Mod 4 Ch 18 Word Scramble
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Term | Definition |
posting | accounting term used to represent the act of recording transactions |
PMS software | Practice Management System. -Electronic computer systems used to manage patients' accounts. -every PMS provides similar functions but are usually set up slightly differently. |
Accounts Receivable | AR, refers to amounts owed by patients and their third party payers (insurance) |
AR increases | each time a service is provided or bill is issued |
AR decreases | each time a payment is received |
adjustment | -original charge minus approved or allowed amount -positive or negative change to a patient's account balance that does not involve the exchange of money. -Usually a credit, write-off, discount, or insurance contractual allowance |
employees must have 2 things in PMS | 1. user name 2. password |
manual bookkeeping system | -pegboard system -write-it-once system |
numbered receipt | should be generated for each patient payment received |
Explanation of Benefits | -EOB -paper form explaining insurance payment info -can be mailed in bulk |
Electronic Remittance Advice | -ERA -electronic EOB form explaining insurance payment info |
allowed / approved amount | -amount insurance is willing to pay -if provider is participating, they must accept this amount |
copay | -should be collected by the provider at the time of service -is a set $ amount from the insurance company |
co-insurance | -set % from the insurance company |
balance billing patients | -billing the patient for the amount left over after the insurance company has paid bill -provider cannot bill patients for this amount if they are PAR w/ insurance (illegal) |
cycle billing | -25% of bills are sent out each week -allows for even cash flow distribution throughout the month. |
telephone collections | -only talk with person legally responsible for payment -don't leave message w amount owed -obtain a firm commitment to pay with date and amount -Only call Mon-Sat from 8a-9p. -No Sundays or holidays |
Created by:
vanstellee
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