question

the management of the business details usually becomes the responsibility of the medical assisting staff. (True or False)

answer

True

question

the administrative medical assistant might make financial arrangements with patients allowing full payment for the services provided. (True or False)

answer

True

question

Medical care contracts pay predetermined fee for?

answer

specific procedures and services

question

Providers who practice in a concierge-type medial group:

answer

collect an additional fee, that is usually a flat fee at the beginning of each year for the specialized service

question

If the patient is a member of an HMO:

answer

the patient is expected to pay any established co-payment amount at the time of service.

question

Advanced Beneficiary Notification (ABN) or waiver

answer

these forms are to be in writing, should indicate the type of procedures, the total responsibility of the patient and the reason why this payment is the patients responsibility.

question

For Medicare and Medicaid patients, a form officially known by Medicare as an Advanced Beneficiary Notification or by Medicaid as a waiver is the only legal means a clinic has to collect payment on charges not allowed by Medicare or Medicaid. (True or False)

answer

True

question

Providers who accept assignment with Medicare and Medicaid:

answer

are mandated to charge every patient the same amount for similar services rendered.

question

If a professional courtesy is extended:

answer

then it is considered insurance fraud, because the clinic would be billing the insurance an increased rate over what others are charged.

question

Deductibles are to be:

answer

collected from patients as part of their premium expectation

question

Adjustments may be made for:

answer

patients with limited income. The provider may write off a portion of the bill

question

Refunds usually occur when:

answer

the insurance carrier pays more than anticipated

question

The financial transaction required is to prepare a check for the amount due to the patient and enter the transaction on the:

answer

Day sheet and patient account or ledger

question

Why is it helpful to prepare an estimate sheet?

answer

this will give the patient an idea of the cost of the medical services for the planned treatment.

question

Daily financial management

answer

affects overall accounting and bookkeeping procedures.

question

Accounting

answer

generates financial information for the ambulatory care setting and is defined as a system of monitoring the financial status of a facility and the specific results of its activities.

question

Bookkeeping

answer

the actual daily recording of the accounts or transactions of the business, is a major part of this accounting process.

question

one aspects of recordkeeping:

answer

is maintaining patient accounts

question

Accounts receivable

answer

the total amount of money owed to the medical facility by patients

question

Ways to track patients' balances?

answer

computerized financial system pegboard system

question

A complete pegboard or write-it-once system consists of?

answer

day sheets, ledger cards, encounter forms or charge slips, receipt forms (these forms are on no carbon required paper NCR)

question

posting

answer

entering charges, credits or adjustments

question

The day sheet provides

answer

complete and up-to-date information about accounts receivable status at a glance

question

Computerized financial system

answer

these ready-made systems are available for both single or multiple provider partnerships and large group practices.

question

The administrative assistant is largely responsible for recording patient transactions for the practice. (True or False)

answer

TRUE

question

The encounter form is also known as:

answer

the charge slip superbill multipurpose billing form (3 part form)

question

The encounter form is used in

answer

both manual and computerized bookkeeping systems

question

The encounter form includes this information:

answer

patients name address account number necessary insurance information previous balance procedure and diagnostics codes (attached to patients chart) Providers name address telephone number 10 digit NPI

question

blank lines are added on the encounter form for infrequently used procedures. (True or False)

answer

TRUE

question

Financial record is known as

answer

the patients account

question

All the patients accounts with outstanding balances make up the accounts receivable and are recorded in an accounts receivable ledger (True or False)

answer

True

question

Guarantor

answer

the parent with physical custody of the child and the one responsible for payment if the child is not insured with a contracted insurance carrier or if there is any amount leftover once the insurance has paid.

question

Ledger cards have 3 columns for entering figures

answer

Debit Credit Balance

question

Debit column

answer

is on the left an is used for entering charges and a brief description of services, including a procedure code

question

Credit column

answer

is to the right of the debit column and is used for entering payments

question

Balance column

answer

is at the far right and is used to record the difference between the debit and credit columns and shows any amount due

question

Where is the ledger is placed?

answer

under the charge slip or encounter form in a pegboard systems and aligned before posting.

question

All financial transactions for professional services are posted?

answer

daily on a day sheet or daily ledger

question

At the close of each business day:

answer

the day sheet is balanced to provide a complete picture of all patient financial activity for that day

question

to provide a month end closing

answer

those balances, from the day sheet, are carried over from day to day to provide the accumulated data needed.

question

The pegboard write-it-once section

answer

is where individual transactions are posted, using the ledger card and encounter form on top of the day sheet. The information in this section includes: date patient name description of transaction or service charges credits previous balance current balance

question

Where are transactions are totaled and balanced?

answer

at the bottom of the day sheet

question

Total accounts receivable figure

answer

shows how much is owed to the provider by all patients to date, allowing management to see the total outstanding balance at glance.

question

In a computerized system

answer

totals are automatically created for the day-end total, month-end total, and cumulative total from the beginning of the year.

question

Receipt forms

answer

are used when someone makes a payment on an account on a day when no service were rendered.

question

How is reconciling the month-end sheet to the patients ledgers accomplished?

answer

by adding the open balances on the ledgers and verifying that the total agrees with the moth-end accounts receivable balance on the last day sheet of the month. When these figures agree, the accounts receivable balance is correct.

question

What is one thing that causes the deposits to not agree with the credits or with the patients ledgers?

answer

if a payment is somehow misplaced

question

Total practice management system

answer

-automatically creates an encounter form -calculates charges for the monthly billing statement -creates and updates the patients account -adds new names to the list -transfers data to produce insurance forms, statements, a list of checks received each day and deposit slips -automatically ages accounts -creates billing statements

question

Medical assistants in charge should maintain daily accounts to?

answer

investigate the banking resources of the local community

question

Online banking

answer

allows individuals to check account balances, transfer funds between accounts, pay bills electronically, check credit card balances, view images of checks and deposits, and download account information 24 hours a day, 7 days a week.

question

Notary

answer

someone with the legal capacity to witness and certify documents. can take deposition

question

Money market accounts

answer

often pay a higher rate of interest, although they may require a higher initial deposit and maintenance of a higher balance. Access to the account may require 24-hour turnaround time. Such accounts are useful when access to money is not needed frequently or when accumulating an amount necessary to invest for long-term goals.

question

Cashier's check

answer

used when a check must be guaranteed for the amount in which it is written (the banks own check drawn against the bank's accounts)

question

Certified check

answer

is the depositor's own check that the bank has certified with a date and signature to indicate that the check is good for the amount which is written

question

Money orders

answer

purchased with cash and are similar to a cashier's check

question

Voucher check

answer

is a type of check with a stub attached that can be used to indicate invoice dates, services provided, and so on.

question

Traveler's check

answer

are written in specific denominations and require a signature when purchased and when used.

question

Electronic check

answer

give the added convenience of faster processing, security, and guaranteed value

question

A rubber endorsement stamp should be used to immediately imprint the back of all checks received directly from patients and in the mail. (True or False)

answer

True

question

A blank endorsement consists of?

answer

a signature only

question

A restrictive endorsement include?

answer

the signature and the words "for deposit only" or "pay to the order of" (include the name of bank and account number; in addition, all possible payees' names should be listed under the company name with the clinic address)

question

Cash on hand

answer

cash is usually kept in a locked change drawer that contains up to $200 in small bills at the beginning of each day.

question

Received on account cash (ROA)

answer

notes the amounts paid by patients in cash

question

Received on account check (ROA)

answer

notes the amounts paid by patients with checks

question

The amount of cash received will be noted on the deposit slip as?

answer

currency

question

Petty cash

answer

is used to purchase small items such as, postage, clinic refreshments, and so on.

question

When accepting checks

answer

-inspect the check for correct date, amount and signature -do not accept third-party checks unless it is from insurance carriers -if the check is returned marked "non-sufficient funds" call the bank to verify the availability of funds. -if the check is returned a second time mark NSF

question

what do you do if a check is missing or thought to be stolen?

answer

report it to your bank immediately

question

Accounts payable

answer

sum owed by a business for services or goods received; unwritten promise to pay a supplier for property or merchandise purchased on credit or for a service rendered.

question

reconcile the entries in the checkbook against the statement from the bank to be sure there are no?

answer

errors

question

Purchase order forms include this information:

answer

date purchase order number bill to address ship to address vendor information Requested by buyer terms (agreement) Quantity item units description unit price total cost discount subtotal tax freight balance due

question

Tracking

answer

keep a supply of petty cash vouchers on hand to track how petty cash is used.

question

Balancing and replenishing

answer

when the fund gets low, write another check to "cash" to bring it back up to the original amount. in order to figure out the amount needed you need to balance the account first, then list how funds were spent so that way the bookkeeper can disburse checks properly.

question

the first section of the manual day sheet is used:

answer

to post individual transactions

question

Good working habits for bookkeeping functions include:

answer

double-checking all entries for accuracy and keeping the bookkeeping tasks current and up to date

question

Petty cash pays for?

answer

routine and unexpected minor expenses of the clinic

Ch. 19 AMA Notes (Daily Financial Practices) – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards