Question 1

When a patient pays using a(n) _______ card, the money is immediately moved from the patient's bank account to the medical practice account.

Accepted Answer

The answer of When a patient pays using a(n) _______...

Question 2

Most medical offices have a(n) ________ with the office name on it for patients who pay by check to ensure that the name of the practice is spelled correctly on the check.

Accepted Answer

The answer of Most medical offices have a(n) ________ with...

Question 3

The part of a check that takes the form of a fraction and identifies the specific bank on which a check is drawn is the ____.

Accepted Answer

A)   memo line
B)   routing number
C)   ABA number
D)   check number
E)   MICR recording areaF) All of the above
G) A) and E)

Question 4

Bills sent to patients that contain an itemized accounting of services performed, an indication of payments received from the patient or the patient's insurance, and an amount due to the practice are called ________.

Accepted Answer

The answer of Bills sent to patients that contain an...

Question 5

Which of the following governs the methods that can be used to collect unpaid debts?

Accepted Answer

A)   Truth in Lending Act
B)   Fair Debt Collection Practices Act
C)   Fair Credit Reporting Act
D)   Telephone Consumer Protection Act
E)   Equal Credit Opportunity ActF) B) and E)
G) D) and E)

Question 6

A medical provider or practice manager may periodically review which of the following reports to ensure accuracy of the books?

Accepted Answer

A)   Accounts receivable
B)   Trial balance
C)   Statement of income and expense
D)   Cash flow statement
E)   Quarterly returnF) B) and D)
G) C) and E)

Question 7

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

Accepted Answer

A)   Adjust the practice records to match the bank's total
B)   Call the bank and inform them of the error on the statement
C)   Review each item on the statement against your records to find the $400 difference
D)   Inform the physician that the books do not balance this month
E)   Ask the office manager to call the auditor to review the booksF) None of the above
G) A) and E)

Question 8

Which of the following is true regarding a statement?

Accepted Answer

A)   It is the usual fee a doctor charges for a service
B)   It is paperwork sent to patients to inform them of payment or balance due
C)   It provides a price list for the medical practice
D)   It is a billing system that bills each patient once a month but staggers the due dates
E)   It provides a reminder from the medical office that the patient is due for a yearly examF) B) and E)
G) A) and B)

Question 9

A(n) ________ account is one in which the physician and patient sign an agreement stating that the patient will pay the bill in a certain number of installments. If more than four installments are involved, this account is governed by the Truth in Lending Act.

Accepted Answer

written-co...

Question 10

________, or watching for changes in disbursements, is important because it helps control expenses.

Accepted Answer

The answer of ________, or watching for changes in disbursements,...

Question 11

Which type of check is purchased from a bank, written on the bank's own checking account, and signed by a bank official?

Accepted Answer

A)   Certified
B)   Traveler's
C)   Cashier's
D)   Voucher
E)   CounterF) A) and E)
G) B) and E)

Question 12

A(n) ________ check states that it is void after a certain amount of time and is sometimes used for payroll.

Accepted Answer

The answer of A(n) ________ check states that it is...

Question 13

The term for income, or money, owed to the practice is called accounts ________.

Accepted Answer

The answer of The term for income, or money, owed...

Question 14

Which of the following requires creditors to provide applicants with accurate and complete credit costs and terms?

Accepted Answer

A)   Fair Debt Collection Practices Act
B)   Truth in Lending Act
C)   Equal Credit Opportunity Act
D)   Fair Credit Reporting Act
E)   Telephone Consumer Protection ActF) C) and D)
G) B) and E)

Question 15

Once a month, when the practice receives the monthly checking account statement from the bank, the statement should be compared with the office's financial records to ensure that they are consistent and accurate. This process is called ________.

Accepted Answer

The answer of Once a month, when the practice receives...

Question 16

An appropriate way to handle a patient relocation and address change is to ____.

Accepted Answer

A)   stop trying to contact the patient after two unsuccessful tries
B)   write off the charges as a hardship case
C)   ask a third party for the patient's new address
D)   turn the account over to a collection agency immediately
E)   send a statement to the patient's relatives for paymentF) C) and D)
G) A) and E)

Question 17

When posting a payment from a collection agency, post the payment from the agency in the paid column and place the agency's fee in the ________ column.

Accepted Answer

The answer of When posting a payment from a collection...

Question 18

A(n) ________ account is an account with only one charge, usually for a small amount.

Accepted Answer

single-ent...

Question 19

The statute of ________ is the state law that sets a time limit on when someone can legally file a collection suit on a past-due account.

Accepted Answer

The answer of The statute of ________ is the state...

Question 20

Which of the following is an accurate statement about open-book accounts?

Accepted Answer

A)   They are regulated by the Truth in Lending Act.
B)   They are accounts with only one charge.
C)   The patient and physician sign an agreement for payment in more than one installment.
D)   The last date of payment or charge for each illness is used as the starting date for determining the time limit on that specific debt.
E)   The statute of limitations does not apply to open-book accounts.F) C) and E)
G) A) and B)

Exam 20: Patient Collections and Financial Management

A(n) ________ account is an account with only one charge, usually for a small amount.

Correct Answerverifiedsingle-ent...View AnswerShow Answer

________, or watching for changes in disbursements, is important because it helps control expenses.

Correct AnswerverifiedShow Answer

The statute of ________ is the state law that sets a time limit on when someone can legally file a collection suit on a past-due account.

Correct AnswerverifiedShow Answer

Most medical offices have a(n) ________ with the office name on it for patients who pay by check to ensure that the name of the practice is spelled correctly on the check.

Correct AnswerverifiedShow Answer

Bills sent to patients that contain an itemized accounting of services performed, an indication of payments received from the patient or the patient's insurance, and an amount due to the practice are called ________.

Correct AnswerverifiedShow Answer

When posting a payment from a collection agency, post the payment from the agency in the paid column and place the agency's fee in the ________ column.

Correct AnswerverifiedShow Answer

Which of the following governs the methods that can be used to collect unpaid debts?

Correct AnswerverifiedShow Answer

You are reconciling the office checking account with the bank statement that arrived this morning. After accounting for unrecorded deposits, checks, and debits, you find that the total in your practice records is $11,760 and the bank's total is $12, 160. What is the first thing you should do?

Correct AnswerverifiedShow Answer

A medical provider or practice manager may periodically review which of the following reports to ensure accuracy of the books?

Correct AnswerverifiedShow Answer

When a patient pays using a(n) _______ card, the money is immediately moved from the patient's bank account to the medical practice account.

Correct AnswerverifiedShow Answer

Which of the following requires creditors to provide applicants with accurate and complete credit costs and terms?

Correct AnswerverifiedShow Answer

The term for income, or money, owed to the practice is called accounts ________.

Correct AnswerverifiedShow Answer

A(n) ________ account is one in which the physician and patient sign an agreement stating that the patient will pay the bill in a certain number of installments. If more than four installments are involved, this account is governed by the Truth in Lending Act.

Correct Answerverifiedwritten-co...View AnswerShow Answer

The part of a check that takes the form of a fraction and identifies the specific bank on which a check is drawn is the ____.

Correct AnswerverifiedShow Answer

Once a month, when the practice receives the monthly checking account statement from the bank, the statement should be compared with the office's financial records to ensure that they are consistent and accurate. This process is called ________.

Correct AnswerverifiedShow Answer

Which type of check is purchased from a bank, written on the bank's own checking account, and signed by a bank official?

Correct AnswerverifiedShow Answer

A(n) ________ check states that it is void after a certain amount of time and is sometimes used for payroll.

Correct AnswerverifiedShow Answer

Which of the following is true regarding a statement?

Correct AnswerverifiedShow Answer

An appropriate way to handle a patient relocation and address change is to ____.

Correct AnswerverifiedShow Answer

Which of the following is an accurate statement about open-book accounts?

Correct AnswerverifiedShow Answer

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written-co...
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