Financial Management and Accounting Flashcards
6 cards from real CMAA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Financial Management and Accounting flashcards as text
What is a superbill used for in a medical office?
Answer: Documenting charges for services rendered
A superbill (encounter form) itemizes all services, diagnoses, and charges from a patient visit for billing purposes.
What does 'accounts receivable' represent in a medical practice?
Answer: Money owed to the practice for services rendered
Accounts receivable (A/R) represents money owed to the practice by patients and insurance companies for services already provided.
What is a co-pay?
Answer: A fixed amount a patient pays at each visit
A co-pay is a fixed out-of-pocket amount a patient pays at each medical visit, as defined by their insurance plan.
In medical billing, what does EOB stand for?
Answer: Explanation of Benefits
EOB stands for Explanation of Benefits, a statement from the insurer detailing what was covered and the patient's remaining balance.
What is the purpose of a day sheet (daily journal) in a medical office?
Answer: Recording all daily financial transactions
A day sheet records all financial transactions for a given day, including charges, payments, and adjustments.
Which term describes the amount a patient must pay out-of-pocket before insurance begins covering costs?
Answer: Deductible
A deductible is the set amount a patient must pay before their insurance policy begins paying for covered services.