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MOPS Finals-

Review

QuestionAnswer
Debit An entry on an account constituting an addition to an expense or asset account or a deduction from a revenue, a net worth, or a liability account
Charge slip/ Transaction slip A transaction or fee slip completed by a physician at the time a patient recieves medical treatment
Accounts Recievable The total amount of money owed for services rendered
Credit An entry on an account constituting an addition to a revenue, net worth or liability account; the balance in a person's favor in an account
Bankruptcy The state of being legally unable to pay one's debts; destitution
Check Written order to pay a sum of money; the most common form of money exchange othe than cash
Aging accounts An analysis of accouns receivable indicating 60, 90, and 120 days delinquency- useful for collection purposes
Bill A statement of fees owed for services rendered
Collection Rate The proportion of money that is owed to money that is collected on accounts receivable
Account balance The money owed on an account
Bonding An obligation of an insurance company or bonding agency to protect an employer against financial loss caused by the acts of ommissions of employees
Collateral Any possession, such as automobile, furniture, stocks, or bonds, etc., that secures the discharge of an obligation
Cycle billing Sending itemized statements on the basis of an alphabetical breal-down to portions of the accounts receivable at certain times of the month
Charging Fees for professional services rendered
Prevailing rate in the community The average composite fee. Different in the cost of living. Different in the community
PATOS "Pay At Time Of Service- best financial arrangement
When shall fee be adjusted Before treatment
Truth-in Lending Act Enforced by FTC- requires disclosure of finance charges-required when 5 or more installments are made
Three reasons patients usually fail to pay Negligence, unwillingness, inability
Direct Billing When bills are computerized and sent from office
What are some steps that encourage prompt payment Prompt billing- Statements must be correct, itemized and mailed promptly. Once a billing date has been established, it should not vary by more than 5 days without notifying the debtor.
What are the advantages of of Cycle Billing Stabilizes workload as well as cash flow
Where do you send a bill for a emancipated minor Directly to the minor
30 days delinquent Send a bill- 45 days, another bill with a dun message attached to it
60 and 90 days delinquent Phone calls make notations, final call and letter given to patient 15 days before sending to collections
120 days delinquent Collection letter- copy kept in patient's chart. Doctor, MAA, or MA may sign letter after phone calls have been made
Fair Debt Collection Practices Act Prohibits abusive, deceptive and unfair debt collection practices by debt collectors- call after 8 am before 9pm.
SKIP When statement returned with no forwarding address
Chapter VII bankruptcy No asset situation- office files a claim, doctor's fee is an unsecured debt and therefore last to be paid and collection procedure cease
Chapter XIII bankruptcy Wage- Earner Bankruptcy- patient pays a fixed amount to a bankruptcy referee in which monies from this fixed amount are passed on to the creditor-small payments made to the creditor over course of three years
How long do you wait after a person is deceased to send a bill and to whom do you send the bill 30 days- Address to Estate of (Person)- C/o spouse or next of kin- patient's last known address
When are discounts usually figured Always before taxes
What does a red flag signals Time to reorder
Back order Goods not in stock at the time of delivery; will be sent at a later date
Shelf life The lenghth of time a drug may be used before it deteriorates
Administrative supplies office supplies
Medical supplies used in medical procedures
What step should be taken when a product is recieved Check invoice/packing slip to the original order
Extending The balance brought forward oon a payment ledger card
Open accounts A record of business transaction on the books that are open to charges made from time to time
Created by: bossy777
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