BOOKKEEPING DEFINATIONS
accounts payable - Answer- The management of debit incurred and not yet paid; money the provider owes to others.
accounts receivable - Answer- Money that is expected but has not yet been received
adjustments - Answer- Credits posted to the patient account record whe...
BOOKKEEPING DEFINATIONS
accounts payable - Answer- The management of debit incurred and not yet paid;
money the provider owes to others.
accounts receivable - Answer- Money that is expected but has not yet been received
adjustments - Answer- Credits posted to the patient account record when the
provider's fee exceeds the amount allowed stated on the EOB
bookkeeping - Answer- The recording of financial transactions in the patient account
records
collections - Answer- The process of using all legal resources available to collect
payment for past due patient account balances
credit - Answer- A bookkeeping entry that increases accounts receivable; money
owed to the provider; money counted as received by the provider.
guarantor - Answer- The individual who subscribes to an insurance plan and accepts
financial responsibility for the patient; responsibility for payment
invoice - Answer- A list of products or services provided to the healthcare facility for
payment; billing statement that lists the amount owed for goods or services provided
medically indigent - Answer- Patients that are in need of medical care, yet cannot
pay
non-sufficient funds check (NSF) - Answer- When a patient pays a check without
having sufficient funds in the bank to cover the payment so it is returned to the
provider unpaid
balance - Answer- Amount available in an account for withdrawl or use; total of the
charges and credits
provider's fee schedule - Answer- Fees established by the provider for services
rendered
liability - Answer- the state of being responsible for something, especially by law
asset - Answer- Someone or something regarded by the company as having value
debit - Answer- money owed to the patient: paper says; money listed as owed to the
provider
patient account - Answer- a running balance of all financial transactions under the
patient's account record
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