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In reviewing the office's profit and loss statement, the office manager notices a discrepancy between the stated revenue and cash deposits. In fact, it appears that the office may have incorrectly booked $250,000 in revenue for the month. If this error turns out to be a fact, then the office will be unable to meet all of its financial obligations.

Suggest a procedure to ensure timely billing and explain the importance of such procedures for timely billing. Explain how timely billing relates to the medical officeâ??s cash flow.

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Solution Summary

This solution shows the value of timely billing as it relates to the medical office's cash flow.

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A procedure for timely billing begins with setting standards. Depending on the medical office, it may choose set a limit of billing within 48 hours of providing care or within a week. Because many third party payers not accept electronic billing, a medical billing application can be utilized to bring up any patient accounts that have not been billed within the past 48 hours, indicating those patient accounts require immediate attention and must be billed right away. If a medical director also has access to the ...

Solution provided by:
Beatrice Martino, MEd
Education
  • MEd, Jones International University
  • BSc, DeVry University
  • MPH, Walden University
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