Podcast
Questions and Answers
What does 'cash flow' refer to?
What does 'cash flow' refer to?
The ongoing availability of cash
What effect does delayed payment of claims by insurance carriers have on a medical practice?
What effect does delayed payment of claims by insurance carriers have on a medical practice?
Decreased copayments
What does the insurance billing specialist need to monitor to evaluate the effectiveness of the collection process?
What does the insurance billing specialist need to monitor to evaluate the effectiveness of the collection process?
Accounts receivable
What is the average amount of accounts receivable should be?
What is the average amount of accounts receivable should be?
Accounts that are 90 days or older should not exceed what percentage of total accounts receivable?
Accounts that are 90 days or older should not exceed what percentage of total accounts receivable?
What should be done to inform a new patient of office fees and policies?
What should be done to inform a new patient of office fees and policies?
When is the patient likely to be the most cooperative in giving details?
When is the patient likely to be the most cooperative in giving details?
The reason for a fee reduction must be documented in the patient's:
The reason for a fee reduction must be documented in the patient's:
What is 'professional courtesy'?
What is 'professional courtesy'?
What is your goal when collecting fees?
What is your goal when collecting fees?
When a patient states 'just bill me', how should the medical assistant respond?
When a patient states 'just bill me', how should the medical assistant respond?
What is the first thing to do when the physician's office receives notice that a check was not honored?
What is the first thing to do when the physician's office receives notice that a check was not honored?
Accounts receivables are usually aged in time periods of?
Accounts receivables are usually aged in time periods of?
What are messages included on statements to promote payment called?
What are messages included on statements to promote payment called?
What is it called when contracting a medical billing service for claim submission?
What is it called when contracting a medical billing service for claim submission?
The first patient account statement should be?
The first patient account statement should be?
The first telephone call to a patient to collect on an account should be made after what?
The first telephone call to a patient to collect on an account should be made after what?
What is a card that permits bank customers to make cashless purchases without fees called?
What is a card that permits bank customers to make cashless purchases without fees called?
How many installments must a payment plan have to require full written disclosure?
How many installments must a payment plan have to require full written disclosure?
What percentage of total office accounts receivable should patient accounts that are 90 days or older not exceed?
What percentage of total office accounts receivable should patient accounts that are 90 days or older not exceed?
What is the name of the federal act that prohibits discrimination in granting credit?
What is the name of the federal act that prohibits discrimination in granting credit?
What is the name of the act that addresses collection practices of third party collectors and attorneys?
What is the name of the act that addresses collection practices of third party collectors and attorneys?
When should all collection calls be placed?
When should all collection calls be placed?
Which group of accounts would a collector target when they begin making phone calls?
Which group of accounts would a collector target when they begin making phone calls?
How should accounts be organized when making phone calls for collections?
How should accounts be organized when making phone calls for collections?
When writing a collection letter, how should the tone be?
When writing a collection letter, how should the tone be?
If an insurance company seems to be ignoring all efforts to trace a claim, what should be sent?
If an insurance company seems to be ignoring all efforts to trace a claim, what should be sent?
What is the part of the legal system that allows laypeople to settle a legal matter without an attorney?
What is the part of the legal system that allows laypeople to settle a legal matter without an attorney?
In a bankruptcy case, most medical bills are considered?
In a bankruptcy case, most medical bills are considered?
Which type of bankruptcy is considered wage earners?
Which type of bankruptcy is considered wage earners?
What is the biggest change medical offices can expect from the ACA?
What is the biggest change medical offices can expect from the ACA?
What is not an example of why accepting credit/debit cards is beneficial?
What is not an example of why accepting credit/debit cards is beneficial?
The amount expected based on physician charges from third-party insurance companies and patients for services rendered is called?
The amount expected based on physician charges from third-party insurance companies and patients for services rendered is called?
What is the relationship of the amount of money owed and the amount collected called?
What is the relationship of the amount of money owed and the amount collected called?
The patient information sheet is also known as?
The patient information sheet is also known as?
How often should the patient registration form be updated?
How often should the patient registration form be updated?
All discounted fees need to be noted on the patient's?
All discounted fees need to be noted on the patient's?
Assets or debts that have been determined uncollectible and are therefore taken off the books as a loss are called?
Assets or debts that have been determined uncollectible and are therefore taken off the books as a loss are called?
What does the amount due listed on a patient's accounting record refer to?
What does the amount due listed on a patient's accounting record refer to?
If the endorsement doesn't match the name on the front of the check, it is called?
If the endorsement doesn't match the name on the front of the check, it is called?
The statement 'This bill is now 30 days past due, please remit payment' is called a?
The statement 'This bill is now 30 days past due, please remit payment' is called a?
The term ____ is used when accounts are billed at spaced intervals.
The term ____ is used when accounts are billed at spaced intervals.
The Truth in Lending consumer credit cost disclosure requires businesses to disclose all _____ and ______ costs related.
The Truth in Lending consumer credit cost disclosure requires businesses to disclose all _____ and ______ costs related.
A formal regulation setting time limits on legal action is called?
A formal regulation setting time limits on legal action is called?
According to FDCPA, do not contact a third party more than?
According to FDCPA, do not contact a third party more than?
Collection term TTA means?
Collection term TTA means?
Collection OOT means?
Collection OOT means?
When dealing with managed care contracts, do not sign contracts that use the ________ clause.
When dealing with managed care contracts, do not sign contracts that use the ________ clause.
Patients accounts turned over to a collection agency should have a ______ sent by mail.
Patients accounts turned over to a collection agency should have a ______ sent by mail.
In filing a claim in small claims court, the physician's office is referred to as the?
In filing a claim in small claims court, the physician's office is referred to as the?
A patient who owes a balance on account and moves with no forwarding address is called a?
A patient who owes a balance on account and moves with no forwarding address is called a?
In dealing with an estate claim, a call to the ____ can be made.
In dealing with an estate claim, a call to the ____ can be made.
________ are another way of offering the patient a way of paying off an account by spreading the amount over a period of time.
________ are another way of offering the patient a way of paying off an account by spreading the amount over a period of time.
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Study Notes
Cash Flow and Accounts Receivable
- Cash flow refers to the ongoing availability of cash essential for operations.
- Accounts receivable must be monitored for evaluating the collection process's effectiveness.
- Average accounts receivable should be 1.5 to 2 times the charges for one month's services.
- Accounts aged 90 days or older should not exceed 15-18% of total accounts receivable.
Patient Relations and Communication
- New patients should be informed of office fees and policies in various ways.
- Patients are likely to provide detailed information before receiving services.
- Documentation is necessary for fee reductions in both the financial accounting record and medical record.
- Medical assistants should explain office policies and request full fees when patients suggest "just bill me."
Collection Practices
- The first account statement should be presented during the service.
- Collection calls should begin after no response from the third statement, primarily targeting 60 to 90-day accounts.
- Dun messages on statements can encourage payment by promoting a friendly tone while inquiring about missed payments.
Legal and Financial Framework
- The Equal Credit Opportunity Act prohibits discrimination in credit granting.
- The Fair Debt Collection Practices Act governs the practices of third-party collectors.
- Bankruptcy cases often categorize most medical bills as unsecured debt, with Chapter 13 considered “wage earner” bankruptcy.
Payment and Fees
- Accepting credit/debit cards can be beneficial despite associated service fees.
- A formal regulation limits the period for legal action known as the statute of limitations.
- Payments from third-party insurance companies and patients create accounts receivable, which directly relate to the collection ratio.
Documentation and Record Keeping
- Patient registration forms should be updated every six months for accuracy.
- Discounts offered should be recorded in the financial accounting ledger.
- Write-offs involve accounts deemed uncollectible and are documented as bad debt or courtesy adjustments.
Additional Practices
- Patients' accounts sent to a collection agency require a letter of withdrawal to be mailed.
- Cycle billing is a method where accounts are billed at spaced intervals.
- In small claims court, the physician’s office represents the plaintiff in legal matters.
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