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Chapter 17 ICBS 120.  Usually the responsibility of the medical assisting staff.  Discussion of Fees ◦ Fees vary depending on type of medical facility,

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Presentation on theme: "Chapter 17 ICBS 120.  Usually the responsibility of the medical assisting staff.  Discussion of Fees ◦ Fees vary depending on type of medical facility,"— Presentation transcript:

1 Chapter 17 ICBS 120

2  Usually the responsibility of the medical assisting staff.  Discussion of Fees ◦ Fees vary depending on type of medical facility, needs of practice, and the professional services rendered. ◦ If possible, try and approximate cost of procedure(s)/treatment for patient.

3  Advanced Beneficiary Notice approved by Medicare should indicate type of procedure(s), the total responsibility of patient, and the reason why this is the patient’s responsibility.  Adjustment of Fees  If an office accepts assignment with Medicare and Medicaid, they are mandated to charge every patient the same amount for similar services rendered.  Adjustments may be made for patients experiencing hardships or with limited income.  Assist with payment planning

4  Accounts receivable – money owed to the office by patients. ◦ Track patient accounts via the “pegboard” system or “one-write” method. ◦ Always work with care and accuracy ◦ Keep work current ◦ Double check all entries ◦ Use consistent ink color ◦ Align columns carefully ◦ Write small enough to stay within columns

5  Pegboard System – consists of day sheets, ledger cards, encounter forms or charge slips, and receipt forms.  Posting – entering charges, credits or adjustments onto the day sheet, encounter form, or receipt and patient’s ledger card. ◦ Day sheet provides complete up-to-date information about accounts receivable status.

6  Computerized systems ◦ Being used by more and more medical facilities ◦ Several software packages available ◦ May hire consultant ◦ Make sure system will meet current and future needs of practice. ◦ Adopt a system that allows the practice to start with one component and add another component at a later date.

7  Encounter form – charge slip, superbill, or multipurpose billing form. ◦ Use in manual and computerized bookkeeping systems. ◦ Provides patients one copy with a record of account activity for the day ◦ Provide a second copy for possible need to submit to insurance. ◦ Provides third copy that serves as the office’s permanent copy of account activity.

8  Ledger – where patient accounts are recorded (accounts receivable ledger) ◦ Lists services, payments and balances due.  Guarantor – the one responsible for payment of the account.  Debit – used for entering charges, services and procedure codes.  Credit – used for entering payments.  Balance – record difference between debit and credit.

9  Adjustments ◦ Indicate any insurance payments ◦ Personal discounts, write-offs ◦ Other adjustments ◦ Indicated by the credit column and will generally reduce entries.  Day Sheet ◦ All financial transactions posted here daily. ◦ Legibility and accuracy are critical. ◦ Balances carry over day-to-day.

10  Receipts ◦ Used for payments on accounts ◦ When patient makes payment on account on day when no services were rendered.  Month-End Activities ◦ Required when last day sheet for month has been balanced, verify month-end figures to make sure agree with patient accounts.  Computerized Patient Accounts ◦ Software management programs for patient accounts; automatically calculates/creates billing statements.

11  Online banking – allows individuals to check account balances, transfer funds between accounts, pay bills electronically, check credit card balances, view images of check and deposits.  Types of Accounts ◦ Checking – primary type ◦ Savings – may or may not pay interest ◦ Money-Market – pay a higher rate of interest

12  Cashiers Check – often used when check must be guaranteed for amount written.  Certified Check – depositor’s own check that bank has “certified” with date/signature and check is “good.”  Money Order – purchased with cash  Voucher Check – check with a stub attached to indicate dates, services provided.  Traveler’s Checks – safer than cash when traveling. Written in specific denominations.

13  Usually made daily since they serve as another proof of posting  Unwise to leave large sums of money in the office overnight  Checks should be stamped immediately upon receipt  Verify all checks have been endorsed before depositing them  All deposits should be 100% Accurate

14  Inspect for date, amount and signature.  Do NOT accept a third-party check.  If a deposited check is returned and marked “insufficient funds” (NSF), call the bank and verify availability of funds.

15  Accounts payable – refunds of overpayment, replenish petty cash.  Rules for preparing checks ◦ Confirm numeric and written amounts ◦ Confirm spelling ◦ Follow proper office procedure ◦ Determine check has been signed by proper authority ◦ Confirm check is payable to correct payee and current date is used.

16  Avoid purchase of unnecessary items.  Avoid duplication of items purchased.  Provide a system for payment of only those items properly ordered and received.  Nothing is ordered or paid for without a purchase order or purchase order number.  A copy of the purchase order should be retained by the office.

17  Money kept in the office for minor, routine, or unexpected expenses. ◦ Postage due ◦ Coffee supplies ◦ Patients that may pay co-payment with cash ◦ Amount on hand is usually $75 to $100 ◦ Be sure to track your petty cash by completing a receipt

18  Inspect the check for the correct date, amount, and signature  Do not accept a third-party check unless it is from the insurance carrier  Lost or Stolen Checks ◦ Report Immediately ◦ Stop Payment

19  Balance the checking account  Compare cleared checks to uncleared checks to bank deposits  Compare and balance bank deposits to month end payment reports

20  Financial and ongoing billing records should not be maintained in the patient’s chart.  Keep financial information separate from medical information to ensure that the physician’s care is not influenced by the patient’s ability to pay

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