Financial Management and Accounts Receivable 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 Accounts Receivable flashcards as text
What is a 'copayment' in the context of medical billing?
Answer: A fixed amount a patient pays at the time of service
A copayment is a fixed dollar amount a patient pays at the time of service, as determined by their insurance plan.
What is the purpose of a 'day sheet' in a medical office?
Answer: To record daily financial transactions
A day sheet is a daily log of all financial transactions 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 annual amount a patient must pay out-of-pocket before their insurance plan begins paying.
What does 'accounts receivable' (A/R) represent in a medical practice?
Answer: Money owed to the practice by patients and insurers
Accounts receivable represents the total money owed to the medical practice by patients and insurance companies for services rendered.
A patient's insurance pays 80% of a $200 claim after the deductible is met. What is the patient's coinsurance responsibility?
Answer: $40
If insurance pays 80%, the patient owes the remaining 20% of $200, which equals $40 coinsurance.
What is a 'write-off' in medical office accounting?
Answer: An amount removed from accounts receivable that cannot be collected
A write-off is an amount removed from accounts receivable when it is determined to be uncollectible, such as a contractual adjustment.