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MOPS Finals-
Review
| Question | Answer |
|---|---|
| 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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