Financial Management in the Dental Office
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| Accounting | A system designed to maintain the financial records of a business
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| Accounts payable | Expenses and disbursements paid out from a business
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| Audit trail | Method of tracking the accurancy and completeness of bookkeeping recors
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| Bonding | Form of insurance that reimburses an employer for loss resulting from theft by an employee
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| Bookkeeping | The process of managing the financial accounts of a business
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| Carrier | The insurance company that pays the claims and collects premiums
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| Change fund | Fixed amount of cash
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| Check | A draft or an order drawn on a bank account for payment of a specified amount of money
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| Check register | Record of all checks issued on and deposits made to a specific account
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| Coordination of benefits (COB) | Coordinating insurance coverage between two insurance companies
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| Current Dental Terminology (CDT) | Publication that lists the procedure codes assigned to dental services for the processing of dental insurance
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| Customary fee | A fee that is within the range of the usual fee charged for the service
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| Deposit slip | An itemized memorandum of funds to be deposited into the bank
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| Disbursememts | Payments on nay outstanding accounts payable
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| Expenses | The overhead costs of a business that must be paid to keep operating
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| Fixed overhead | Business expenses that are ongoing
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| Gross income | The total of all professional income received
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| Invoice | An itemized list of goods that specifies the prices and terms of sale
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| Ledger | A financial statement that maintains all account transactions
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| Net income | Gross income minus expenses
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| Packing slip | An itemized listing of shipped goods
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| Payee | The person (or business) named on the checkas the recipient of the amount shown
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| Pegboard system | A manual bookkeeping system
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| Petty cash | A limited amount of cash that is kept onhand for small daily expenses
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| Posted | Describes the documentation of money transactions within a business
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| Provider | The dentist who provides treatment to the patients
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| Reasonable fee | A fee that is considered justified for an extensive or complex treatment
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| Responsible party | Person who has agreed to pay for services or for an account
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| Statement | A summary of all changes, payments, credits, and debits for the month
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| Transaction | Any charge, payment, or adjustment made to a financial account
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| Usual fee | A fee that the dentist charges for a specific service
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| Variable overhead | Business expenses that change depending on the types of services needed
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| Walkout statement | A written indication of any balance due on an account, given to a patient as he or she leaves the practice at the end of an appointment
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Created by:
KalynBaimakovich
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