the amount of money available in the cash drawer.
cash flow is
decreased cash flow
when insurance carriers do not pay claims in a timely manner, what effect does this have on the medical practice?
what does the insurance billing specialist need to monitor to be able to evaluate the effectiveness of the collection process?
105 to 2 times the charges for 1 month of services.
the average amount of accounts receivable should be
15% to 18% of the total accounts receivable
accounts that are 90 days or older should not exceed
all of the above
what should be done to inform a new patient of office fees and payment policies?
before any services are any services are provided
the patient is likely to be the most cooperative in furnishing details necessary for a complete registration process.
the reason for a fee reduction must be documents in the patients
making no charge to anyone, patient or insurance company, for medical care.
professional courtesy means
collect the full amount
when collecting fees, your goal should always be to
state the office policy and ask for the full fee
a medical practice has a policy of billing only for charges in excess of 50.
the most common method of payment in the medical office is
call the bank or the patient
when the physicians office receives notice that a check was not honored, the first thing to do is to
30, 60,90, and 120 days
accounts receivable are usually aged in time periods of
messages included on statements to promote payment are called
what is the type of billing system in which practice management software is used?
employment of a billing service is called
presented at the time of service
the first statement should be
after there is no response from the third statement.
the first telephone call to the patient to try to collect on an account should be made
what is a card called that permits bank customers to make cashless purchases from funds on deposit with out incurring revolving finance charges for credit?
four or more
how many installments (excluding a down payment) must a payment plan have to require fill written disclosure?
15% to 18%
patient accounts that are 90 days or older should not exceed what percent of the total office accounts receivable?
truth in lending act
what is the name of the federal act that prohibits discrimination in all areas of granting credit?
fair debt collection practices act
what is the name of the act designed to address the collection practices of third-party debt collectors and attorney’s who regularly collect debts for others?
after 8 AM and before 9 PM
all collection calls should be placed
60- to 90 day accounts
which group of account would a collector target when he or she begins making telephone calls?
organize the accounts according to amounts owed and start with the largest amount.
in making collection telephone calls to a group of accounts, how should accounts be organized to determine where to begin?
a plan in which employees can choose their own working hours from within a broad range of hours approved by management is called
use a friendly tone and ask why payment has not been made
when writing a collection letter
history of the account
if an insurance company seems to be ignoring all efforts to trace a claim, send a copy of the
a collection agency’s performance
“netback” is a term used to describe
small claims court
the part of the legal system that allows laypeople to settle a legal matter without use of an attorney is the
in a bankruptcy case, most medical bills are considered
which type of bankruptcy is considered “wage earner’s bankruptcy”?