Office Procedures Flashcards
True or false; a medical practice is a business and must produce a profit
True
The original record of the doctors services and the charge for those services
Charge slip
Can a check from an insurance company include payment for more than one pt?
Yes
The person who writes a check
Payer
Gives a person the legal right over financial matters for a person who is too sick
Power of attorney
A bank will accept a list of deposited items on something other than the bank provided deposit slip,
Since the bank’s deposit slip is attached with the account number
How often is reconciliation performed?
Usually once a month
Should you change any information that is incorrect when reviewing the electronic checkbook register?
Yes
What function electronically reconciled the monthly bank statement?
Balance checkbook
Interest paid on the initial investment and in interest earned on the investment
Compounded interest
Do retirement plans raise business taxes?
No
The person who will receive the payment
Payee
Do not accept a third party check unless it is from…
The health insurance company
Means that you have a legal right to all the money in your account
Vesting
If you terminate employment, do you have to transfer or roll over funds in your 401k account to an Individual Retirement Account?
No
Includes charges and payments
Daily log
Is it important to use the daily log sheet when organizing the practice’s bookkeeping system?
No
What could cost the medical practice thousands of dollars?
Lost bank deposit receipt
Should you accept a check marked payment in full if it is not the complete outstanding balance?
No
Paid vacations, paid holidays, disability and life insurance are examples of…
Employee benefits
Involves managing accounts receivable and accounts payable
Basic accounting
Describes the money that is received
Accounts receivable
Represents the money paid out to run the practice
Accounts payable
Shows the charges for service provided by the practice
Fee schedule