Mondays Test Chps 14,16 17 Flashcards
If a treatment plan is not followed
It is the administrative dental assistant who initiates collection procedures
After a treatment plan has been drawn up the administrative dental assistant will
Write the financial plan,present the plan to the patient, and then monitor compliance with the plan.
Elements of a financial policy
Community standards
Practice philosophy
Business principles
The philosophy of a practice is decried in its…
Mission statement
Credit card payments
Are considered cash payments
When a treatment plan is completed it is the responsibility of the
Administrative dental assistant to complete a financial plan
Monitor the accounts receivable report:
Periods of 30,60,and 90 days are used to indicate the length of time that money has been owed
Level one of the collection process:friendly reminders
The first level of the collection process is the friendly reminders
Level two of the collection process: telephone reminders
It has been proven that telephone reminders are more effective than letters or repeated bills
Level three of the collection process: the collection letter
Collection letters care another method of reminding patients that their accounts are past due
Level four of the collection process: the ultimatum
The letter should clearly state what will happen if the account is not payed in 10 days. The letter should be sent registered mail with a return receipt
Level five of the collection process:
Turning the account over to collection
What type of debt collection practice is prohibited
Unfair practices such as contacting the debtor by post card
Time table for collection levels
90 to 100 days is level three: send a collection letter and follow with a telephone call
An excuse that should not be excepted is
Let me talk to the dentist he is an old friend. Explain that the dentist has given you the responsibility of making the financial arrangements
Invoice
A list of purchased items and there charges
Statement
Is a list of the totals of all invoices
Double custody
Signature of two people
Steps in reconciling the account
Verify debits *compare each debit document from the bank with the corresponding entry on the check register
Creating and maintaining payroll records, calculating payroll, producing payroll reports, and depositing payroll taxes
May be duties assigned to the administrative assistant. The IRS publication 15 circular E,employers tax guide, out lines important info on this topic
Contracting employees
May be payed according to the amount of work they produce, the money they collect, or by a daily rate
With holding tax is determined by
A filing status married or single. And the number of deductions stated on the employees w2 forms.
With holding tax can be calculated two ways
The first is with the use of a tax table.these tables are provided in IRS publication 15
Federal income, social security, and Medicare taxes are reported on form
941
Each payday
Deposited withheld and employers social security taxes
Withheld employers Medicare taxes
Annually by January 31
File form 944
A record of all employment taxes must be kept for
At least four years
Accounts receivable
A system that records all financial transactions between a patient and a dental practice
Patient information
Identifies person responsible for payment of the account
Identifies insurance coverage
Manual bookkeeping systems
The most common is the peg board system
The use of a peg board requires that the administrative dental assistant be familiar with each step and learn how to properly make entries
Use receipts and Superbill, produce monthly statements, and use 10 key adding machine or calculator preferably with a tap for verification of entries
Components of the peg board include NCR
None carbon required
Steps in managing patient transactions
Complete end of day procedures
Produce routing slips( routing slips )
Are used to communicate treatment information between the treatment area and the beignets office and establish a check and balance system Tito insure that all transactions are posted.
Post transactions
Balance the days beet at the end of the day to insure accounting accuracy, and complete an audit report to insure that all transactions have been posted.
Adjustments
: one that raises a patients balance is
Returned checks (NSF)
Production reports
Identify what type of procedures have been performed and by whom
