Ch. 10 Insurance Bok

28 terms by dororo4510

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Third-party payers are composed of

a. private insurance
b. government plans
c. managed care contracts
d. workers' compensation

The unpaid balance due from patients for professional services rendered is know as a/an

Account receivable

An important document that provides demographic and identifying data for each patient and assists in
billing and collection is called a/an

patient registration form or patient information sheet.

A term preferable to "write-off" when used in a medical practice is

courtesy adjustment.

To verify a check, ask the patient for a/an __________ and ____________________.

Drivers license and one other form of identification

The procedure of systematically arranging the accounts receivable, by age, from the date of service is
called

age analysis

Write the formula for calculating the office accounts receivable (A/R) ratio

Divide the month-end
accounts receivable balance by the monthly average of the medical practice charge for the prior 12-month period.

What is the collection rate if a total of $40,300 was collected for the month and the total of the accounts
receivable is $50,670?

80%

Are physicians' patient accounts single-entry accounts, open book accounts, or written contract accounts?

open book account

A court order attaching a debtor's property or wages to pay off a debt is known as

garnishmen

An individual who owes on an account and moves, leaving no forwarding address, is called a/an

skip

Translate these credit and collection abbreviations.

NSF....not sufficient funds
T.......telephoned
WCO.......will call office
SK.......skip or skipped
PIF.......payment in full
FN.......final notice
NLE.......no longer employed
UE.......unemployed

A straight petition in bankruptcy or absolute bankruptcy is also known as a/an

Chapter 7

A wage earner's bankruptcy is sometimes referred to as a/an

Chapter 13

State three bonding methods

a. position-schedule bond
b. blanket-position bond
c. personal bond

A system of billing accounts at spaced intervals during the month on the basis of a breakdown of accounts by alphabet, account number, insurance type, or date of

cycle billing

Signing another person's name on a check to obtain money or pay off a debt without permission is called

Forgery

When sending monthly statements to patients for balances due, the postal service can forward mail if the addressed envelopes contain the statement

"Forwarding Service Requested.

When accepting a credit card as payment on an account, the proper guideline(s) to follow is/are:

a. ask for photo identification
b. accept a card only from the person whose name is on the card
c. get approval from the credit card company
*all of the above*

A service offered by a nonprofit agency assisting people in paying off their debts is known as

credit counseling

Insurance payment checks should be stamped in the endorsement area on the back "For Deposit Only," and this is called a/an

restrictive endorsement

True or False
Insurance companies and the federal government do not recommend waiving copayments to
patients

True

True or False
Regulation Z of the Truth in Lending Consmer Credit Cost Disclosure law applies if the patient is
making three payments

False

True or False
Most state collection laws allow telephone calls to the debtor between 8 am and 9 pm

True

True or False
When a patient has declared bankruptcy, it is permissible to continue to send monthly statements for a balance due

False

True or False
A collection agency must follow all the laws stated in the Fair Debt Collection Practices Act.

True

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