Day Sheet Ledger Patient Daysheet Ledger Blackburn Primary C

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Day Sheet Ledger Patient Daysheet/Ledger Blackburn Primary Care Associates 1990 Turquoise Drive Blackburn, WI / ( Patient Name: Patient Address: City State Zip Code Home Phone Cell Phone: Email MR# Entry Date Reference Service Charge Payment Adjustment Previous Balance Current Balance Ledgers and Computing Patient Balances Work through the following information, and record it on the ledger card. Meagan Joy Reynolds 5534 Joe Pool Lake Road #233 Cedar Hill, Texas (home) (cell) [email protected] MR# REYM3341 Entry # Transaction 1. Meagan comes to the Blackburn Primary Care Clinic on April 12 as a new patient. Her initial charge is $375 because she had a series of x-ray examinations, which were used to diagnose a blockage in her small intestine. Dr. Lupez recommends that she have surgery to correct the blockage as soon as possible. Meagan pays her bill in full with check #7110, although she has insurance coverage through her own policy with Prudential and her husband’s policy through Southwest United Healthcare. 2. Meagan checks into Mercy Hospital and has surgery on April 21. Dr. Lupez charges $7500 for the surgery and aftercare, which will take approximately 6 weeks. This charge will be filed with Meagan’s insurances. 3. Meagan returns to the clinic on April 30 for a follow-up office visit. The charge is $150, which she pays in full with check #7261. Dr. Lupez says that she is doing very well since her surgery and asks her to return in mid May for another checkup. 4. On May 2 the clinic receives an insurance payment from Prudential in the amount of $6200. This money is applied to Meagan’s account. The check number is 617761. 5. On May 3 the clinic receives check #7313 in the mail from Meagan for $300, which is applied to her account. 6. Meagan returns to the clinic on May 14 for an office visit. The charge is $75, and she pays $50 with check #7512. 7. Southwest United sends a check to the clinic for $800 on May 27, which is applied to her account. The check number is 8710. 8. Meagan sends a check for $125 to be put toward her account. The check, #7915, is posted on June 2. 9. Meagan returns to the clinic for an office visit and laboratory work on June 17. Her charges total $352, and she pays $150 with check #8116. 10. On June 20 the clinic receives Meagan’s check toward her account for $100. Her check number is 8411. 11. Meagan visits the clinic for treatment of a migraine headache on June 26. Her charge is $85, and she pays $50 with check #8626. She schedules a follow-up visit with Dr. Lupez for June 30. 12. When Meagan returns for her follow-up visit on June 30, her office visit is $85, but she is unable to make a payment. 13. On July 5 the clinic receives a payment from Prudential on behalf of Meagan for $276. The Prudential check number is 721146. 14. On July 22 check number #7915 for Megan totaling $125.00 was returned by the bank for non sufficient funds. 15. On October 22, in accordance with the clinic policy of reporting accounts to a collection agency after 3 months of nonpayment, the office manager reluctantly reports Megan’s account to Smith Collections. The full balance is written off. 16. On December 12, a payment of $141 check number 5469 is received from Smith Collections for Megan's account. Since the account was previously written off, the initial write off balance must be reversed before the payment is applied. 17. A credit adjustment of $30.00 must also be posted to Megan's account for Smith Collections fee. Sheet1 Bank Deposit Template Bank Deposit Detail Payments Bank Number By Check or PMO By Coin or Currency Credit Card TOTALS CURRENCY COIN CHECKS CREDIT CARDS TOTAL RECEIPTS LESS CREDIT CARDS $ TOTAL DEPOSITS DEPOSIT DATE FIRM Prepare a bank deposit slip for a $1787.32 deposit. Use the information below. 1. Cash includes six (6) $20 bill, one (1) $100 bill, one (1) $50 bill, two (2) $10 bills, one (1) $5 bill, and one (1) $1 bill. 2. Check payments were #2387 for $67.00 from Sue Patrick and #460 for $50.00 from Ronald Rodriguez. 3. Credit card payments were $100.00 and $250.00. 4. An insurance payment for Alejandro Sanchez arrived in the amount of $1374.32. The payment was from Aetna and was check #309.

Paper For Above instruction

In this paper, I will analyze the detailed transactions involved in managing the patient account for Meagan Joy Reynolds at Blackburn Primary Care Associates, as well as the procedure of preparing a bank deposit. The process encompasses various stages including patient registration, billing, insurance processing, collections, and bank reconciliations, which altogether demonstrate key aspects of healthcare accounting and financial management.

Patient Account Management and Ledger Recording

Handling patient accounts requires meticulous attention to accurate record-keeping and transaction validation. starting from the initial visit on April 12, where Meagan was registered as a new patient with an initial charge of $375 for diagnostic x-rays. Her payment was made in full via check #7110, reflecting a straightforward cash transaction. This exemplifies the importance of accurately documenting services rendered, charges, and payments received to ensure proper crediting to the patient's ledger account (Neumann & Neumann, 2019). The ledger entry would include the service date, charges, payment, and any adjustments or insurance payments that follow.

Insurance Claims and Reimbursements

The subsequent surgery on April 21 represents a significant charge of $7500, scheduled to be submitted to insurance providers, Prudential and Southwest United Healthcare. Insurance claims are fundamental in healthcare finance, facilitating the reimbursement process. In this scenario, insurance payment from Prudential of $6200 was received on May 2 and applied to the patient's account. Accurate posting of insurance payments is crucial to avoid discrepancies, requiring timely recording of checks and proper allocation of insurance reimbursements (Ginsburg & Mushlin, 2017). The remaining balance after insurance coverage, along with subsequent payments, reflects typical patient account balance updates.

Patient Payments and Collections

Patient follow-up visits, such as those on April 30, May 14, June 17, and June 26, involve charges posted to the ledger and payments received, often by check or cash. Tracking such payments involves reconciling amounts paid with charges, and managing partial payments or non-sufficient funds (NSF). For instance, a check on July 22 from Megan was returned due to insufficient funds, which highlights the need for rigorous account monitoring and collections policies. The account was eventually sent to a collection agency on October 22, after repeated nonpayment, which underscores the importance of timely collection procedures to mitigate bad debt (Konder & Drake, 2021).

Adjustments and Write-offs

When accounts are deemed uncollectible, they are written off, as was the case when Megan’s account was reported to Smith Collections. The process of reversing a prior write-off upon receipt of payment from collections involves adjusting the ledger to reflect the recovery of previously uncollectible amounts (Banaszak-Holl & Melnick, 2018). Furthermore, miscellaneous credit adjustments, such as the $30 fee paid to collections agencies, illustrate the significance of posting accurate adjustments to maintain accurate financial records.

Bank Reconciliation and Deposit Preparation

The second part of the scenario involves preparing a bank deposit slip for a total deposit of $1787.32. The detailed breakdown includes combining cash, checks, and credit card payments, ensuring each component aligns with the recorded patient payments. The cash component includes multiple bills totaling a calculated sum, while checks from Sue Patrick and Ronald Rodriguez, alongside credit card payments and an insurance reimbursement from Aetna for Alejandro Sanchez, are documented to facilitate reconciliation. Accurate bank deposit preparation is vital for balancing clinic cash flow and ensuring financial accuracy (Epstein & Jaffe, 2020).

Conclusion

This case exemplifies the multifaceted nature of healthcare financial management, highlighting the importance of precise record-keeping, effective insurance processing, diligent collection practices, and accurate bank reconciliation. These elements collectively ensure the financial stability of healthcare practices and foster trust in patient-provider financial interactions. Effective management of these processes can mitigate errors, reduce bad debt, and enhance revenue cycle performance, all critical for successful healthcare administration.

References

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