tailieunhanh - Lecture Medical assisting: Administrative and clinical procedures (5e) - Chapter 21: Financial management

The learning objectives for this chapter include: Describe accounts receivable and accounts payable and the common payment methods accepted in medical practices today; identify the different types of documents used as statements to bill patients and how these documents are used in cycle billing; compare open book, written-contract, and single-entry accounts, and purpose of creating an accounts receivable aging;. | 21 Financial Management Learning Outcomes (cont.) Summarize the importance of and how to establish good bookkeeping and banking practices. Compare single-entry, double-entry, and write-it-once bookkeeping systems. Outline patient related financial transactions. Identify negotiable instruments and the items that must be present for a check to be negotiable. Learning Outcomes (cont.) Describe the different types of check endorsements and the steps in creating a bank deposit. Carry out the process of reconciling the office bank statement. List several advantages to electronic banking. Implement setting up, classifying, and recording disbursements in a disbursement journal. Introduction Medical practices require sound financial management Employees must understand financial management procedures Learning Outcomes: Summarize the importance of and how to establish good bookkeeping and banking practices. The Medical Practice as a | 21 Financial Management Learning Outcomes (cont.) Summarize the importance of and how to establish good bookkeeping and banking practices. Compare single-entry, double-entry, and write-it-once bookkeeping systems. Outline patient related financial transactions. Identify negotiable instruments and the items that must be present for a check to be negotiable. Learning Outcomes (cont.) Describe the different types of check endorsements and the steps in creating a bank deposit. Carry out the process of reconciling the office bank statement. List several advantages to electronic banking. Implement setting up, classifying, and recording disbursements in a disbursement journal. Introduction Medical practices require sound financial management Employees must understand financial management procedures Learning Outcomes: Summarize the importance of and how to establish good bookkeeping and banking practices. The Medical Practice as a Business To succeed - income must exceed expenses. Accounting Responsibilities of medical assistant Bookkeeping ~ a systematic record of business transactions Banking Learning Outcomes: Summarize the importance of and how to establish good bookkeeping and banking practices. For a medical practice to succeed as a business, its income must exceed its expenses. The process of communicating the income and expenses of a business and its financial health is known as accounting. The Medical Assistant may be responsible for recording daily business transactions which will later be analyzed by an accountant along with other financial records to monitor the practice’s financial health. Banking is another key responsibility of many medical assistants. The Medical Practice as a Business (cont.) Accuracy Strive for 100% Records form a chain of information Errors can result in Double billing Omitting bank deposits Improper payments to suppliers Learning Outcomes: Summarize the .