Chapter 63: Financial management in dental office Flashcards
This insurance will cover a loss, and the employee can be prosecuted under the law for any such theft.
fidelity bonding
The most frequently used type of accounts receivable bookkeeping system in a dental practice
computerized system/ pegboard
a manual bookkeeping system in which all records are completed with a single entry.
pegboard accounting
“one write system”
also referred to as a routing slip or superbill, is used to transmit financial information from the treatment area to the business office.
charge slip
aka routing slip or superbill
like a receipt, except that it shows the current account balance. It is provided to patients who do not provide payment in full
walkout statement
detailed account that records all the financial transactions of the day.
journal
where do you record and enter payments
bookkeeping system.
what are checks stamped with
restrictive endorsement
he
responsible party, also known as the _______ is the person who has agreed to be responsible for payment of the account.
guarantor
In a manual system, patient account records are maintained where
account ledger cards
A
change fund, or
petty cash fund, is a fixed amount of cash (usually $50 or less) that is maintained in small bills so that money will be available when a patient pays in cash.
change fund/ petty cash
what percentage of consumers prefer to pay with a credir or debit card?
75%
The bank charges a percentage rate of _____ as a service fee for handling these transactions, and a fee per transaction (average 25 cents)
%2
allows an individual to make a payment using an “app” that is downloaded on his or her smartphone to make an electronic transaction.
digital wallet
At the end of each workday, the entries on the daily journal page are compared with the ______ book to ensure that all patient visits have been entered.
appointment
the total receipts must match the amount in the ____ ____ minus the change fund
cash drawer
is an itemized memorandum of the currency and checks taken to the bank to be credited to the practice’s account
deposit slip
. Some practices add a finance charge (usually 1%) to accounts that are not paid within 30 days of receipt of the first statement.
When a charge such as this is incorporated on an account, or when more than four payment installments are set up, the patient will receive what?
Truth in lending statement
arrangements by which the patient pays a fixed amount on a regular basis.
divided payment plans
The final decision regarding turning accounts over for collection must be made by who?
the dentist
an account is never turned over without the dentist’s specific approval.
manage all the money that is owed by the practice.
accounts payable