Patient account and practice management

Emancipated minor

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

Guarantor

The person legally responsible for the entire bill. This is usually the patient, but in the case of a minor, it would be a parent or legal guardian.

Negotiable instrument

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

Small claim court

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

Accounts receivable

Money that is expected, but not yet been received. The amount charge on the encounter form is an example of accounts receivable for the healthcare facility when a payment is on the patient’s account the receive payment becomes cash on hand.

Accounts payable

Is the management of debt incurred and not yet paid all invoices statements and operating expenses are included in accounts payable when expenses have been paid. There are no longer characterized as accounts payable.

What is a patient ledger

Where all procedures and charges for services rendered our listed

What are third-party payments?

Payments made by an insurance company. In other words third-party pay the healthcare providers on behalf of the patient.

Non-sufficient funds NSF

OK when a patient pays with a check without having sufficient funds in the bank to cover the payment

What to do with NSF at a healthcare facility?

Call immediately and ask the signer of the check to stop by the office to pay the amount needed to cover the check in additional fee

Credit Balance

Occurs when a patient has paid in advance or an overpayment or duplicate payment is made

truth in lending act

it is considered an offer of credit when the healthcare facility allows the patient to make more then four payments on an outstanding balance

billing minors

according to federal regulations a minor cannot be held finically responsible for an account balance unless the individual is an empacipated minor

healthcare facilities accept cash?

usually they don’t they have a sign posted if they do they check the cash for counterfeit

if suspected of counterfeit call local law enforcement

when is a account sent to collections

more then 90 to 120 days old are required a final demand letter before the account Is turned over to a collection