CPSS; Maximizing Practice Collections: Processing Daily Work - Part 2 | Business Office,100% CORRECT

CPSS; Maximizing Practice Collections: Processing Daily Work - Part 2 | Business Office The acronym "EOB" represents: - CORRECT ANSWER explanation of benefits EOBs are used by: - CORRECT ANSWER posting/billing staff Which of the following information is used in compiling the Daily Balance Sheet? - CORRECT ANSWER lockbox receipts; mail receipts; charge tickets The daily deposit includes which of the following? - CORRECT ANSWER mail receipts Daily backup tapes are used to protect data in case of power failure or other damage to stored data. - CORRECT ANSWER true Maximizing practice collections is the responsibility of the entire staff. - CORRECT ANSWER true EOBs should be: - CORRECT ANSWER stored for future reference based on practice policy or local regulations In large practices, the posting of all payments usually is the responsibility of one person in the billing department. - CORRECT ANSWER true When processing payments received from insurance companies via mail, it is important to: - CORRECT ANSWER data stamp checks/EOBs; stamp "for deposit only" on the back side of the check All checks received by mail should be processed within 24 hours of receipt. - CORRECT ANSWER true Lockbox arrangements with banks are helpful to some practices in order to: - CORRECT ANSWER provide security for checks and rapid deposit of funds Which of the following is not a process used by the practice in processing direct deposits from insurance companies, Medicare, and Medicaid? - CORRECT ANSWER include the amounts from direct deposits in the daily deposit (contact bank to determine date and amount of direct deposit; determine which insurance company is making the deposit; download EOBs from the internet so that payments can be applied to patient accounts) Direct remittance is an option provided by some practice management systems in which a Medicare check can be downloaded directly into the practice management system and automatically posts payments to specific patient accounts. - CORRECT ANSWER true When checks are received and cannot be applied to a patient's account because of lack of information (unapplied cash), the practice: - CORRECT ANSWER deposits the check into the "unapplied cash" account and calls the issuing agent of the check to identify the correct patient How many staff members are responsible for compiling all of the daily work that has been processed into a single balance sheet? - CORRECT ANSWER one staff member