Collections
We use these procedures to attempt to collect payment from patients
What is telephone calls, letters, and personal interviews
This is referred to as asset bankruptcy
Chapter 7. The providers charges are unsecured, little purpose in attempting to claim these debts.
In 1913 Congress created this bank to provide the nation with a safer, more flexible, and stable monetary and financial system.
The Federal Reserve Banking System
An account for money not needed for current expenses.
What is a savings account
Who is responsible for a non-emancipated minors bill?
The parent who brought the child in
We send final attempt letter to collect debt at this time period.
What is 90-120 days, after this we send the account to collections.
This is referred to as wage-earner bankruptcy
What is chapter 12 bankruptcy?
Any staff member who has been authorized to sign the medical facility's checks must go to the bank and add his or her handwritten signature to this
What is a signature card
A check drawn by a bank against funds deposited to a personal account in another bank.
What is a personal check?
The payee signs only his or her name
What is Blank endorsement
This law was designed to eliminate abusive, deceptive, and unfair debt collection practices
What is the Fair Debt Collection Act
Name of the court to collect small amounts of money.
What is small claims court?
Types of Negotiable instruments
A check that is a bank's own check, drawn on itself and signed by the bank cashier or other authorized official.
What is a cashiers check?
Specifies the purpose of the endorsement, usually prepared by MA for deposit into provider account
What is a restrictive Endorsement
This is the most effective way to attempt to collect a payment from a patient
What is a phone call?
The parties involved in a small claims court case
What is the plaintiff and defendant?
A document guaranteeing payment of a specific amount of money to the payer named on the document.
What is a negotiable instrument?
Alternative pay option for patient without a bank
What is a money order?
Includes words specifying the person to whom the endorser makes the check payable.
This figure should be considered when a collection agency is used.
What is net back?
Not needed for a small claims court claim.
What is an attorney?
An account in which a minimum balance is required. It earns interest at money market rates (usually a higher percentage rate than for a regular savings account), and it allows only a specified number of checks to be written per month.
What is a Money Market Savings Account?
Reasons for stop-payment requests include
• Loss of a check
• Disagreement about a purchase
• Disagreement about a payment
The effect of the endorsement is qualified by disclaiming or destroying any future liability of the endorser.
What is a qualified endorsement?