Key Terms
What ismoney coming in; income?
Credit
What is in health care, a system established to adjust physician fees based on a patient’s household income; patients with a lower household income pay less than patients with a higher household income?
Sliding scale
What is with reference to a medical bill, not likely to be paid; providers/facilities may turn these bills over to a collection agency?
Uncollectible
What is in financial terms, an expense or something that reduces the net worth of a business; accounts payable are considered a liability?
Liability
What is in banking, to sign or stamp the back of a check to indicate it has been accepted?
Endorse
What is money going out, expense?
Debit
What is a bank draft that directs funds to be taken from a bank account for payment of an expense?
Check
What is a business that specializes in collecting old debts?
Collection agency
What is a type of theft in which an employee steals from their employer.
embezzlement
What is a means of moving money from one financial institution to another electronically?
Electronic funds transfer (EFT)
What is the schedule used in a medical office to determine when patients receive bills for outstanding balances?
Billing cycle
What is money that is paid at a set percentage rate for a debt?
Interest
What is an accounting category that may be used for patient bills that are deemed uncollectible?
Bad debt
What is in banking, payable (e.g., a valid check is negotiable)?
Negotiable
What is a request to make a purchase; confirms that payment is authorized for the items ordered?
Purchase order (PO)
What is a schedule a set list of fees charged for each type of healthcare service provided at an office/facility?
Physician fee
What is a report showing the length of time that has passed since a charge was posted to an account?
Aging report
What is in financial terms, something that increases the net worth of a business; accounts receivable are considered part of a business’s assets?
Asset
What is a number that appears as a fraction on the upper right portion of a check, identifying the bank associated with the checkwriter’s account?
ABA number
What is a business providing goods or services to another business or individual?
Vendor
What is a record of all financial transactions for a business; may be electronic or on paper?
Ledger
What is in financial terms, overdue for payment?
Delinquent
What is a business’s expenses, which include payroll, taxes, supplies, rent, etc?
Accounts payable (A/P)
What is a number associated with a bank account that identifies the financial institution where the account was opened and allows money to be moved in and out of the account?
Routing transit number (RTN)
What is a bill, or a summary of charges associated with an order from a vendor?
What is in financial terms, overdue for payment?
Invoice
Delinquent