​The First Step in the Collections Process Is To

question 17

Multiple Choice

​The first step in the collections process is to:

• A) ​use a certified collection agency
• B) ​withhold statements for patients with accounts exceeding 90 days past due
• C) ​firmly demand payment in person and on the telephone
• D) ​advise patients of the office policy regarding payment when they call to schedule an appointment

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Definitions:

Bonds Payable

This is a long-term liability account on a company's balance sheet, representing bonds that the company is obligated to repay at their maturity dates along with interest.

Callable Bonds

These are obligations the issuer may pay off before they come due, at an agreed upon price.

Retirement

The act of leaving one's job and ceasing to work, typically upon reaching a certain age or due to personal choice, often accompanied by receiving a pension or retirement savings.

Maturity

The point in time when a financial instrument, such as a bond or loan, reaches its due date and the principal must be repaid.