Accounts Receivable
This is the money owed to a practice for services provided.
What are accounts receivable?
Bank loans and interest payments related to that loan are broken out into 2-categories. True or false?
True.
This is a way of identifying what are and are not tax deductible expenses.
What are expense categories?
This is a first attempt at collecting a balance from a patient, usually in an email message.
What is a collection email?
This is an expense that stays the same, the expense continues whether the clinic is open or closed.
What is a fixed expense?
Accounts that are overdue this many days, are considered uncollectible.
What are 90-days?
This is where personal expenses are categorized for a dentist, such as personal insurance, disability and income protection.
What is the drawings category?
Controlling this is essential to keeping costs low and to avoid over ordering.
What is inventory control?
This is a financial arrangement between the dental clinic and a patient to pay an overdue balance.
What is a payment arrangement?
This is a financial incentive for a patient to pay in full for a treatment, or a reduction in the fee for elderly patients with no insurance plans.
What is a professional courtesy?
Ensuring patients know the financial policies of the clinic, payment expectations and providing monthly statements are examples of what?
What are ways of keeping accounts receivable to a minimum.
This expense is variable and the dentist makes no money on this part of the treatment.
What is a laboratory fee?
This should be done to a cheque and the cheque stub if an error has been made when writing the cheque.
What are writing 'VOID' on the cheque and the stub?
This is a firm, business-like letter advising the patient that all previous efforts were unsuccessful and that next steps will be taken to collect the balance due if we do not hear from the patient by a certain date.
What is a 90-day collection letter?
Offering payment method options, payment arrangements or helping with insurance are a way to handle what situation?
What is handling a patient's inability or unwillingness to pay for services?
If a payment arrangement is not kept, what is the account status referred to as?
What is a delinquent account?
This is where payments for heat, hydro and water are paid.
What are utilities?
This is money owed by the practice to its suppliers.
What are accounts payable?
This is a firm, friendly, business like letter advising the patient of a balance due, requesting payment.
What is a 30-day collection letter?
This expense changes depending on the type of service rendered and the amount of materials consumed.
What is a variable expense?
This is a way to remind a patient of their overdue balance.
What is a monthly statement?
This is where expenses are categorized when a specific category is not clear and to ensure the expense does not get lost.
What is miscellaneous?
This is cash money kept under lock and key for frequent, small expenses.
What is petty cash?
The dentist does not need to approve this final step in collecting an overdue balance.
What is sending a patient to a collections and recovery agency?
These should be sent to patients as a reminder of an outstanding balance.
What are monthly statements?