chpt 16 Patient and Practice Management

Assets

All property available for the payments of debt

Belligerent

Hostile, Aggressive

Bookkeeping

Process of recording financial transactions

Cash on Hand

Amount of money healthcare facility has in bank that can be withdrawn as cash

Counterfeit

An imitation intended to be passed off fraudulent or deceptively genuine;forgery

Defendant

An individual or business against which a lawsuit is filed

Discretionary income

Money in bank account that is not assigned for any office expenses

Emancipated minor

a minor who has been granted emancipation by the court,the minor can assume the rights and responsibilities of adulthood

Embezzlement

The misuse of funds for personal gain

EMV Chip Technology

Global technology which includes embedded microchips that store and protect cardholder data;also called chip and pin/chip and signature

Executor

An individual assigned to make financial decisions about the estate of a deceased patient

Explanations of benefits (EOB)

A document sent by the insurance company to the provider and the patient explaining the allowed charge amount,the amount reimbursed for services, and the patients financial responsibilities

Expletive

An oath or swear word

Federal Reserve Bank

The Central Bank of the United states.The federal Reserve System consists of 7 member Board of Govern with Head quarters in Washington, DC and 12 Federal Reserve Banks in major cities throughout the country

Fee Schedule

A list of fixed fees for service

Gross

The amount earned before any tax deductions or adjustments

Guarantor

The person legally responsible for the entire bill.Usually the patient but in case of minor it would be legal parent or guardian.

Incurred

To come into or Acquire

Indigent

Poor,needy impoverished

Intangible

Something of value that cannot be touched physically

Interest

Money the bank pays to the account based on the account balance for the privilege of using the money in the account

Negotiable Instrument

A document guaranteeing payment of a specific amount of money to the payer named on the document

Net

The amount someone is paid after taxes and other deductions have been subtracted

Patient account

A running balance of all financial transactions for a specific patient

Pegboard System

A Manual bookkeeping system that uses a day sheet to record all financial transactions for the date of service and maintens a patient account balances by using physical ledger cards

Plaintiff

An Individual or party who brings the suit to court

Reconciliation

To bring into agreement

Salary

A fixed compensation periodically paid to a person for regular work

Small claims court

A special court established to handle small claims or debts without the services of lawyers

Tickler File

A chronological file used as a reminder that something must be dealt with on a certain date