True or False?
Payments to the healthcare facility come as reimbursement from the insurance company only.
FALSE!
They also come from patients and third party payers.
The deposits in cash today are $657 and the checks total $8,343. What is the total deposit?
$9,000
add total amount of deposits.
A signature on the back of a check whereby the rights of the check are transferred to another party is called a(n) __________.
Endorsement - Drawee must sign and endorse check for it to be cashed/deposited.
Which of the following is required for a check endorsement?
Ink pen or rubber stamp
On the back of the check
Across the left or perforated end
Ink pen or rubber stamp and on the back of the check
All are correct
ALL !
Most patients who write checks to pay their account with their physician have no intention of fraud.
true :-) not everyone is trying to pull a scam- but watch out!
Adjustments are made to a patient’s account when it is necessary to add or subtract a patient payment from the balance.
False! Adjustments can be made for more than adding/subtracting patient payment.
Today’s checks include $56, $73, $89, $23, $20, and $82. What is the total in checks for the daily deposit?
$343
Add total amount of checks for the day.
Something that is legally transferable to another party is said to be __________.
unsecured
negotiable
intangible
discretionary
Negotiable
Who in the office is authorized to sign checks?
The doctor
Any trusted staff member
Only those whose names appear on the signature card
A responsible medical assistant
Only those approved on the signature card.
Banking by mail is never done now that the use of the internet is so prevalent.
False - although so much is done on the web, banking by mail is still practiced today by many individuals and organizations.
Accounts receivable are moneys that are expected but not yet received.
True
The physician uses the debit card for $782.19 to pay for medical supplies, $56 for office supplies, and $76 to stock the employee break room refrigerator. If the balance in the checkbook is $32,830.43, what is the balance after the debit card activity?
$31,916.24
Take the total checkbook balance and subtract the pending charges.
When an account is opened at a bank, the depositor will be required to complete a(n) __________ card.
debit
endorsement
signature
None are correct
Which of the following types of accounts requires a minimum balance and draws interest at the highest rates?
Checking account
Savings account
Money market savings account
All are correct
Money markey savings account
Blank endorsements make checks payable to the bearer.
True - Never leave a check blank, then ANYONE can fill it in and cash it.
All invoices, statements, and operational expenses are included in accounts receivable.
False
Accounts recievable is a list of debts owed to the organization.
A patient writes a check for $560 that is returned by the bank. The physician redeposits the check, which clears, and the physician does not want to charge this patient an NSF fee. How much should be added to the patient’s account in this transaction?
$560
keeps the same amount since the Dr. didn't charge Pt. NSF fee
All property available for the payment of debts said to be his or her __________.
credits
debits
assets
liabilities
Assets
The first thing that should be done when an NSF check is received at the physician’s office is to:
add the check back to the patient’s statement balance.
call the patient to let the person know that the check was returned.
send a certified letter to the patient to demand payment for the check.
add the NSF fee to the patient’s statement balance.
call the patient to let the person know that the check was returned.
Ask them for another form of payment and let them know they check did not go through.
The person who writes the check is called the drawee.
False - it's DRAWER who write the check
The stamp “For deposit only” is a restrictive endorsement.
True. This restricts the check to be deposit only - cannot be cashed out.
The petty cash till has 52 quarters, 43 dimes, 19 nickels, and 24 pennies. What is the total amount of change in the till?
13.00
4.30
9.50
.24
= $27.04
Which of the following is not an acceptable reason for stop-payment on a check?
Loss of check
Disagreement about a purchase
Insufficient funds
Disagreement about a payment
Insufficient Funds - We still need your $$$ for services rendered
Which of the following account aging categories requires a final demand letter before the account is turned over to a collection agency?
30 to 60 days
60 to 90 days
90 to 120 days
None are correct
90-120 days late! (YIKES) then it's send to a 3rd party debt collection company and reported to the credit bureaus
Bank statements should be checked immediately upon receipt and scanned carefully for errors.
True - double checking bank statements is a good way to stay ahead of misc fees, identity theft, and making sure there are no errors.