Lesson 12: Off-site payment, refunds and outstanding payment
Account Types
AR - Accounts Receivable
AP - Accounts Payable
money owed by patients to another entity in exchange for good or services that have been delivered or used but no yet paid for
debts that must be paid off to another entity (e.g. vendors, medical equipment suppliers) within a given a period of time in order to avoid default
GL - General Ledger
P & L - Profit & Loss
record of financial transactions over the life of a company - holds account information that is needed to prepare financial statements, and includes accounts for assets, liabilities, owners' equity, revenues and expenses
financial statement that summarizes the revenues, costs, and expenses incurred during specific period of time
- Page 10/49 (Benefits & Constraints of various payment modes)
Other payment methods
AXS
Cheers Payment Counter
Singpost Payment Counter
Online
SAM
Payment Issues
Reconciliation Issues
Delay in reflecting correct payment status
Payment amount may not be tallied with outstanding amount
May take longer time to clear and billing system may not reflect the correct payment status (remain outstanding though payment was made)
Credit Card Charging Process
Page 17/49
Refund
There must be a credit balance in the Account Receivables in order for refund to be made
Refund is required in such scenarios
Service paid but not performed
Lapse in service provided (wrong diagnosis/wrong result)
Over-charge of service rendered
Return of medications
Deposit balance from surgery
Duplicate Payments
Refund can be partial (half of the prescribed medication was return)
Refund Process
Refund voucher (stating the reason for refund)
Mediaction refund note from pharmacy
approval from supervisors and finance departmet
Issues with refunding patients
Monitoring required
Limited mode of refund
Cheque issued
Rrfund approved
System updated
Cheque cleared
Potential fraud