MBC Ch. 17 Collection Strategies

Cash flow is

• the amount of money available in the cash drawer.

• the amount of money taken into the office in a given period of time.

• the ongoing availability of cash in the medical practice.

• the amount of money in accounts receivable.

What should be done to inform a new patient of office fees and payment policies?

• Send a patient information brochure.

• Send a confirmation letter.

• Discuss fees and policies at the time of the initial contact.

• All are correct.

Medical offices can take the following steps to prevent missed appointments EXCEPT

• establish a missed appointment fee of $35–50.

• set a 24–48-hour appointment cancellation policy.

• call patients to confirm appointment the day before.

• all of the options are acceptable strategies to prevent missed appointments.

The reason for a fee reduction must be documented in the patient’s

• financial accounting record.

• medical record.

• insurance file.

• registration form.

• Say “All right” and bill the patient.

• State the office policy and ask for the full fee.

• Indicate that because it is such a small sum, it can be paid later.

• Ask that the payment be mailed to the office.

What is a card called that permits bank customers to make cashless purchases from funds on deposit without incurring revolving finance charges for credit?

• Private-label card

• Credit card

• Debit card

• VeriFone card

When the medical office receives an out-of-state or suspicious check, the first step the insurance billing specialist should take is to:

• contact the patient to verify the funds are available

• contact the bank to verify the funds are available

• deposit the check and hope that there are funds available

• notify the patient that future payments need to be in the form of cash

Accounts receivable are usually aged in time periods of

• 1, 4, 6, and 8 weeks

• 30, 60, 90, and 120+ days

• 1, 2, 3, and 6 months

• 30, 60, 90, 120, and 180+ days

Accounts that are 90 days or older should not exceed

• 5%–11% of the total accounts receivable

• 10%–15% of the total accounts receivable

• 15%–18% of the total accounts receivable

• 20%–25% of the total accounts receivable

Messages included on statements to promote payment are called

• billing messages

• statement slogans

• dun messages

• payment prompters