Accounts Receivable
What is Accounts Receivable
Money owed to the practice
When should the DOA inform the patient of the financial policy of the office?
Before any major treatment is started
What is accounts payable?
money owed by the practice to suppliers
Typically a day end report will show
What does a payment summary report show
list of the total payments made to the practice.
The accounts receivable are _________ assets that lose their value rapidly.
liquid
List the common payment options
Cash, Debit, Credit, Cheque
What does a packing list contain
lists the contents of what was received, and it does not usually contain the fees and taxes.
How often should bank deposits be made?
daily
What does an adjustment summary report show
List all of the adjustments made to each account, such as professional courtesies, write-offs, and reversals.
If accounts are outstanding more than ___ days, the bank manager assumes that those accounts are uncollectible.
90
Where should financial arrangements be made
In a private setting, unhurried atmosphere
What does an invoice contain?
an itemized list of items that were ordered, including the charges, taxes, and outstanding balance if the order was not prepaid
What does the production summary report show
a breakdown of the total production for the entire practice and the category of services provided.
What does a modified transaction report show
If you have processed a transaction and payment and the patient decides to use a credit card instead of a debit card, for example, you would have to reverse that transaction to make the change.
Accounts under ___ days are considered current and would be valued at the total value of the amount owing.
30
What is it called when the dentist provides an incentive to a patient.
Professional Courtesy
What is a statement
list all purchases and payments in a given period, itemizing supplies received and including corresponding invoice numbers.
What does an aged account report show
List all of the accounts that are outstanding and for how long. It will be broken down into accounts that are outstanding for 0 to 30 days, 30 to 60 days, and 90 to 120+ days.
Patients who owe the practice money are more likely to ________ their appointment.
miss
When is the third final collection letter sent?
After 90 days
What is the difference between a fixed and a variable expense.
Fixed expenses include those business expenses that continue at all times.
Variable expenses are those, such as sundry supplies, laboratory fees, and repairs, that change depending upon the type of services rendered and the amount consumed.
What does assignment of benefits mean
When the dental office accepts an insurance provider to pay the dental office directly.