Bring in the money
money due to the practice is known as
accounts receivable A/R
when should the final demand letter be sent to patient
after account balance is 90-120 days old
money being paid from the medical practice like rent supplies utilities and payroll
accounts payable
online payment, transactions, bank charges, beginning balance, deposits made, checks paid, transfer transactions
an employee that has a set net pay (get paid the same amount each pay period) is paid
salary
the amount of days that accounts receivable are usually aged
30, 60, 90 and 120 days
what time should you call patient when attempting to collect payment
8am-9pm
A type of bank account that requires a minimum balance and earns interest.
Money market account
this piece of paper describes the products delivered and shows the amount due
invoice
this form indicates the persons tax status and how many allowances he or she is claiming
W-4 form
amount charged for services rendered by cpt code
fee schedule
files that have been returned marked "moved-no forwarding address" are known as
tracing skips
a means of performing banking services electronically via the internet
online banking
a small amount of money kept on hand for small miscellaneous expenses
petty cash
hourly rate multiplied by the number of hours worked determines the employees
gross pay
payments made on behalf of the patient
third party payment
Chapter 7 bankruptcy is known as
"No asset", provider will not probably never see payment from a patient who filed bankruptcy
RTN(routing number) is a digit code printed on the bottom left of checks. Which digits represents the individual account that belong to the bank
the last six digits
how many days do most vendors usually allow you to pay them
30 days
this form is given to employees on a yearly basis used to complete their taxes
W-2 form
patient writes a check for $350 but she only had $27 in her account this check has been returned as
Nonsufficient funds (NSF)
how much will the collection agency keep of the amount owed by patient
40%-60%
a check is written to helen barker as the payee. The check is written as so
Pay to the order of
Helen Barker
Theodore F. Wilson M.D
which type of endorsement is this
special endorsement
most banks asked to be notified within ______ days if you notice any errors is found on the bank statements
10 days
the employer is responsible for submitting the withheld tax amounts to the federal and state government in a timely manner usually this is done how often
quarterly (every 3 months)