Allied Health Assistant: Healthcenter21 Accounting

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ideally, how often should money received by the office be deposited?

daily

fee for service

determined by a variety of factors -cost of providing the service -the amount of experience the physician has -the fees charged by other physicians in the same area or region

single-entry bookkeeping

each dollar amount is entered once on day sheet

double-entry bookkeeping

each entry recorded two times

liquidate

exchange for cash (usually assets)

if an office uses a computerized bookkeeping system, understanding manual bookkeeping is unnecessary.

false

it is acceptable to send personal information to patients by e-mail.

false

patients will receive a monthly bill from the medical practice even after the account has been turned over to a third-party collection agency.

false

the ending balance on the bank statement will always be the same as the current balance in the check ledger.

false

fair debt collection practice act

governs collections activities

what must assistants do before accepting a check from a new patient?

make sure the patient's identification matches the information on the check

accounts payable

money owed to others that has yet to be paid

accounts receivable

money owed to the company that has yet to be received -also considered assets

insurance accounts

money the insurance carrier owes for a specified patient services

patients accounts

money the patient owes for specific services after their insurance pays or denies payment

NSF

non-sufficient funds

aging report

one that records aged accounts receivable

aging accounts receivable

organizing accounts with outstanding balances into categories of how old they are

point of sale terminal (POS)

an electronic device used to process credit and debit card payments -reads information on card and electronically checks for sufficient funds to process the transaction

accounting transaction

an event that affects the financial position of a company and can be reliably recorded

billing statement

an itemization, or invoice, of the balance that patient owes for specific services

deposit slip

an itemized memo cash and checks to be credited to a bank account

invoice

an itemized statement -a patient bill that records services and charges for a specific time period

ledger

book with information on all office's business accounts

which of these best describes a check endorsement?

the payee's signature on the back of the check

who decides when and to whom professional courtesy is extended?

the physician

a check stub, or register, should be filled out every time a check is written.

true

cash and checks received from patients as payment should be kept in the same place.

true

patient payment information entered on the daysheet must also be posted on the patient ledger.

true

bookkeeping system

used to track of a company's income and expenditures

what should be done if a mistake is made while filling out a check?

void the check and file it with cancelled check

equity

what belongs to business owners -calculated by: assets-liabilities=owner's equity

what is the first thing an assistant should do after receiving a patient overpayment?

call to inform the patient

credit card

card issued by either a bank or business -allow holder to make purchases on a line of credit

insurance adjustment overpayment

carrier decides whether to refund or treat like credit

bookkeeping

keeps billing, payment and expense records current -provides information for financial records -can be electronic -logs payment

bank statement

monthly summary of a bank account sent by the back to the account holder

how often should patients receive a billing statement?

once per month

who should be in charge of the petty cash fund?

one authorized person

disbursement

outgoing amount of money

which of the following terms refers to the person who writes the check?

payor

pegboard

pegs that line the top or side of the board keep forms in place

professional courtesy

physician may choose to discount fees for office employees or healthcare workers, lawyers, members of clergy

why is it necessary to reconcile the bank statement with the office check ledger?

-to ensure the accuracy of both documents -to find out which deposits have been processed -to find out which checks have not been processed

receipt

written proof of payment

when a patient makes a payment, what kind of accounting transaction is this for the medical office?

income

Truth in Lending Act purpose

it requires physicians to disclose interest charges if any are charged

write-off

a cancellation of a fee

types of checks guaranteed not to bounce

a certified check and a money order

liability

a companies debt

assets

a companies economic resources

third-party collection agency

a company of full-time, trained debt collectors not affiliated with the medical practice

to place money into a bank account is to make ____.

a deposit

which of the following best describes the term "professional courtesy"?

a fee discount for health care workers

who might a physician extend professional courtesy?

a fellow physician

what is the least confrontational way to approach a patient about an unpaid bill?

a letter

fee schedule

a list of specified fees a physician charges for services

guarantor

a person responsible for paying a patient's bills

which of the following definitions best describes an aging report?

a record of all unpaid patient accounts, organized by date of service or date of first bill

installments

a set number of small payments

which of the following best describes a purchase order?

a standardized form to request an order from a vendor

what is the term for money owed to a company or office that has not yet been received?

accounts receivable

usual, customary, and reasonable (UCR)

amount for the same service

patient ledger card

an account summary of one individual or family

delinquent account

an account unpaid for a long period of time with no payments or contact from the patient

ideally, when should patient payments be received?

at the time of service

why insurance adjustments often necessary

because medical offices and insurance companies have contracts for reduced charges

third-party check

written by an unknown party to the payee and "signed over", or endorsed by the payer

post-dated check

check that is dated for a future date

point of service collection

collect and record payment at time of service

adjustment

correction/modification to financial information

which of the following is another term for "superbill"?

encounter form

why is the pegboard system also called the "write-it-once" method?

entries are posted to several records at once

accounting transactions

events that affect the financial position of a company and cane be reliably recorded

when should a receipt be issued to a patient?

every time the patient makes a payment in the office

in an office with a computerized practice-management system, patient invoices still must be written out by hand.

false

it is okay to complete a check in pencil as long as it is dark enough to read.

false

makes a check invalid

if the check is not signed, if the amounts on the check differ, if liquid paper is present on the check to cover a mistake

if a physician treats a fellow health care worker and does not collect the remaining fee after that worker's insurance contribution is received, this is what kind of adjustment?

professional courtesy

post

record information in a ledger or transfer from one to another

check ledger

record of all checks written and deposits made on behalf of the medical office -valuable when reconciling the monthly bank statement

billing cycle

refers to the designated time or times during which an office will bill all or part pf its accounts receivable

truth in lending act

regulation for extending credit to patients

most acceptable attitude for an assistant to have when discussing finances with a patient

respectful and understanding

which of the following is the best option for dealing with long-term delinquent accounts?

send the account to a third-party collection agency

example of an accounting task

sending patient bills

activity synopsis

summary of the months activities

day sheet

summary of the offices daily financial activity

deposit

take the payments received in a period of time, combine them, transfer in the account

space on a check does NOT have to be filled in to be processed by the bank

the for/memo line

in the medical office, who is responsible for helping patients understand their invoice?

the medical office assistant

who can a medical office assistant speak to about a patient's unpaid bill?

the patient and the patient's guarantor

endorsements

the signature or stamp on the back of the check

why is it important to keep an up-to-date inventory of all administrative and clinical supplies in the office?

to avoid making unnecessary purchases or running out of important supplies

HIPAA privacy rule

to protect the privacy of patient information

banking

tracking expenses, preparing and delivering deposits, reconciling monthly banking statements

debit card

works like a credit card, but makes electronic withdraws from card holder


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