Banking
If deposits are in a "pending" status they should be counted as already deposited in the bank account during bank reconciliation processes? True or False
False
Patient statements will contain?
Patients Name, Date of Service, Procedure and their Charge Amounts, Insurance Payment and any payments the patient may have paid.
Which types of reports would we generate from Practice Management Software?
Scheduling, Accounts Receivable and Financial.
Accounts receivable amounts should never go past _____ days.
120
What type of policy do medical practices create that explain financial responsibilities patients may be liable for in receipt of medical care?
Financial Policy
What is referred to as managing daily financial operations of a medical practice?
Bookkeeping
What type of report will the front desk and medical billers print off at the end of their day?
Daily End of Day Deposit Report
Besides medical billing processes what is another feature that Practice Management Software offers?
Appointment Scheduling
How often should we manage our Accounts Receivable?
Monthly
What are 3 common forms of payment accepted by Medical offices?
Cash, Check, Credit Card
What statement allows you to assess your facility’s overall financial health by providing a quick means to determine if you have enough assets to meet upcoming liabilities?
Balance Statement
After how many attempts will we send a patients account to a collection agency?
3
When charges are entered and scrubbed they are composed into an ________ file that is sent to the Clearinghouse.
EDI
Patient Receivables should be monitored as patient statements are sent out _______________.
Monthly
This statement shows all revenues earned, as well as expenses over a period of time?
Income Statement
What can be converted to cash within a year?
Assets
Medical claims should be sent out electronically?
Daily
False- EHR is where they will document their medical visit encounter
What category in aging is considered current?
0-30 day
Statement that identifies an organization’s sources of cash during a given period of time?
Cash Flow Statement
Moneys that are owed are referred to as?
Accounts Payable
When we submit medical claims after they have been scrubbed they are sent to the?
Clearinghouse
What are examples of data we will enter into the Practice Management Software?
Patient Demographics, Insurance Data, Referrals, Authorizations, ICD-10-CM Codes, CPT Codes and/or HCPCS codes.
What steps can we take to reduce our Accounts Receivable?
Submit claims on time, establish financial policies, correctly coding for services documented, submitting claims daily, and monitoring your Accounts Receivable.
Utility bills and payroll are an example of?
Disbursements