Exam 20: Patient Collections and Financial Management

A medical provider or practice manager may periodically review which of the following reports to ensure accuracy of the books?

The term for income, or money, owed to the practice is called accounts ________.

A(n) ________ account is one in which the physician and patient sign an agreement stating that the patient will pay the bill in a certain number of installments. If more than four installments are involved, this account is governed by the Truth in Lending Act.

An appropriate way to handle a patient relocation and address change is to ____.

When posting a payment from a collection agency, post the payment from the agency in the paid column and place the agency's fee in the ________ column.

Bills sent to patients that contain an itemized accounting of services performed, an indication of payments received from the patient or the patient's insurance, and an amount due to the practice are called ________.

When a patient pays using a(n) _______ card, the money is immediately moved from the patient's bank account to the medical practice account.

Which of the following is true regarding a statement?

Once a month, when the practice receives the monthly checking account statement from the bank, the statement should be compared with the office's financial records to ensure that they are consistent and accurate. This process is called ________.

A(n) ________ check states that it is void after a certain amount of time and is sometimes used for payroll.

Most medical offices have a(n) ________ with the office name on it for patients who pay by check to ensure that the name of the practice is spelled correctly on the check.

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

The part of a check that takes the form of a fraction and identifies the specific bank on which a check is drawn is the ____.

Which of the following is an accurate statement about open-book accounts?

Which type of check is purchased from a bank, written on the bank's own checking account, and signed by a bank official?

Which of the following requires creditors to provide applicants with accurate and complete credit costs and terms?

________, or watching for changes in disbursements, is important because it helps control expenses.

Which of the following governs the methods that can be used to collect unpaid debts?

A(n) ________ account is an account with only one charge, usually for a small amount.

The statute of ________ is the state law that sets a time limit on when someone can legally file a collection suit on a past-due account.