POSTING PROCEDURES Charges are entered on the encounter form by the provider Also called a superbill List of procedures performed in that office Charges are recorded to the patient’s ledger Record of all charges, payments, and adjustments
COMPUTERIZED SYSTEMS Function of practice management software Electronic health records software can integrate with practice management software, eliminating the need for encounter forms Provides up-to-date financial information Charges can be entered into the practice management software by front office personnel or billing department
SINGLE-ENTRY BOOKKEEPING Similar to a checkbook register Journal for each transaction is recorded in one column Revenue and expenses are totaled
DOUBLE-ENTRY BOOKKEEPING Each transaction is recorded in two columns Includes both assets and liabilities Allows for balance in the accounting equation Each debit has an each and opposite credit The total of all debits must equal the total of all credits
COMMUNICATING FEES The MA commonly answers patient questions about accounts Cost estimate sheets are used when fees are anticipated to be high Assisting patients in payment planning encourages compliance Discounts are authorized by the provider only
METHODS OF BILLING Monthly billing Cycle billing Computerized billing
PRACTICE MANAGEMENT SOFTWARE Billing and practice management software Ability to post procedures and payments to patient accounts Ability to generate encounter forms and claims Ability to generate reports Daily journal Year to date Aging account reports Account history
PATIENT PAYMENTS At time of service (ATOS): best opportunity for collection
VERIFYING AND ACCEPTING CHECKS Check if valid and no corrections have been made When received stamp it with the office’s deposit endorsement Do not accept third party checks, unless from insurance company
POSTING PATIENT PAYMENTS Date of payment Payment amount Form of payment (cash, credit card, or check)
SPECIAL ADJUSTMENTS Nonsufficient funds Collection agency payments Credit balances and refunds
COLLECTIONS LAWS Truth in Lending Act Fair Debt Collection Practice Act Statute of limitations laws
STRATEGIES FOR COLLECTION Phone calls Letters Collection agencies
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