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 'fee schedule' in a medical practice?
Answer: A list of standard charges for services offered by the practice
A fee schedule is a comprehensive list of standard charges the practice assigns to each service or procedure it provides.
When a patient pays with a personal check and it is returned due to insufficient funds, what should the medical office do first?
Answer: Notify the patient and request payment via cash or money order
The first step is to notify the patient of the returned check and request immediate payment by cash or money order.
What is the function of a 'charge entry' process in medical billing?
Answer: Entering coded services into the billing system to generate claims
Charge entry is the process of entering CPT and ICD codes from the superbill into the billing system to create a claim.
What does 'credit balance' mean on a patient's account?
Answer: The practice owes money to the patient due to overpayment
A credit balance means the patient has overpaid and the practice owes them a refund.
Which financial document provides a summary of all charges, payments, and adjustments for a specific period?
Answer: Ledger card
A ledger card (or patient account ledger) provides a running record of all charges, payments, and adjustments for a patient's account.
What is the recommended action when a medical office receives a denied insurance claim?
Answer: Review the denial reason and file a corrected claim or appeal
Upon receiving a denial, staff should review the explanation, correct any errors, and file a corrected claim or formal appeal within the insurer's deadline.