Study Flashcards
Instrument A documenting guaranteeing payment of a specific amount of money to the payer named on document
Negotiable instrument
Is money that is expected but has not yet been received
Accounts receivable (A/R)
If the healthcare facility receives an NSF check, call immediately and ask the signer of the check to stop by the office to pay the amount needed to cover the check and additional fee
Non sufficient funds check
Bills for minors are usually addressed to the guarantor. If a bill Is addressed to a minor parents could take the stand that they are not responsible because they never revived a statement.
Billing minors and guarantor
If a patient does not have a bank account the medical staff can kindly refer the patient to a local money order dealer
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A telephone call at the right time, with the right presentation is more successful than notes, patient account statements, or collection letter.
Collection telephone calls
Check endorsement:
An endorsement is a signature plus any other writing on the back of a check by which the endorsers transfers all rights in the check to another party. Endorsement are made with either a pen or rubber ink stamp
Restrictive endorsement:
Specifies the purpose of the endorsement. It is used in prepping checks for deposits to the providers checking account
Bank statement reconciliation is used as an audit or to ensure that the bank is managing funds in the account accurately.
A minimum balance is required (anywhere from $500 to $5000)
If a check comes through and suspicion arises that the depositor signature has been forged bank personnel compare the signatures on the check with the original signature card.
Only those whose name appear on the signature card are authorized to sign checks and the bank is responsible for verifying any questionable signatures.
