Homework Answers
Precautions for the ambulatory medical clinic accepting the following types of payments are as follows :-
Cash :-
- Make sure the money is not counterfeit.
- Establish a checks and balance system in which the employee accepting the cash must document on a register.
- Inform patients that change cannot be made to any large bills.
- Document cash payments in the patient's account to establish an audit trail.
Check :-
- Double check the amount written/ date/ and the pay to order is filled in correctly
Debit card or Credit card :-
- Always check the ID of the patient to identify them to their account
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Identify precautions for the ambulatory medical clinic accepting the following types of payments 1. Cash 2....
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit...
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit card, d. debit card. (VII.C.3) 4. Describe types of adjustments made to patient accounts including: a non-sufficient funds (NSF) check, b.collection agency transaction, c.credit balance, d. third party. (VII.C.4) 5. Identify types of information contained in the patient's billing record. (VII.C. 5) 6. Explain patient financial obligations for services rendered. (VIL.C.6)
Even when a computer software system is used for management of the practice’s finances, discuss why...
Even when a computer software system is used for management of the practice’s finances, discuss why following the bookkeeping guidelines for a manual system still has merit. Identify precautions for accepting the types of payments: cash, check, credit card, and debit card.
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Newman Medical Clinic has budgeted the following cash flows: anuary February March Cash receipts Cash payments $120,00e $126,0e0 $146,80e For inventory purchases For S&A expenses 100,90e 41,880 82,00e 42,900 95,800 37,00e Newman Medical had a cash balance of $18,000 on January 1. The company desires to maintaln a cash cushion of $7,000. Funds are assumed to be borrowed, In Increments of $1,000, and repald on the last day of each month; the Interest rate Is 3 percent per month. Repayments...
Vernon Medical Clinic has budgeted the following cash flows. January $117,000 February $123,000 March $143,000 Cash...
Vernon Medical Clinic has budgeted the following cash flows. January $117,000 February $123,000 March $143,000 Cash receipts Cash payments For inventory purchases For S&A expenses 98,500 39,500 80,500 40,500 93,500 35,500 Vernon Medical had a cash balance of $16,500 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments...
Baird Medical Clinic has budgeted the following cash flows: January $102,000 February $108,000 March $128,000 Cash...
Baird Medical Clinic has budgeted the following cash flows: January $102,000 February $108,000 March $128,000 Cash receipts Cash payments For inventory purchases For S&A expenses 91,000 32,000 73,000 33,000 86,000 28,000 Baird Medical had a cash balance of $9,000 on January 1. The company desires to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments...
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STANDARD PRECAUTIONS 1. WHAT ARE STANDARD PRECAUTIONS? 2. WHAT ARE ADDITIONAL PRECAUTIONS? 3. LIST THREE TYPES OF BASIC INFECTION CONTROL TERMS AND THEIR MEANING 4 INFECTIONS ARE SPREAD WHEN HEALTH CARE WORKERS DO NOT 5. GLOVES WERE FIRST USED WHEN? 6. STANDARD PRECAUTIONS APPLY TO YOUR CLIENTS. 7. LIST 2 STANDARD PRECAUTIONS A. B. 8. DISEASES SPREAD BY AIRBOURNE TRANS -MISSION INCLUDE? A. B. C. D. 9. DISEASES SPREAD BY DROPLET TRANS- MISSION INCLUDE A. B. C. D. DISEASES SPREAD...
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Brief Exercise 4-5 Determine cash sales (L04-4) During the year, the following sales transactions occur. There is a charge of 3% on all credit card transactions and a 1% charge on all debit card transactions. 1. Total cash sales = $410,000 2. Total check sales = $260,000 3. Total credit card sales = $510,000 4. Total debit card sales = $110,000 Calculate the amount recorded as cash receipts from these transactions. Total cash sales Total check sales Total credit card...
Fayette Medical Clinic has budgeted the following cash flows: January $ 240,000 February $232,000 March $272,000...
Fayette Medical Clinic has budgeted the following cash flows: January $ 240,000 February $232,000 March $272,000 Cash receipts Cash payments For inventory purchases For S&A expenses 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month....
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Check my wor Problem 14-20 Preparing a cash budget LO 14-5 Fayette Medical Clinic has budgeted the following cash flows: January $240,000 February $232,000 March Cash receipts Cash payments For inventory purehases For S&A expenses $272,000 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,00o0. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of...
3. Identify precautions for accepting the following types of payments: a. cash, b. check, c. credit card, d. debit card. (VII.C.3) 4. Describe types of adjustments made to patient accounts including: a non-sufficient funds (NSF) check, b.collection agency transaction, c.credit balance, d. third party. (VII.C.4) 5. Identify types of information contained in the patient's billing record. (VII.C. 5) 6. Explain patient financial obligations for services rendered. (VIL.C.6)
Newman Medical Clinic has budgeted the following cash flows: anuary February March Cash receipts Cash payments $120,00e $126,0e0 $146,80e For inventory purchases For S&A expenses 100,90e 41,880 82,00e 42,900 95,800 37,00e Newman Medical had a cash balance of $18,000 on January 1. The company desires to maintaln a cash cushion of $7,000. Funds are assumed to be borrowed, In Increments of $1,000, and repald on the last day of each month; the Interest rate Is 3 percent per month. Repayments...
Vernon Medical Clinic has budgeted the following cash flows. January $117,000 February $123,000 March $143,000 Cash receipts Cash payments For inventory purchases For S&A expenses 98,500 39,500 80,500 40,500 93,500 35,500 Vernon Medical had a cash balance of $16,500 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments...
Baird Medical Clinic has budgeted the following cash flows: January $102,000 February $108,000 March $128,000 Cash receipts Cash payments For inventory purchases For S&A expenses 91,000 32,000 73,000 33,000 86,000 28,000 Baird Medical had a cash balance of $9,000 on January 1. The company desires to maintain a cash cushion of $7,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 3 percent per month. Repayments...
STANDARD PRECAUTIONS 1. WHAT ARE STANDARD PRECAUTIONS? 2. WHAT ARE ADDITIONAL PRECAUTIONS? 3. LIST THREE TYPES OF BASIC INFECTION CONTROL TERMS AND THEIR MEANING 4 INFECTIONS ARE SPREAD WHEN HEALTH CARE WORKERS DO NOT 5. GLOVES WERE FIRST USED WHEN? 6. STANDARD PRECAUTIONS APPLY TO YOUR CLIENTS. 7. LIST 2 STANDARD PRECAUTIONS A. B. 8. DISEASES SPREAD BY AIRBOURNE TRANS -MISSION INCLUDE? A. B. C. D. 9. DISEASES SPREAD BY DROPLET TRANS- MISSION INCLUDE A. B. C. D. DISEASES SPREAD...
Brief Exercise 4-5 Determine cash sales (L04-4) During the year, the following sales transactions occur. There is a charge of 3% on all credit card transactions and a 1% charge on all debit card transactions. 1. Total cash sales = $410,000 2. Total check sales = $260,000 3. Total credit card sales = $510,000 4. Total debit card sales = $110,000 Calculate the amount recorded as cash receipts from these transactions. Total cash sales Total check sales Total credit card...
Fayette Medical Clinic has budgeted the following cash flows: January $ 240,000 February $232,000 March $272,000 Cash receipts Cash payments For inventory purchases For S&A expenses 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month....
Check my wor Problem 14-20 Preparing a cash budget LO 14-5 Fayette Medical Clinic has budgeted the following cash flows: January $240,000 February $232,000 March Cash receipts Cash payments For inventory purehases For S&A expenses $272,000 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,00o0. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of...
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