Terms | definitions |
EOB | Explanation of benefits |
Endorsement | "for deposit only" restrictive endorsement |
W-2 Form | Employer gives 2 copies for employee for federal income tax |
Turth in Lending Act | Regulation Z - if more than 4 payments it must be in writing and reveal finance charges |
Fee information to Patient | Includes fee structure and procedure codes, not copay information |
Cedit Cards | do not add to patient fee the amount charged by company! |
Purchase Order | Date, Unit price, order #, item description, bill to address, delivery address, vendor |
Deductibles | Paid by patient |
Ledger Card | balance in the right hand column |
Skip | Person who moves without leaving a forwarding address |
Bankruptcy | Chapter 7 - all bills are cleared |
Encounter form | office keeps the white copy in pegboard system |
Collection Ratio | Collection divided by total charges |
Accounts Receivable Ratio | Current accounts receivable divided by Average monthly gross charges |
Financial Management | 1. provide patients with information about fees, 2. collect payment, 3. make credit arrangements |
Cash basis of financial reporting | income noted when payment is received |
Petty cash | $100 maximum purchase to balance count remaining money, total vouchers, subtract from orginal amount, balance cash against receipts |
Single Entry Bookkeeping | problems: lack of internal controls, inadequate information for analysis, difficulty in detecting errors |
Disbursements | amount of money already paid out |
Account | patient's financial record |
Receipts | payment for professional services |
Fee profile | average of physician's fees over time |
Customary | within range of fees charged for the same service by those with the same training and experience |
Bonding | blanket type covers all of the office employees |
End of the day summary | analyze and balance financial data |
Peg board system | can be computerized |
Assets | property owned by business |
Income statement | profit and expense |