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Bookkeeping definitions Questions and Answers
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Bookkeeping definitions
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Bookkeeping definitionsaccounts payable - answerThe management of debit incurred and not yet paid; money
the provider owes to others.
accounts receivable - answerMoney that is expected but has not yet been received
adjustments - answerCredits posted to the patient account record when the provider's
fee exceeds the amount allowed stated on the EOB
bookkeeping - answerThe recording of financial transactions in the patient account
records
collections - answerThe process of using all legal resources available to collect payment
for past due patient account balances
credit - answerA bookkeeping entry that increases accounts receivable; money owed to
the provider; money counted as received by the provider.
guarantor - answerThe individual who subscribes to an insurance plan and accepts
financial responsibility for the patient; responsibility for payment
invoice - answerA list of products or services provided to the healthcare facility for
payment; billing statement that lists the amount owed for goods or services provided
medically indigent - answerPatients that are in need of medical care, yet cannot pay
non-sufficient funds check (NSF) - answerWhen a patient pays a check without having
sufficient funds in the bank to cover the payment so it is returned to the provider unpaid
balance - answerAmount available in an account for withdrawl or use; total of the
charges and credits
provider's fee schedule - answerFees established by the provider for services rendered
liability - answerthe state of being responsible for something, especially by law
asset - answerSomeone or something regarded by the company as having value
debit - answermoney owed to the patient: paper says; money listed as owed to the
provider
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