Question

2.1
'Proactive accounting' is often the best approach for medical practices. Proactive accounting for a practice can be best described as the following:

A) Setting timelines for acceptable payment terms, creating internal alerts for overdue invoices, and only implementing debt recovery after all other options have been exhausted.
B) Training all staff in the practice on debt recovery, so more people can be involved if necessary.
C) Implementing heavy-handed debt-recovery as soon as an invoice becomes outstanding.
D) Creating stringent payment terms and forcing customers to comply.

2.2
Collecting with care is very important in medical practices. Collecting with care can be defined as:

A) Implementing a slow and calm approach, allowing at least one contact from the practice before outsourcing to debt collection.
B) Outsourcing to a debt collection agency once the invoice becomes outstanding.
C) Advising the debt collection agency to implement a slow and calm approach.
D) Repeatedly contacting patients after 3 months has passed to demand payment.

2.3
What strategy would not increase the likelihood of successful debt collection?

A) Implementing a tactful and professional approach to all debt collection conversations.
B) Conducting panicked phone calls when invoices are 120 days overdue.
C) Training all medical customer service staff on debt collection etiquette.
D) Investigating debt collection agencies before appointing an appropriate one.

2.4
Which of the following indicators can be used to monitor the debt level of a medical practice? Select 2 (two) answers.
A) Medicare Easyclaim and Medicare Online.
B) Accounts payable - patient claims and bulk billing.
C) Days in account receivable outstanding (DRO).
D) Ageing accounts receivable - balance over 120 days.

2.5
What does the indicator 'Days in Accounts Receivable Outstanding' tell you about the debt level of your practice?

A) How much debt you have that is overdue by 90 days or more
B) How many days, on average, patients take to pay their outstanding debt to your practice
C) How many days you have had a certain level of patient debt for
D) How long it takes on average to collect a day's worth of gross charges

Answer 1