Accounts, Collections, and Banking: Review of Concepts in

School: Ross Medical Education Center - Course: MA 114 - Subject: Accounting

Accounts, Collections, and Banking-Chapter 31 Name:Date: REVIEW OF CONCEPTS Answer the following questions in the space provided. A. Introduction 1. Define 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 172022.50 pg. 2Accounts, 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.