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Ch. 19: Vocab (MAA)
| Term | Definition |
|---|---|
| Assets | All property Available for the Payment of Debt |
| Belligerent | Hostile and Aggressive |
| Bookkeeping | The process of recording financial transactions |
| Cash on Hand | The amount of money the healthcare facility has in the bank that can be withdrawn as cash |
| Counterfeit | An imitation intended to be passed off fraudulently or deceptively as genuine forgery |
| Discretionary Income | Money in a bank account that is not assigned to pay for any office expenses |
| Emancipated Minor | A minor that has been granted emancipation by the court; the minor can assume the rights and responsibilities of adulthood |
| Embezzlement | The misue of funds for personal gain |
| EMV chip technology | Global technology which includes embedded microchips that store and protect cardholder data; also known as "chip and PIN" or "chip and signature" |
| Executor | An individual assigned to make financial decisions about the estate of a deceased patient |
| Explanation of Benefits (EOB) | A document from the insurance to provider and patient that explains the maximum allowable cost, amount reimbursed for services, and patients financial responsibilities |
| Expletive | An oath or a swear word |
| FRB (Federal Reserve Bank) | The central bank of the U.S. FRB system is a 7-member Board of Governors with 12 FRB locations in major cities throughout the country |
| Fee Schedule | A list of fixed fees for service |
| Gross | The amount earned before any tax deductions or adjustments |
| Guarantor | The person legally responsible for the entire bill. This is usually the patient, but in the case of a minor it would be a parent or guardian |
| Incurred | To come into or acquire |
| Indigent | Poor, needy, impoverished |
| Intangible | Something of value that cannot be touched physically |
| Interest | money that the bank pays to the account holder, based on the account balance, for the privilege of using the money in the account |
| Negotiable Instrument | A document guaranteeing payment of a specific amount of money to the payer named on the document |
| Net | The amount someone is paid after taxes and other deductions have been subtracted |
| Patient Acccount | A running balance of all financial transactions for a specific patients |
| Pegboard System | A manual bookkeeping system that uses a day sheet to record all financial transactions for the date of service and maintains patient account balances by using physical ledger cards |
| Plaintiff | An individual or a party who brings the suit to court |
| Reconcilliation | To bring into agreement |
| Salary | A fixed compensation periodically paid to an individual for work or service |
| Small Claims Court | A special court established to handle small claims or debts without the services of lawyers |
| Tickler File | A chronologic file used as a reminder that something must be dealt with on a certain date |
| Trustee | The coordinator of financial resources assigned by the court during a bankruptcy case |
| Unsecured Debt | Debt that is not guaranteed by something of value ; credit card debt is the most common type of unsecured debt |
Created by:
almestica.nashia
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