wk 10- Hosp revenue and finance 2

Question 1

most vet hospitals operate on a cash-only basis meaning

Answer 1

full payment collected at time of service

Question 2

what it means to extend credit

Answer 2

hosp makes loan to client (doesnt pay at time)

Question 3

unpaid balance (extending credit) becomes part of the

Answer 3

accounts receivable ledger (record of revenues owed to practice)

Question 4

finance charges to be levied when extending credit is typically __% of total per month and __% APR (annual)

Answer 4

1 1/2%

18%APR

Question 5

at time of discharge, without a payment plan, ask bill to be paid within ___days

Answer 5

30 days

Question 6

one common discount offered is if the client pays their bill within __-___ days

Answer 6

10-15 days from date incurred

Question 7

an accounts recievable over __ days if usually when we would turn over to collection agency

Answer 7

over 90 days

Question 8

when is it best to addresss overdue accounts if behind

Answer 8

beginning of year (tax returns expected in april)

Question 9

collection agencies may keep up to __-___% of amount collected

Answer 9

35-50%

Question 10

a set amount of funds in a cash drawer per shift is called

Answer 10

imprest

Question 11

what it means to bond employees who handle money

Answer 11

have theft insurance on them