Coding and Billing: Chapter 21 Financial Practices Flashcards
When should charges be posted to the patient’s account?
During check out
What is required for each new patient in a medical office?
Ledger card
Checks with stubs attached are called
Vouchers
Name a restrictive endorsement
“For Deposit Only” with account number to where it is being deposited to?
Name 4 records used in accounting systems
Day Sheet, Patient Ledger Card, Disbursement Journal, Payroll Record
What are accounts that are awaiting payment by the office?
Accounts Payable
What should you do when an error is made on a check?
Write “VOID” across the face of the check
A gap in check numbers that have cleared the account is indicated on a blank statement with what?
An Asterisk
Looking for changes in office expenses by watching the disbursements journal is known as:
Tracking
Previous balance + Charges 2(payments + adjustments) = current balance
This is the formula used to verify the patient accounts are balanced in which system?
Pegboard system
FUTA
Federal Unemployment Tax Act (FUTA)
Systematic recording of business transactions
Bookkeeping
Write-it-once system is also known as what?
Pegboard system
Attempt to find the asset:
capital = $5000
liability = $7000
$12,000
Asset = Capital + Liability
Includes patient’s name, address, home and work telephone numbers, name of guarantor, health insurance information, SSN, employer’s name, and special billing instructions
Patient Ledger Card
The person to whom the check is written
Payee
How often an employee is paid (weekly, biweekly, etc.)
Pay Schedule
Daily log, Daily journal and book of original entry are all synonymous with what term?
General journal
Which is not a payroll deduction from the employees’ paycheck but rather a sum paid by the employer?
- Federal income tax
- FICA taxes
- Federal unemployment tax
- State income tax
- Federal Unemployment Tax
Debit adjustment entered when a patient is repaid for an overpayment
Refund
Stamps, copy services and other small office or laboratory needs are paid from what type of account?
Petty cash fund
NSF stands for:
Non-sufficient Funds
The ABA number identifies what?
The individual bank and geographic location of the bank
Watching for changes in spending to control expenses
Tracking
