Chapter 17 - Patient billing and collections. After completing chapter 17, you will be able to: Discuss the importance of accounts receivable to a medical practice, explain how to accept and account for payment from patients, prepare an invoice, manage a billing cycle efficiently,. | Chapter 17 PowerPoint® to accompany Second Edition Ramutkowski Booth Pugh Thompson Whicker Copyright © The McGraw-Hill Companies, Inc. Permission required for reproduction or display. Medical Assisting Chapter 17 Objectives: 17-1 Discuss the importance of accounts receivable to a medical practice. 17-2 Explain how to accept and account for payment from patients. 17-3 Prepare an invoice. 17-4 Manage a billing cycle efficiently Patient Billing and Collections Objectives (cont.) 17-5 Describe standard collection techniques. 17-6 Explain how to perform a credit check. 17-7 Identify credit arrangements. 17-8 Recognize common collection problems. Patient Billing and Collections Introduction Medical Assistants will take on duties that are administrative in nature Customers have various payment options Third party payers (insurance carriers) Payment plans Some have large outstanding balances A proper understanding and administration of billing as well as payment collection | Chapter 17 PowerPoint® to accompany Second Edition Ramutkowski Booth Pugh Thompson Whicker Copyright © The McGraw-Hill Companies, Inc. Permission required for reproduction or display. Medical Assisting Chapter 17 Objectives: 17-1 Discuss the importance of accounts receivable to a medical practice. 17-2 Explain how to accept and account for payment from patients. 17-3 Prepare an invoice. 17-4 Manage a billing cycle efficiently Patient Billing and Collections Objectives (cont.) 17-5 Describe standard collection techniques. 17-6 Explain how to perform a credit check. 17-7 Identify credit arrangements. 17-8 Recognize common collection problems. Patient Billing and Collections Introduction Medical Assistants will take on duties that are administrative in nature Customers have various payment options Third party payers (insurance carriers) Payment plans Some have large outstanding balances A proper understanding and administration of billing as well as payment collection methods is required Basic Accounting Managing accounts receivable (money owed to the business) and accounts payable. Converts practice’s account receivable delete into readily available income. Standard Payment Procedures Prefer to collect payments from patients at each office visit Determine appropriate fees Relative Value Unit (RVU) Doctor’s skill and time Professional liability expenses Overhead costs This methodology has reduced the growth rate of spending for doctors’ professional services, related services and supplies, and other Medicare B services. Processing Charge Slips Charge slips are also called fee slip or transaction slips Numbered consecutively Preprinted with common services and charges Give each patient one when entering the office that includes date and patient’s name. Accepting Payment As the patient leaves you will ask for payment Most practices accept: cash check credit cards insurance Pegboard System Each transaction on four different forms .
