Patient Collections and Financial Management Flashcards
ABA number
A fraction appearing in the upper-right corner of all printed checks that identifies the geographic area and specific bank on which the check is drawn.
Accounting
The process of communicating the income and expenses of a business and its financial health.
accounts payable (A/P)
Money owed by a business; the practice’s expenses.
accounts receivable (A/R)
Income or money owed to a business
age analysis
The process of clarifying and reviewing past-due accounts by age from the first date of billing.
bookkeeping
The systematic recording of business transactions
cash flow statement
A statement that shows the cash on hand at the beginning of a period, the income and disbursements made during the period, and the new amount to cash on hand at the end of the period.
cashier’s check
A bank check issued by a bank on bank paper and signed by a bank representative; usually purchased by individuals who do not have checking accounts.
certified check
A payer’s check written and signed by the payer that is stamped t “certified” by the bank. The bank has already drawn money from the payer’s account to guarantee that the check will be paid.
open-book account
An account that is open to charges made occasionally as needed.
Payee
A person who receives a payment.
Payer
A person who pays a bill or writes a check
power of attorney
The legal right to act as the attorney or agent of another person’s financial matters.
voucher check
A business check with an attached stub, which is kept as a receipt.
credit bureau
A company that provides information about the creditworthiness of a person seeking credit.
