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The business practices of medical offices

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The point of a medical office is to help people, but it is a business that needs to generate money to stay open.

For this assignment, please include the following:

â?¢Identify the difference between billable revenue and collections.
â?¢Consider how a medical office might be helped or hindered by a disparity between receivables and collections.
â?¢Give an example of how a medical office should go about collecting bills that are 60 days past due.
â?¢List the advantages and disadvantages of using computerized banking for a medical office.
â?¢State whether standard banking (for example, physically taking checks to a bank) is better then computerized banking, and explain your answer.

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Solution Summary

This solution answers questions about the various business and accounting practices that take generally take place in medical offices.

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Billable revenue is the money received by the medical office from patients who have received medical services or medical care. Collections is the moeny that has not been received due to patient's inability to pay.

If there is a disparity between collecions and receivables this can hinder medical offices. Billable revenue can hurt medical offices if it has be turned to collections because sometimes the patient who owes the money may never pay the amount for services he/she underwent at the medical office. A disparity between receivables and collections would also likely lead to an inaccurate calculation of current assets on a financial statement or current dtermination of what is needed to billed for a patient.

In order for a medical office to collect bills that are 60 days past due employees should take the following steps:
Call the patient to let him/her know that he/she has not paid for a specific ...

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