Week 4 Study Guide Flashcards
(20 cards)
What type of account when the practice owes an amount of money to vendors or any other services?
Account Payable
What is the name of charges that are deemed uncollectible by any business?
Write-Off’s
What is a Balance Sheet?
Financial Statement. It shows assets, liabilities, and owner equity (the money that’s been made)
What is the name of the statement that demonstrates profits and expenses for a given period?
Income Statement
What is a Day Sheet?
It contains patients charges and receipts
Where are Charges , Payments, and Adjustments recorded?
On the patient ledger
Where does the provider (doctor) enter the charges of an encounter (visit)?
Encounter Form.
What is Revenue Cycle Management?
Managing the financial side of the medical business.
What is another name for Balance Sheet?
Statement of financial. It shows assets, liabilities, and owner equity (the money that’s been made)
Explain Cost Benefit Analysis.
A program that evaluates whether the benefits received outweighs its cost.
List some methods of billing.
Monthly, Cycle, and Computerized.
What is third party reimbursement?
Payments of services by someone other than the patient. The insurance company
What is a daily journal?
Day Sheet with patients charges that are recorded each day
When an entry is made on a manual day sheet, this is called ____________ in bookkeeping language.
Journalizing
What is the reason for bookkeeping?
The bookkeeper reports the financial transaction of a business
What is the best action when a patient asks a question, and you do not know the answer?
Excuse yourself and let the patient know you’ll get back to them with an answer after asking someone who knows.
What would you tell the patient if his insurance does not cover a service?
Inform the patient before the procedure.
If a patient has a past due balance , will this patient still see the MD?
Yes, even if the patient still has a past due balance
Who explains to the patient how to use the Patient Portal?
The Medical Assistant
Who reviews the cost estimate of the medical service?
The Medical Assistant
