Question

CHAP 10 KEY TERMS/ABBREVIATIONS-OFFICE & INSURANCE COLLECTION STRATEGIES

1. Accounts receivables

2. age analysis

3. cash flow

4. credit

5. cycle billing

6. debtor

7. dun messages

8. embezzlement

9. fee schedule

10. financial accounting record

11. itemized statement

12. lien

13. skip

ABBREVIATIONS:

1. CMS

2. HMO

3. NC

4. NSF

5. W2

please define

Answer 1

1.Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivables are listed on the balance sheet as a current asset. AR is any amount of money owed by customers for purchases made on credit.

2.Age analysis is simply a time-based analysis with reference to due date to determine either how much time is left until due date or how much time has passed since due date.

3.Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company's ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow (FCF)

4. the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

5Cycle billing is the practice of invoicing different customers based on a schedule rather billing all accounts at once on a single date.

6 debtor-a person, country, or organization that owes money.

7.dun messages. a message or phrase to inform or remind a patient about a delinquent account. embezzlement. a willful act by an employee of taking possession of an employer's money.

8 embezzlement-theft or misappropriation of funds placed in one's trust or belonging to one's employer.

9.-A fee schedule is a complete listing of fees used by Medicare to pay doctors or other providers/suppliers. This comprehensive listing of fee maximums is used to reimburse a physician and/or other providers on a fee-for-service basis.

10-Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions

11-An itemized statement is a periodic document issued by a financial institution, such as a bank or brokerage firm, to its customers detailing all account activity for the period. Itemized statements include deposits, credits, debits, fees and all other pertinent activity

12-a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

13.-an act of passing over part of a sequence of data or instructions.