The Basic Planning Process Ends with Implementing the Plan

question 99

True/False

The basic planning process ends with implementing the plan.

Describe the billing procedures and services, including third-party billing and patient installment agreements.

Understand the use of practice management software in financial bookkeeping and reporting.

Recognize the processes involved in managing uncollectable accounts and the role of collection agencies.

Identify various billing systems used in medical offices, including pegboard and double-entry systems.

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Definitions:

Par Value

The nominal or face value assigned to a share of stock or bond, typically used in accounting as a base value rather than market value.

Dividend Liability

Refers to the amount a company owes to its shareholders after the board of directors declares a dividend but before the company has actually paid it.

Date of Declaration

The specific date on which a company's board of directors announces its intention to pay a dividend to shareholders.

Cumulative Preferred Stock

A type of preferred stock where dividends accumulate if not paid in a given year, and must be paid out before common stock dividends.