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Patient Interactions

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Term
Definition
Assets   All property Available for the Payment of Debt  
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Belligerent   Hostile and Aggressive  
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Bookkeeping   The process of recording financial transactions  
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Cash on Hand   The amount of money the healthcare facility has in the bank that can be withdrawn as cash  
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Counterfeit   An imitation intended to be passed off fraudulently or deceptively as genuine forgery  
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Discretionary Income   Money in a bank account that is not assigned to pay for any office expenses  
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Emancipated Minor   A minor that has been granted emancipation by the court; the minor can assume the rights and responsibilities of adulthood  
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Embezzlement   The misue of funds for personal gain  
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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"  
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Executor   An individual assigned to make financial decisions about the estate of a deceased patient  
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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  
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Expletive   An oath or a swear word  
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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  
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Fee Schedule   A list of fixed fees for service  
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Gross   The amount earned before any tax deductions or adjustments  
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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  
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Incurred   To come into or acquire  
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Indigent   Poor, needy, impoverished  
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Intangible   Something of value that cannot be touched physically  
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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  
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Negotiable Instrument   A document guaranteeing payment of a specific amount of money to the payer named on the document  
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Net   The amount someone is paid after taxes and other deductions have been subtracted  
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Patient Acccount   A running balance of all financial transactions for a specific patients  
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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  
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Plaintiff   An individual or a party who brings the suit to court  
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Reconcilliation   To bring into agreement  
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Salary   A fixed compensation periodically paid to an individual for work or service  
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Small Claims Court   A special court established to handle small claims or debts without the services of lawyers  
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Tickler File   A chronologic file used as a reminder that something must be dealt with on a certain date  
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Trustee   The coordinator of financial resources assigned by the court during a bankruptcy case  
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Unsecured Debt   Debt that is not guaranteed by something of value ; credit card debt is the most common type of unsecured debt  
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