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Chapter 63
Chapter 63
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Financial Management in the Dental Office
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
What does the fee for service represent?
a fee to get extra money
a fair return to the dentist after treatment
both answer 2 and 3
an estimate for treatment
2
who is known as the "guarantor"?
the person who agrees to be responsible for the payment
the patient
the owner of the dental practice
the insurance company
3
What types of bookkeeping systems are used?
Accounts payable+Accounts credited
Accounts receivable+Accounts payable
4
What is an advantage of computerized check writing?
Retrieval of specific information
Ease of storage
It completes it for you
answer 1 & 3
5
Which plan assists a patient financially with the cost of dental care?
traditional dental insurance plan
cycle billing
divided payment plan
6
the timeframe for an office to begin collection efforts on a past due account is?
50 days
60 days
15 days
30 days
7
Who is responsible for determining the financial policy of the office?
HIPAA
Business assistant
the dentist
none
8
The person named on the check as the recipient of the amount shown is known as?
payee
fixed overhead
Ledger
9
Give an example of fixed overhead
Debt
fixed accounts
Salaries
10
what is a walkout statement?
a thank you card given to the patient when they leave
a daily journal form that is given to the dentist
a paper that shows the patients current balance
a bill statement that needs to go in the patients file
11
BONUS: what is the name of this chapter?
Business Operating Systems
Marketing your Skills
Financial Management in the Dental Office
Communication in the Dental Office
12
What does accounts payable management do?
claims
Billing & Coding
manage all of the money
13
Another name for social security is?
FICA
COD
CDT
14
All financial agreements should be recorded on the account ledger
false
true
15
what may be used in place of the payee's signature?
rubber stamp
code
sticker
16
Why should a check be stamped immediately with a restrictive endorsement?
it prevents anyone from cashing the check
so the bank can receive the check
none
both answer 1 & answer 3
17
What does C.O.D mean?
cash or deposit
carrier onboard delivery
cash on delivery
Commercial operation date
18
What are the 2 options for when an account is turned in for collection
Both answer 2 and 3
jail time
collection agency
small claims court
19
How do walkout statements improve cash flow?
increases wages
saves time
scares patients
Speed payments
20
How does an office follow through for the collection fee
a collection agency
phone call
letters
all of the above
21
What term indicates that an account does not have enough money in it to cover a check?
ledger
change funds
nonsufficient funds
22
What form gathers all of the financial information for the patient record
charge slip
daily journal page
claim form
registration form
23
what is the patient account used for?
so the insurance company can know the patients treatments
to track all patients transactions
none
so the dentist can know the information of his patients
24
Payments received by mail should be entered differently than those made by in person
False
True
25
Which documents will arrive with the shipment of supplies?
Packing slip
statement
invoice
all of the above
26
Most commonly used methods of calculating fee for service benefits are all except for?
customary
reasonable fees
managed care
usual
