Collections
What is considered the most effective collection method for a medical office?
What is the name of the small amount of money kept in the office to pay for minor, unexpected expenses?
What is petty cash.
What is accounts receivable
What is money owed to the medical office for services that have already been provided.
A patient's account statement is returned by the post office marked "Moved – No Forwarding Address.
What is skips tracing
What is the name of the small amount of money kept in the office to pay for minor, unexpected expenses?
What is petty cash
What does NSF stand for?
What is non-sufficient funds.
Example of Accounts receivable
What is an unpaid patient balance or an insurance claim that is awaiting payment.
Skip tracing is the process of locating a person whose whereabouts are unknown
The document sent by the insurance company to the provider and the patient explaining the allowed charge amount. Usually say's THIS IS NOT A BILL
What is EOB(explanation of benefits)
when checks received from patients and other sources should be deposited.
What is daily.
Example of Accounts Payable
What is a bill for medical supplies, utilities, office equipment, or cleaning services.
How is skip tracing used
The purpose is to obtain updated contact information and continue collection efforts.
A medical office allows a patient to make payments over time for a large balance. What federal law requires the patient to be informed of the terms and cost of the credit arrangement?
What is the Truth in Lending Act(TILA)
What is accounts payable?
What is money that the medical office owes to others for goods or services received.
What term describes all property, money, and other items of value owned by a person that may be used to pay debts?
What are assets
How does the medical office find a patient using skip tracing?
What is the medical office may use public records, directory assistance, credit reports (when permitted), emergency contacts, or social media.
What is the Truth in Lending Act (TILA)?
The Truth in Lending Act requires lenders and creditors to clearly disclose the terms of credit, including finance charges, interest rates, payment schedules, and the total amount to be paid. This helps patients understand the true cost of a payment plan or credit arrangement.
A patient's check is returned by the bank for NSF (Non-Sufficient Funds). Explain what should happen to the payment in the patient's account and why.
Why should bank statements be reconciled with the medical office's financial records each month?
Why is it important for a medical office to maintain accurate financial records?