| The goal of the Fair Debt Collection Practices Act of 1977 is to eliminate abusive, deceptive, or A. unfair debt collection practices B. collection calls C. fair and just practices D. collection letters | unfair debt collection practices |
| The practice expenses are called A. accounts disbursement B. accounts payable C. accounts receivable D. account expenses | accounts payable |
| List the steps in order to record disbursements, starting with setting up a new page in the journal. A. Determine the expense category of the check. B. Give each column a heading, to reflect the type of expense. C. If you have to split a check into 2 columns, record the total in the check amount column. D. Record the check amount in the column for the type of business expense. E. Fill in the date, payee's name, check number, and check amount on the check in the appropriate column. | B, E, A, D, C |
| The Telephone Consumer Protection Act of 1991 prohibits autodialed calls to □ patients' places of residence with prior permission □ emergency service providers □ patients' hospital rooms □ cellular and paging numbers | emergency service providers; patients' hospital rooms; cellular and paging numbers |
| List the steps in order for performing a trial balance: A. Calculate the total for each expense column. B. Add together all expense column totals. C. When you balance, carry forward all column totals to the disbursements journal for the next month. D. Total the check amount column. E. Recheck every entry if the amounts do not match. | D, A, B, E, C |
| The date of last activity on the account, the description of actions taken to collect the debt, and response received to collection attempts are pieces of information that must be given to the A. billing department B. patient's spouse C. credit collection agency D. patient's accountant | credit collection agency |
| A report that highlights the practice's profitability is called a(n) A. financial summary B. audit C. bank statement D. profit and loss statement | profit and loss statement |
| What is an administrative task that involves comparing the office financial records, the checkbook, or disbursements journal? A. reconciliation B. depositing C. accounting D. statement checking | reconciliation |
| The information on each patient's ledger card must match the A. deposit slip B. daily log C. medical record D. day's transactions | daily log |
| What does accounts receivable reflect on the practice? A. neatness B. success C. income D. patient care | income |
| A copy of the superbill should be placed in or given to □ the patient □ the practice records □ the referring provider □ the insurer | the patient; the practice records; the insurer |
| Any payment the practice makes for goods or services is called a(n) A. receivable B. remittance C. disbursement D. reconciliation | disbursement |
| Watching for changes in recording disbursements is called A. summaries B. tracking C. receivables D. disbursements | tracking |
| What procedure needs to be followed before you can process a refund to the patient? A. process a payment resulting in a credit B. reconcile the bank statement C. post a NSF check D. prepare an age analysis | process a payment resulting in a credit |
| When accounts are under ___ days, they should be marked as "no action to be taken at this time". A. 90 B. 10 C. 31 D. 30 | 31 |
| Which of the following should be included on a ledger card? □ insurance carrier policy number □ patient medical number □ patient address □ patient name | insurance carrier policy number; patient address; patient name |
| The superbill should have an appropriate diagnosis for each procedure to support A. payment B. medical necessity C. accurate billing D. medical care | medical necessity |
| List the order of how to process a payment resulting in a credit balance. A. If a credit balance is verified, adjust the credit balance off the patient's account. B. Post the total amount of the payment received. C. Subtract the payment amount from the previous balance and insert the new balance in the balance column. D. Locate the patient's account in the computer or pull the ledger card. E. Review the account thoroughly checking to see if any more receipts are expected on the patient's account. | D, B, C, E, A |
| List the steps in order to process a patient refund. A. Calculate and determine the amount to be refunded. B. Record the check number and amount in the disbursements journal or checkbook and write a check to the patient for the amount to be refunded. C. Make a copy of the check and mail the original to the patient. D. Post the refund as a negative payment to the patient's ledger card or account. E. Ask the proper person to sign the check. | A, B, E, D, C |
| Doing an age analysis is an effort to collect outstanding accounts because it becomes A. a duty for the office manager B. less difficult to collect balances C. a consideration of a care D. more difficult to collect balances | more difficult to collect balances |
| Which federal act states that patients must know ahead of time if credit extension will include interest fees? A. ECOA B. FDCPA C. TLA D. FCRA | TLA |
| Goods or properties that have a dollar value: | assets |
| In order to be profitable, your accounts receivable amount should be: A. zero. B. very large. very low. C. greater than your accounts payable. D. equal to your accounts payable. | greater than your accounts payable. |
| Which of the following is true regarding patient accounts? A. Patients with past due accounts will not receive treatment. B. Outstanding patient accounts do not affect the cash flow. C. Payments should be due within 30 days of the date of service. D. Payment is due at the time of service. E. Patients have 60 days to make a payment. | Payment is due at the time of service. |
| Reconciliation is: A. a process that is done to make sure all checks clear the account. B. comparing the office's financial records with bank records. C. a process of endorsing checks. D. the process of journalizing. E. a way to deposit payments. | comparing the office's financial records with bank records. |
| Accounts receivable is the term for: A. patient accounts that are past due. B. usual and customary fees. C. income or money owed to the practice. D. money owed by the practice. | income or money owed to the practice. |
| How many common collection problems are there? A. Four B. One C. More than five D. Two E. Three | Two *hardships and patients who have moved. |
| A disbursement is: A. a payment from the insurance company. B. a payment the physician's office makes for goods or services. C. a credit placed on the patient's account. D. a payment from the patient. | a payment the physician's office makes for goods or services. |
| Which of the following is considered a banking task in the medical office? A. Preparing claims B. Endorsing checks C. Mailing patient statements D. Completing the patient ledger card E. Completing the patient charge slip | Endorsing checks |
| Which of the following is a systematic recording of business transactions? A. Bookkeeping B. Tracking C. Endorsement D. Vouchering E. Reconciliation | Bookkeeping |
| A check must be negotiable, which means: A. it must be certified B. it must read "payment in full". C. it is legally transferable from one person to another. D. it is legally transferable to the bank. | it is legally transferable from one person to another. |
| When filling out a statement, what important information must you include? A. Patient's diagnosis B. Patient's social security number C. Total balance D. Physician's license number E. Bank information | Total balance |
| If the closing balance on the previous statement does not match the opening balance on the new statement, you should: A. call the bank. B. record this information and continue the reconciliation process. C. tell the office manager. D. send the bank an email. | call the bank. |
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