Banking Combo
Paying expenses is a common task for a?
Bookkeeper
Which document reflects a practices assets (what it owns), liabilities (what it owes) and shareholders’ equity (the amount invested by shareholders) at a specific point in time?
Balance Statement
Appointment is scheduled
Mr. Test has a $450 balance which payment plan arrangement will pay this balance off the quickest and how many months will it take to pay it off:
A. $150/mo
B. $112.50/mo
C. $75/mo
A. $150/mo paid in 3 months
How many attempts must we make before we can send a patients balance to a collection agency?
3
Checking account balance is an example of a __________ asset.
Current
The Balance Sheet Equation we will use in calculating financials in healthcare is?
Assets = Liabilities + Shareholders’ Equity
We should verify __________ benefits at the time of service on our patients.
insurance
Which payment plan will pay off Alice Tests Balance of $1000 on account:
A. $100/mo
B. $50 every 2 weeks
C. $250/mo
The first attempt for collection is made by what method?
By phone and mail statement
Bookkeepers maintain the practices transactions in the?
Financial Ledger
Which statement shows all revenues earned, as well as expenses over a period of time (usually a year or some portion of a year) ?
Income statement
Financial arrangements should be made ahead if we are aware the patient is a _________ _________ patient.
Self-Pay
Payment plan agreements should include a date when the first payment is due an example of a date to establish would be:
A. 15th of each month
B. 2nd of each month
C. 31st of each month
A. 15th of each month
The Second Attempt for Collection is made by which method?
Phone and letter along with statement
Issued bonds is an example of a ____________ liability.
Long Term
The Income Statement is a good indication of _____ flow.
Cash
When working with self-pay patients we set up payment plans with, we should have on file a signed __________ arrangement.
Financial
True or False
False
Patients with insurance can have high out of pocket and deductibles they need to pay annually which can range anywhere between $500 up to $15,000.
The third attempt to collect a balance is completed through what method?
Certified letter and statement
According to the balance sheet equation its okay if both sides do not balance. True or False.
Which documents calculation is based on accrual vs. cash basis accounting, the accrual basis is the more standard basis?
Cash Flow Statement
What type of patient accounts will be sent to collections?
Delinquent
If a patient misses their monthly payment on their payment plan what steps should we take in addressing this?
Call the patient and reach out letting them know you were reaching out regarding their monthly payment plan not being received.
If patient is experiencing a financial hardship we can review payment arrangement with the administrator along with the payment the patient indicates they are able to afford monthly until their financial hardship improves.
Its okay to call patients after 8pm regarding collection of balances on your patient account.
True or False
False
Calls should be Monday-Friday between the hours of 9am up until 8pm