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Ch 19 Daily Financial Practices Ch 21 Accounting Practices Ch 22 The Medical Assistant as Office Manager Administrative Medical Assisting/Lindh *DENOTES NOT ON REVIEW SHEET, BUT REVIEWED FOR CH 19 IN LECTURE

What are the three tax deductions for employees?

Federal, State, City

Define CREDIT.

enter in the column to the right, decreases the balance

Define DEBIT.

enter charges in the column on the left, this increases the balance

Name three things to remember when doing manual bookkeeping?

use black or blue pen, write neatly, use grid line paper

What is an "accounts receivable trial balance?"

a report that shows any differences between daily journal and ledger

What is an "accounts payable?"

any money paid out from the office

What is an "accounts receivable?"

any money received by patients or insurance companies

What are the parts of a "pegboard" system?

also known as write-it-once system, consists of day sheets, ledger cards, charge slips

What is POSTING?

another name for intering transactions

Define "adjustment."

when the physician accepts assignment from an insurance company as full payment and the charge was more, entered in the CREDIT column

How do you calculate an "adjustment?"

the charge, minus payment from insurance

Who is the "guarantor?"

the person responsible for the payment or dependant

Who is the insured?

the person that is covered under the insurance policy

Define a "walkout" statement.

should always be given when a payment is received after the visit

Define a traveler's check.

available at most banks and are easier than cash, convenient and safer to use when traveling

When is a cashier's check used?

when a check must be guaranteed for the amount it is written for

What is a voucher's check?

a check with a stub attached that can be used to indicate invoice dates (has detailed reason check is drawn, commonly used in payroll checks

How is an encounter form used?

also called "super bills," can be used for insurance reimbursement, this is a charge slip that has their name, acct number, date of service, procedures performed with charges and future appointment information

What is petty cash?

money in the office to be used for unexpected expenses, make change for patient payments on account

What is a "day sheet?"

shows all financial transactions and are posted daily

Define a "collection ratio."

is a method used to gauge the effectiveness of the billing practices

What is an "aging account?"

a method of identifying how long an account has been overdue

Define "skip."

a patient that has moved with no forwarding address and has an unpaid balance

What are the "statute of limitations?"

defines the period in which legal action may take place

What is a "cost ratio?"

a formula that shows the cost of a procedure or service

*What is a "balance?"

shows any amount that is due

*What is a "certified" check?

the bank has "certified" the check

*What is a ledger?

record of services, lists payments and balance due

*What is a "money market account?"

bank accounts that pay highter interest rate

*What is a notory?

someone who legally witnesses documents

*Who is the "payee?"

person paying the bill

*Define "posting."

when you post (record) transactions

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