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VOP Lecture 4

Spring 2023 Lecture 4

QuestionAnswer
Costs behind the fees: equipment and supplies, mortgage or lease, staff salaries, training and education, miscellaneous other costs
Payment Planning: estimate, credit bureaus, credit applications, truth in lending, credit cards
Adjusting or Cancelling Fees: discount amount, medically indigent (undergoing severe financial hardship), professional courtesy
Billing Customers: computerized billing (post, account history, alpha search, ICD diagnostic codes), sending statements (cycle billing)
ICD: International Classification of Diseases
Collecting Past Due Accounts: accounts receivable ratio, aging accounts receivable, telephone reminders, written reminders
Forced Collection: increase firmness, 90 days -> final notice, lawsuit, small claims, court, statute of limitations, always follow office policy and protocol for billing and collections
Payroll Accounting: Form I-9 (employment eligibility), gross pay, net pay
Payroll Accounting Taxes Withheld: Federal income tax withholding, FICA tax withholding, state/local tax holding, Form W-2, Form 941
Unemployment Insurance: temporary benefits for those who become unemployed
Form W-2: wage/tax statement
Form 941: federal tax return
FICA Tax Withholding: Federal Insurance Contribution Act; payroll tax, SSN
Federal Income Tax Withholding: exemptions, employee's withholding allowance certificate, federal wage-bracket withholding table
Created by: mkroon26
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