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Daily Financial Practices Ch19

the pegboard system of bookkeeping is sometimes called
write-it-once system
NSF stands for
nonsufficient funds
a restrictive endorsement stamp is used to
stamp on the back of a check to signify “for deposits only”
when reconciling a bank statement
the checkbook entries should be checked against the bank statement
if a check has been deposited and is now returned because of insufficient funds, it will be necessary to
call the bank that returned it and verify availability of funds so the check can then be redeposited
the most common methods of tracking a patients balance is
the pegboard system and computerized financial systems
the pegboard system consists of
day sheets, ledger cards, encounter forms, receipt forms
the parent responsible for payment if the child is not insured with a contracted insurance carrier
the guarantor
the number required by the CMS on claims for clinical diagnosis services is called
NPI national provider identifier
the advanced beneficiary notification form is used primarily for
medicare patients
a patient encounter form is also called
a charge slip, a superbill
in most practices there is a need to have cash available on a daily basis to
make change for a patient paying cash for services
when a check must be guaranteed for the amount in which it is written a ___ is issued
cashiers check
restricting the use of a check should it be lost or stolen may be done through
special endorsement
the ledger is placed under the charge slip or encounter form in a pegboard system and
aligned before posting
a refund on a patients account will usually occur when
the insurance carrier pays more than anticipated
information that is included on an encounter form includes
requested return visit, patient account number previous balance
petty cash should be balanced
each day before closing
on a patient account or ledger the credit column is
on the right and is used for entering payments
the management of the business details of a practice usually becomes the responsibility of
the medical assisting staff
for medicaid patients a form officially known as ___ is the only legal means a clinic has to collect payment on charges not allowed by medicare
advanced beneficiary notice
the one advantage to the ambulatory care setting that accepts credit/debit cards is that the monies for fees charged are usually
available within 24hrs
the amount of cash on hand for the purpose of petty cash is usually within the range of
$75 – $100
a record of daily patient transactions used in conjunction with pegboard system
ledger
small cash sum kept on hand in the office for minor or unexpected expenses
petty cash
decreases the balance due
credit
replaces all other identifiers used by providers for reimbursement and other transactions with private payers and the government
national provider identifier NPI
as a noun, this term denotes “the amount owed” as a verb the term means “to verify posting accuracy”
balance
accounting function that describes the act of recording financial transactions into bookkeeping or accounting systems
posting
increases or decreases to a patient account not due to charges incurred or payments received
adjustments
sum owed by a business for services or goods received
accounts payable
sum owed to a business for services or goods supplied
accounts receivable
six habits essential to creating and maintaining accurate paper financial records
use black/blue ink, neat and clear handwriting, align columns carefully, stay within columns, be careful with decimals, double-check math
features that may be a part of the checking account
interest paid, monthly fees, checking charges, atm access, after hours deposits, initial deposits and balance requirements, overdraft protection, fees for checks
rules to ensure that checks are properly written and recorded
confirm numeric and written amounts agree, check spelling, follow clinic procedure, check signed by authorized signer, confirm that check is payable to correct payee and current date is used
reasons why it is important to ensure that proper control is utilized when purchasing supplies and equipment
avoid purchasing unnecessary items, avoid duplication of items, provide system to pay only for what is ordered and received
what should be done to verify that the correct items and quantities have been received
double check items and quantities received to what is listed on the copy of the purchase order
cashiers check
used when a check must be guaranteed for amount in which it is written, check to verify acceptance policy
certified check
depositor’s own check the bank has “certified” with the date and signature to indicate check is good for amount written
money order
usps, western union, purchased with cash and are similar to cashiers checks
voucher check
check with stub attached that can be used to indicate invoice dates and services
travelers checks
convenient, safer than cash when traveling come in $20, $50 $100 require signature when used
three reasons why adjustments may sometimes be made to a patients account
insurance payments, personal discounts write offs or any other subtractions for the account
what is an endorsement
transfer rights to whoever holds the check
the best method of endorsing checks in the ambulatory care setting
a blank endorsement is signature only, danger is if it is lost or stolen someone else could cash the check
accounting
is the monitoring of financial status and activities
bookkeeping
is actual daily recording of accounts or transactions of the business
how to establish and maintain a petty cash system
keep separate from cash drawer for patients payments. co-payments, do not use to pay bills or make large routine purchases. keep amount small 75-100 must be carefully maintained and balanced at the end of the day
charges for some daily routine visits may be submitted to an insurance carrier and the clinic may not know
portion covered until it is received from the carrier
medicare/medicaid are mandated to
charge every patient the same amount for similar services
adjustments may occur with patients who have
medicare/medicaid, blue cross and private health insurance
generates financial information for the ambulatory care setting and is defined as a system of monitoring the financial status of a facility and the specific results of its activities
accounting
the actual daily recording of the accounts or transactions of the business is a major part of this accounting process
bookkeeping
total amount of money owed to the medical facility by patients is
accounts receivable
ways to track a patients balances
computerized financial systems, pegboard
NCR
no carbon required
day sheet provides complete and up to date information
about accounts receivable status at a glance
the ____ of medical facilities use computers for bookkeeping
majority
a ____ is hired to design a customized program although this can be more expensive than purchasing mass-produced software
consultant
debit
entering charges and a brief description of services
credit
column is at the far right of the debit column and is used for entering payments
balance
column is at the far right and is used to record the difference between the debit and credit columns and shows any amount
used to indicate any insurance payments, personal discounts or write offs or any other subtractions for the account that need to be recorded
adjustments
when making an adjustment intended to increase the balance, a ___ entry in parentheses is made to show that you reverse the unction when you balance
negative entry, add instead of subtract the amount
all financial transactions for professional services are posted on a
day sheet or daily ledger
____ is balanced to provide a complete picture of all patient financial activity for that day
day sheet
a major disadvantage of day sheet is that
an error made in one place is going to carry through to all other forms
the _____ figure shows how much is owed to the provider by all patients to dare allowing management to see the total outstanding balance at a glance
accounts receivable
_____ forms used for payments on accounts usually are not customized with other than the name, address and phone number of the practice preprinted
receipt
in the pegboard system when the last day sheet for the month has been balanced, it is necessary to
verify that the month-end figures on the day sheet agree with patient accounts
reconciling the month-end sheet to the patient ledgers is accomplished by
adding all the open balances on the ledgers and verifying that the total agrees with the end-of-month accounts receivable balance on the last day sheet of the month
” checks and balances” when a mistake is caught immediately
the payer can stop payments on the missing check or credit or debit card slip and a new payment can be made
total practice management system advantages include
auto encounter form, calculates charges for monthly billing statements, created & updates patient account, adds new names to the list of patients, daily log, transfers data to produce insurance forms, lists checks received each day, auto ages accounts at each billing cycle and created billing statements
the ____ account is the primary account type the MA will use
checking
computerized patient account lists
clinic visits, procedures/codes, charges, payments, adjustments.
money market accounts
often pay a higher rate of interest may require a higher initial deposit and maintenance of a higher balance, useful when access to money is not needed frequently
another means of ensuring that the accounts receivable is accurate for the previous month
bank statement

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