CH # 46: Managing Practice Finances Flashcards
A 9 digit number that identifies a bank
The number is printed at the beginning of the magnetic ink character recognition(MICR) line at the bottom of a check or as a fractional form at the top right of the check under the check number
ABA routing number
Systematic recording and reporting of financial transactions
Accounting
The outstanding bills of a business
Accounts payable
Total amount owed 2 a business 4 goods and services
Accounts receivable
Accounting method in which income is entered at the time of sale or provision of service
Accrual basis of accounting
A change 2 a patient account that is neither a charge or a payment
Adjustment
In accounting, a combination of property owned and money owed 2 a business
Assets
The process of keeping detailed records of financial transactions
Bookkeeping
Accounting method in which income is entered when payment is received
Cash basis of accounting
A check drawn on a bank instead of an individual account
Cashier’s check
A check on a individual account that a bank assumes responsibility 4, usually by withdrawing funds 2 cover the check from the checking account at the time the check is created
Certified check
A form used 2 keep track of charges and payments at the time of a patient’s visit
Charge slip
A posting that is subtracted from an account balence
Credit
The record of daily transactions in the pegboard or “write it once system” and also in computer medical billing programs
Day sheet
A posting that is added 2 an account balence
Debit
Money paid out
Disbursements
List of charges 4 specific procedures that may b performed in a medical office
Fee schedule
Itemized bill 4 goods or services
Invoice
A book, card or computer account used 2 recorrd financial transactions
Ledger
In accounting, the amount owed by a business 2 creditors
Liabilities
A line of numbers containing the ABA transit routing number that appears at the bottom left of a check
MICR line
The person 2 whom a check is made out 2
Payee
A cash account kept in a business office 2 pay 4 incidentals, such as postage due and other small items
Petty cash
Making sure that 2 financial records agree, such as a bank statement and a bank balence
Reconciling
An itemized charge slip that includes diagnosis codes and procedure codes required 4 insurance billing
Superbill
