MA114 ROW 1 Chapter 31

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Ross Medical Education Center *

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ROW 1

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Accounting

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Jan 9, 2024

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MA Admin Module 4 (MA114) Financial Recordkeeping ROW 1 72022.50 pg. 1 Accounts, Collections, and Banking – Chapter 31 Name: Date: REVIEW OF CONCEPTS  Answer the following questions in the space provided. A. Introduction 1. D efine the term “charge”. 2. Define the term “payment”. 3. Define the term “adjustment”. 4. Describe the role of a medical assistant who works in the business office. B. Bookkeeping in the Healthcare Facility 3. Describe the general ledger. 4. The information from the general ledger is used to prepare a ___________________, which provides information on the company’s assets, liabilities, and equity at a specific time during the year. C. Bookkeeping and Accounting Methods 1. ________________ is a practice of maintaining the financial records of a business. 2. The _____________________ shows the revenue earned minus the expenses. It will show a profit or a loss for the healthcare facility. 3. The ________________________ shows the cash flow into and out of the healthcare facility and addresses operations, financing, and investments. 4. Describe how the pegboard system works. 5. List two types of financial activities that can use the pegboard system.

MA Admin Module 4 (MA114) Financial Recordkeeping ROW 1 72022.50 pg. 2 Accounts, Collections, and Banking – Chapter 31 D. Accounts Receivable 1. Define accounts receivable. 2. Define accounts payable. 4. List the components of the encounter form. a. What provider information is found on the form? b. What patent information is found on the encounter form? c. What visit information is found on the encounter form? 8. When should patient without insurance pay for their visit? When should they be notified about this expectation? 9. What is a third-party reimbursement? Name the two most common third-party payers in ambulatory care. 11. A patient’s balance is $320. The third -party payment was for $280. What is the pati ent’s financial obligation? 19. Describe how a medical assistant handles an NSF in a patient’s ledger. 24. John Jones needs to pay his balance over 6 payments. Does the Truth in Lending Act apply in this situation? Explain your answer. 25. What is the Fair Debt Collection Practices Act designed to do?

MA Admin Module 4 (MA114) Financial Recordkeeping ROW 1 72022.50 pg. 3 Accounts, Collections, and Banking – Chapter 31 27. Complete the following statements regarding fair debt collect practices: a. Collection calls cannot be made before _________ and after ________ in most states. b. Calls cannot be made to th e person’s ______________________ c. Within five days from first contacting the person, the collector must send a written validation notice indicating the _________________, the ___________________, and what to do if people do not think the debt is theirs. d. The _____________________ of the ____________________ determines the length of time a debt collector can collect an unpaid balance. 31. When accepting a check for payment, a. What must the medical assistant ensure is accurate on the check? b. What should be done if there is a correction on the check? c. How does the medical assistant check the signature on the check? d. List 5 types of checks that should not be accepted. E. Accounts Payable 5. The medical assistant must prepare a ____________________ that accompanies the funds being deposited. 6. You have the following change, cash, and checks that need to be deposited. Calculate the amount of money that needs to be deposited. a. Change: 3 half dollars, 98 quarters, 58 dimes, 105 nickels, and 69 pennies. Total: ___________ b. Change: 86 quarters, 132 dimes, 241 nickels and 143 pennies. Total: ______________ c. Cash: (152) $1; (42) $5; (25) $10; (71) $20; (11) $50; and (7) $100. Total: ____________ d. Checks: $123.89; $575.00; $382.23; $903.98; $292.54, and $2029.23. Total: ____________ 7. A ________________ endorsement just requires that the payee signs only his or her name, making the check payable to the bearer. 9. When a depositor writes a check for more than the amount available in the account, the account is ___________.

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