Business Practices -- Chapters 13-15 Test Review
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| When establishing fees, the following are taken into consideration: | Fees of physicians in same specialty, physician education and experience, geographic location, cost to maintain practice
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| What is true regarding physicians who offer discounts? | If offered to one must offer to all
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| Hospitals received federal grants to enlarge facilities in exchange for care for indigent (poor) pts: | Hill-Burton Act
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| Most important collection practice to increase collections, improve public relations, and reduce pt complaints, business-office turnover, accounts receivable and write-off amounts: | State fees for service and collect fees at time of services rendered
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| Allows billing at certains times of the month based on alphabet, account number, ins type, or date of first service and allows for cahs flow, receiving statements all at once and distributes billing phone calls: | Cycle billing
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| What is the credit law that states collectors must identify themselves and the medical practice they represent and must not mislead pts? | Fair Debt Collection Practices Act
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| What length of time does a pt have to request the reason credit was denied under the Equal Credit Opportunity Act? | 60 Days
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| RegulationZ of the Federal Truth in Lending Act applies to: | Pt agrees to pay in more 4 installments
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| Breaking down accounts into lengths of time money is owed: | Aging accounts
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| What is true about the longer an account goes unpaid? | The longer an account remains delinquent, the harder it will be to collect
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| What is consider a realistic and good collection rate? | 30-60%
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| Even after judgement is made in favor of medical practice in small-claims court, what must the practice still do? | Pursue that money or the court will not know it had remained unpaid
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| Garnishment | A legal proceeding in which salary and property are attached to repay a debt; Limited to 25% of disposable income in any work week
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| A joint checking account requires what? | Signature of one or both parties
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| System by which preauthorized transfer are made from savings to checking accounts: | EFTS
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| What happens if the numerical amount and written amount do not match? | The payee receives the amount that is spelled out
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| If the endorser's name is spelled incorrectly on the face of the check | Write the correct name as that is the name that must appear to be endorsed
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| All checks in a medical office should be: | Stamped with a restrictive endorsement upon receipt
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| How often should bank deposits be made? | Promptly to prevent payment from being lost, misplaced, or stolen
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| Who routinely prepares bank deposits? | Administrative medical assistant
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| What do timely deposits reduce? | Possibility of being returned due to insufficient funds
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| Why is it an act of courtesy to cash checks promptly? | Allows payers' bank statements to be reconciled more easily
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| What is true about ATM PIN numbers? | They should be memorized and not shared with anyone
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| If a check is not written properly the financial responsibility falls on who? | The drawer
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| When reconciling a bank statement be sure to | Subtract the total of outstanding checks and withdrawals
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| Why are manual bookkeeping skills helpful? | They increase understanding of basic computations a computerized system automatically does
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| Which accounting system requires the transfer of info onto journals and ledgers? | Single-entry accounting
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| Accounts Receivable (A/R) are | Assets
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| In a physician's practice, pt accounts are known as what? | Open accounts
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| Cummulative listing of each pt seen, services rendered, fees charged, payments made, and adj calculated on one day is called what? | Daysheet or daily journal
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| What is true regarding debits, credits, postings and calculations on a ledger card? | Fees are posted in the charge column, payments and adj are posted in the credit column
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| What do you divide by to locate a transposition error? | Divide by 9
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| Totaling the balances of all pt accounts with a balance due and comparing that total with the ending balance total A/R figure on the daysheet is referred to as what? | Accounts receivable control
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| Money kept on hand for making small cash purchases | Petty cash fund
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| Typical amount for petty cash fund | $50-$200
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| Message to remind pt of delinquent payment | DUN message
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| Debtor who moves and does not leave forwarding address | Skip
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| List of physician procedures, services and fees | Fee schedule
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| To trust in an individual's integrity to meet financial obligations | Credit
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| Why is pt registration form valuable for the collection process? | Keep track of pt to send statements, billing ins more easily, collecting payments in timely manner
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| How ofter should you update pt info? | Regularly to keep current
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| Whose job is it to discuss and collect fees? | MA
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| 4 factors in establishing physician fees | What are others in that specialty charging, physician experience and education, geographical location, overhead maintenance of practice
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| In states that allow multiple fee schedules, what programs may have separate fee schedules? | Worker's Comp, Managed Care Contracts, Medicare, Private Pay Pts
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| When should copay be collected? | Time of service -- helps ensure payment and maintain positive cash flow
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| Signs of deadbeat | Blank lines on reg form, sketchy employment record, no business/home phone, many moves of residence, doctor hopping, no referral, no insurance
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| Longer a bill goes unpaid | Less likely it will ever be paid
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| Names used for the form that serves as a communication bill, insurance form, and routing document | Charge slip, communicator, encounter form, fee ticket, pt service slip, routing form, super bill, transaction slip, multipurpose billing form
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| Reasons to use a billing service | Prompt billing, pt understands all charges and payments are listed, save office time, space and money, service answer pt questions
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| Inappropriate collection practices violate which law? | Fair Debt Collection Practices Act (FDCPA)
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| If credit is refused, which federal legislation must be complied with? | Equal Credit Opportunity Act
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| Pts requesting to make 4 or more monthly payments applies to which act? | Federal Truth in Lending -- Regulation Z
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| If interest is charged on monthly billing statement, which law requires disclosure before time of service? | Truth in Lending Consumer Credit Cost Disclosure
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| Which law states requirements and limitations for pt and practice when a complaint is registered about a billing statement error? | Fair Credit Billing Act
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| What is the time limit for collection on an open account in NYS? | 6 years
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| How often is an itemized billing statement sent out? | Every 30 days
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| What is the average time frame for turning an account over to collections? | 5-6 months
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| Where will you obtain forms and inform ation for filing a claim for small claims court? | County clerks office, municiple or justice courts, online
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| Chapter 7 | Nonsecured debt forgiveness (straight line)
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| Chapter 13 | Secured debt forgiveness -- after 5 years must resume payments
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| Withdrawal or subtract from a bank account | Debit
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| Deposit or addition to a bank account | Credit
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| Person named on the check as recipient of amount shown | Payee, Bearer
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| Person signing the check to pay out funds from checking account | Payer, Drawer, Maker
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| Financial institution where money is deposited in a checking account | Drawee
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| Bank, transit or routing number | ABA number
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| Check stub | Voucher
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| Most common types of checking accounts are | Individual or joint, Business or commercial
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| What should you ask for when handed a check, out of state check or check that appears questionable? | Extra ID -- license, employee ID, other proof of addresss and name
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| What is ABA stand for and what does it do? | American Banker's Association -- code used to identify bank location
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| Federal act that allows use of electronic checks | 21st Century Act -- Check 21
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| When calling a pay-by-phone system, be sure to indicate you wish to | make a transfer of funds
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| Restrictive endorsement | "For deposit only" to endorse
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| Blank endorsement | Name of endorser only
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| Full endorsement | Full name and company name of endorser
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| If typo on check | Either put line through and void entire check or correct the error and initial the correction
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| 3 options of how to handle an unsigned check | Call pt back to sign, Pt sends replacement, Type over indicating "lack of signature" and include physician's name, your name and title and submit for payment.
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| Aside from checks, what else might be subtracted from checkbook balance? | Service charges, automatic withdrawals, payments
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| In bookkeeping, entry that records increases assets and expenses but decreases liabilities | Debits
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| In bookkeeping, entry that records decreases assets but increases earnings | Credits
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