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Scenario: Brenda Newman works in patient accounts for Dr
Scenario: Brenda Newman works in patient accounts for Dr. Susan Wilkins, a neurologist. Among her responsibilities are posting all transactions to patient accounts, monitoring accounts receivable, negotiating patient accounts and making payment arrangements, making collection calls for outstanding patient accounts, and some simple bookkeeping for Dr. Wilkins. Dr. Wilkins also works with Grant Schmidt, a certified public accountant (CPA), who assists her with supervising her office bookkeeping, creating financial statements, and overall money management of her practice. Mr. Schmidt is always willing to offer advice to the clinic's staff if any bookkeeping questions arise. The team effort involving Dr. Wilkins, Brenda, and Mr. Schmidt results in a balanced budget for the clinic, and as a result, staff members are able to enjoy more benefits and perks.
1. Why is a continuous flow of income preferable to a once-a-month influx for a provider's office?
2. Why is it important to post charges, payments, and adjustments in a timely manner?
3. What should Brenda do when a patient wants to make payments on an outstanding patient account balance?
4. What should Brenda do when patient accounts are outstanding for more than 90 days after the date of service?
Expert Solution
Answer:
1) Why is a continuous flow of income preferable to a once-a-month influx for a provider's office?
ans:
This is too facilitate the circulation and allocation of money on other resources. A once in a month influx will result to more deficiencies in income.
2) Why is it important to post charges, payments, and adjustments in a timely manner?
ans:
This to account and tally the money that needs to be added and reduced for a more accurate budget estimate. This also serves as transparency.
3) What should Brenda do when a patient wants to make payments on an outstanding patient account balance?
ans:
Entertain the patient, tell the patient the remaining balance and interest and give payment options.
4) What should Brenda do when patient accounts are outstanding for more than 90 days after the date of service?
ans:
Tell that patient that interests are often placed on this type of accounts. Any failure to pay on due date will have an additional interest as the days go by.
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