Banking Operations
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
True or False
True
How many attempts should we make in collection of a patient balance before sending the account to a collection agency?
3
The amounts owed by the insurance company for services rendered are referred to as?
Insurance Receivables
Payments based on the hospital diagnosis of the patient at the time they were admitted
Prospective Payment Systems
Can be converted to cash within a year, include checking account balances, accounts receivable, inventory and anything considered more “liquid.”
Current Assets
Accepted forms of payment should be included in your office financial policy.
True or False
True
What can we establish for patients that are self pays and/or have high out of pocket expenses in relation to their account balance?
Payment Plans
The amount owed by patients for services rendered is known as?
Patient Receivables
Costs are reimbursed in accordance with expenses both operational and medical expenses
Cost Reimbursement Systems
This will include common or preferred stock, retained earnings and any money that can be attributed to owners or shareholders
Shared Equity
$35 Charge for cancelling an appointment under 24 hours does not need to be in your offices financial policy because its posted at the front desk.
True or False
False
Utility bills are an example of?
Disbursements
Utility expenses, rent, staff salaries, supply expenses are referred to as?
Accounts Payable
For this system to work, providers have to come to an agreement with the clients on what amount to be charged once the services have been offered. A discount rate is then set on the agreed charge. The sooner a bill is paid, the higher the discount given.
Discounted Charge Systems
This statement shows all revenues earned, as well as expenses over a period of time
Income Statement
Financials begin at what part of the visit?
Check in
Defines when expenses happen in relation to income
Depreciation in Accounting
Interest on money borrowed to purchase a long term asset such as a building or piece of medical equipment
Capitalized interest
Covers both hospital and physician costs and inpatient services received.
Flat Rate Reimbursement System
Identifies an organization’s sources of cash during a given period of time.
Cash flow statement
If we see patients may be in need of help in relation to their medical expenses we can apply them for?
Patient financial assistance programs
The amounts should not go beyond 120 days as this will make it harder to obtain reimbursement of medical services by either the patient and/or insurance company that owes the amount.
Accounts Receivable
GAAP Stands for?
Generally Accepted Accounting Principles
BONUS-----
Transaction question:
The petty cash till has 67 quarters, 66 dimes, 18 nickels, and 86 pennies. What is the total amount of change in the till?
$25.11