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87 Cards in this Set
- Front
- Back
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Accounting
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means or process of recording, classifying & summarizing financial transactions
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Bookkeeping
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recording of the accounting process
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2 types of bookkeeping systems
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Accounts Receivable & Accounts Payable
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Registration form
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gathers all financial info to manage account history
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Before case is presented to patient
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an estimate is developed as treatment plan
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Financial arrangements
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confidential & made in a private setting
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All financial agreements should be recorded
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on account ledger
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Accounts Receivable
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all money owed to practice
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Transaction
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any charge, payment, or adjustment made to financial account
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Bonding
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insurance that reimburses employers for loss from theft by employee
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Cheque
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draft or order drawn on bank account for payment of a specific amount
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Accounts Receivable System
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Pegboard & Computerized
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One Write System aka
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Pegboard system
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Charge slips
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transmits financial info from op to front area
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Posted
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describes documentation of money transactions within business
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Audit Trail
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way of tracking bookkeeping accuracy
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Daily journal page
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practice record of all patent transactions each day
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Walkout Statement
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similar to a receipt, shows current balance
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As safeguard, cheques should be
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stamped immediately with restrictive endorsements
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Responsible party aka guarantor
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person responsible for account
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Cash Fund or petty cash
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fixed amount usually $50 maintained in small bills
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Bank Deposits made
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daily
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Deposit Slip
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itemized memo of currency & cheques taken to bank to be put into practice's account
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Monthly statement
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request for payment of balance due
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Cycle Billing
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alphabet divided, statements for specific last names on list mailed at specific time in month
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Divided payment plans
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patient pays fixes amount on regular basis
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Collections
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handled tactfully, keeping dentist's wishes
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Collection letters
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phrased firm, positive business like manner
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Collection telephone calls
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more effective than letters, providing direct contact with patent.
*never leave message revealing confidential info* |
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Final collection Options
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Dentist decision to turn over to collection agency
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Collection agency
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Agency makes additional attempts to collect balance
agency takes % of money collected |
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Small claims court
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if court rules patient must pay, practice still has to collect amount....
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30 days
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reg statement
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60 days
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2nd statement or phone call
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75 days
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2nd phone call amiable collection letter
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90 days
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3rd statement,stronger note 'unless pymt 10 days'
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105 days
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another phone call....pay by specific date or sending to collection agency
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120 days
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no payment made, promises not kept, account turn to collections agency
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Accounts Payable
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all money owed BY practice
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Expenses aka overhead
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overhead costs that must be paid to keep operating
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Disbursements
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Payments on any outstanding accounts payable
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Fixed overhead
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business expenses that continue at all times ie salaries,rent mortgage
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Variable overhead
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expenses that change according to services used or obtained ie supplies, lab fees contractor fees
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Gross Income
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total money earned (before tax)
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Net Income
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Gross minus all dental related expenses (what is left over)
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Certified Public Accountant CPA
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employed on retainer basis
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Packing Slips
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form from warehouse listing items to be shipped and recipient of shipment
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Invoice
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included with shipment, detailed list of goods shipped with cost of each item listed
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Statements
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summary of all invoices,payments,credits & debits for month
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COD
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cash on delivery
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Payee
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person cheque is written out to
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Maker
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person writing the cheque
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cheque register
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record of all cheques issues and deposits to account
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Blanket Endorsment
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anyone holding cheque can sign, even if stolen
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Restrictive Endorsment
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cheque can be deposited ONLY to the account of the name of individual
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Stop Payment Order
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request at bank to not allow cheque to clear.....bank charges for service
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NSF Non Sufficent Funds
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cheque written for more than what is in persons' account
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Payroll
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sum of all financial records of salaries, wages, bonuses, & deductions
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Ways to obtain Dental Insurance
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*from employer or spouse's employer(group plan)
* through individual plan |
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Carrier
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party who pays claims (insurance co)
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Provider
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dentist providing treatment
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3 common methods of fee for service benefits
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1.*usual,*customary & *resonable fees UCR
2.schedule of benefits & 3. fixed fee schedules |
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Usual Fee
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fee dentist charges for specific service
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Customary fee
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one within range of usual fee
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Reasonable Fee
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considered justified for extensive or complex treatment
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Schedule of Benefits aka table or schedule of allowances
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list of fixed specified amounts the carrier will pay toward cost of covered services
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Fixed Fee Schedule
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established fee for any treatment received by patient
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Alternative payment -- Capitation Programs
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dentist gets fixe rate no matter what the treatment
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HMO/ DMHO
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Health Maintenance Organizations/ Dental Health Maintenance Organizations
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Direct Reinbursment Plan
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patient pays back employer on % basis of money spent on dental treatment
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New job
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30-60 day waiting period before benefits kick in
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Assignment of benefits
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authorization signature by patient to insurer to pay dentist directly
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Deductible
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amount patient pays toward dental cost BEFORE benefits go into effect
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Dependant
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spouse or children of insured party
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LEAT least expensive alternative treatment
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plan allows benefits for least expensive treatment ie bridge 3000$ partial denture 1200$ carrier will only pay for partial denture
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Dual Coverage
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coverage under more than one plan
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In Dual coverage--primary
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who will pay first
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In Dual Coverage--secondary
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who will pay the least portion of balance
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Birthday Rule
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establishes which parent is primary insurance carrier when both parents have insurance to cover children
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Coordination of benefits COB
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patient receives payment from both carriers but total MAY NOT be more than 100% of treatment
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Non duplication of Benefits aka benefit-less benefit
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relieves carrier from responsibility for paying for services that are covered under another program
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Current Dental Terminology CDT
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very specific treatment codes
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2 ways to File Claim Forms
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*mail in (paper claim)
*electronic transmission (electronic claim) |
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Paper Claim
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Submit Predetermination
Standardize claim form |
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Release of Info re treatment
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confidential & only done with patients written consent
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HIPAA
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Health Insurance Portability and Accountability
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Insurance claims
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another form of accounts receivable
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