Week 4 Flashcards
(25 cards)
The total amount owed by the practice to supplies and other service providers for regular business operating expenses, such as medical office supplies and equipment, office rental space, utilities (gas no electric, water, telephone and/or Internet services), and office staff salaries.
Account Payable (A/P)
All the outstanding accounts (amount due to the office); a reporting system to see who has not paid on their account.
Accounts Receivable (A/R)
A payment subtracted from existing balance.
Credit
To charge; a charge added to existing balance.
Debit
For used for recording all daily financial transactions of charges made and payments received; also called a daily journal.
Day Sheet
All aspects and transactions and include (but not limited to) procedure/service coding/charge capture, claim submission, billing, collections, payments and more.
Revenue Cycle
Document sent (electronic or paper) from the insurance company to the practice with approved amount and payment for services provided to the patient similar to the explanation of benefits (EOB) the patient receives from their insurance company
Remittance advice
The transfer of information from one record to another. This might be an automated process, depending on the electronic system in place.
Posting
Patient account number, and identifier for the patient/beneficiary chosen by the provider and may consist of numbers, letters, or a combination of both
Medical record numbers (MRN)
The calendar date at service begins or is provided
Date of service (DOS)
Meaning the patient does not have enough money in the bank account to cover the amount of the check
Nonsufficient funds (NSF)
Being legally declared unable to pay debts; a petition to a court by an individual who is stating that they cannot pay any debt incurred
Bankruptcy
Dividing accounts into categories, according to the amount of time since the first billing date; way to identify accounts, according to the length of time the accounts have been delinquent
Aging of accounts
Charges that are deemed uncollectible by any business
Write-offs
Any analysis that allows for program evaluation by demonstrating whether the benefits received will outweigh its cost
Cost benefit analysis
Anything on that has exchanged value; all the entries on a balance sheet that show the property or resources of a person or business; the money and items of value in a business
Assets
The study and analysis of financial data as it applies to operational issues within a company; also known as cost accounting
Managerial accounting
A document that includes itemization of goods and purchases or services provided together with the charges in terms of the agreement
Invoice
A statement that demonstrates the profit and expenses for a given month and also includes year to date information for a given year
Income statement
A small amount of cash available for small business expenses, used for posted, stamps, inexpensive, office supplies, and small charitable donations, usually maintained in a locked container
Petty cash
Credit entry made on an account to decrease a balance owned by the medical office; may be due to insurance, professional discounts, write offs, or to correct bookkeeping errors
Adjustments
A record of all charges or services rendered, any payments made by the patient organ insurance carrier, and any adjustments, included with the specific dates of these entries
Ledger
Sometimes called charge entry; entering of the diagnosis, coves and procedure codes for the patient encounter and information such as date of service, units of service, CPT modifiers, authorizations number, provider, details, build amount, etc.
Visit capture
Managing the financial side of the medical business
Revenue cycle management
