Term
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Definition
| Items used to keep the office running. I.E. paper, pens, toner, etc. |
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Definition
| Medically related items, such as drapes, gowns, table paper, tongue blades, etc. |
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Definition
| Items used by both patients and staff such as paper towels, soap, and toilet tissue. |
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Definition
| The efficiency of the office is not threatened if these supplies run low. Can be clinical, administrative, or general in nature. |
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Term
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Definition
| Pieces of equipment that are used indefinitely such as telephones or computers. |
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Term
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Definition
| Items that are used and then must be restocked, also known as consumables. |
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Term
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Definition
| Items that are considered major and involve expenditures above a predetermined dollar amount. |
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Term
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Definition
| A request to order supplies. May or may not need to be approved. |
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Term
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Definition
| A list of supplies packed and shipped, supplied by the vendor in the package with the supplies. |
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Term
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Definition
| A list of articles in stock with the description and quantity of each |
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Term
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Definition
| A color-coded reorder reminder that is inserted into a stack of inventory items. When the card comes up, it is time to reorder. |
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Term
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Definition
| A paper describing a purchase and the amount due. |
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Term
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Definition
| A delay in billing that can be 30 to 90 days. This is when the payment is due and is usually included on the invoice. |
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Term
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Definition
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Term
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Definition
| A system of recording, classifying, and summarizing financial transactions. |
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Term
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Definition
| The debit or credit balance remaining in an account. |
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Term
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Definition
| Amounts charged with suppliers or creditors that remain unpaid. |
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Term
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Definition
| Amounts owed to a business for services or good supplied. |
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Term
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Definition
| Possessions ofvalue, which in a medical office are inventory, equipment, prepaid rent, and the amounts due from patients. |
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Term
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Definition
| Amounts owed to creditors, such as a mortgage on the medical building or accounts payable. |
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Term
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Definition
| A financial statement for a specific date or period that indicates the total assets, liabilities, and capital of the business. |
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Term
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Definition
| The review of financial data to verify accuracy and completeness. |
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Term
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Definition
| The recording part of the accounting process. |
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Term
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Definition
| The oldest bookkeeping system, requiring only one entry fr each transaction. Not self balancing. |
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Term
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Definition
| Based on the accounting equation assets = liabilities + owner equity. |
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Term
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Definition
| The original record of the doctor's services and the charge for those services. |
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Term
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Definition
| The average medical practice expenditure for supplies. Typically 4-6% of the annual gross income. |
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Term
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Definition
| A system consisting of daysheets, ledger cards, patient charge slips, and receipt forms or superbills. |
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Term
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Definition
| A record of the practice. Includes records of services rendered, charges made and monies received. Also known as the daily log or book of original entry. |
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Term
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Definition
| Amounts owed to the medical office. |
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Term
| Accounts receivable ledger |
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Definition
| A record of the charges and payments posed on patient accounts |
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Term
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Definition
| The process of copying or recording an amount from one record, such as a journal, on to another record, such as a ledger. |
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Term
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Definition
A method for checking the accuracy of accounts. |
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Term
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Definition
| Net worth of the medical office. Equals the practice's total assets minus the total liabilities. |
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Term
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Definition
| The difference between the debit and credit totals. |
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Term
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Definition
| An amount constituting an addition to a revenue, net worth, or liability account. |
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Term
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Definition
| Money owed to the patient that results when a patient has paid in advance and there has been an overpayment. |
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Term
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Definition
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Term
| Equal Credit Opportunity Act |
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Definition
| An act that states that credit arrangements may not be denied on the basis of a patient's sex, race, religion, national origin, marital status, or age. |
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Term
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Definition
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Term
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Definition
| A fund used to pay for small or unpredictable expenditures. Parking fees, postage due, emergency supplies. The fund is usually no more than $50. |
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Term
| Reconciliation of bank statement |
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Definition
| The process of verifying that the bank statement and the checkbook balances are in agreement. |
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Term
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Definition
| A summary of the account activity that has taken place during the month up to the closing date. |
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