Staternent of Account for Waiden-Martin Fantily 1234 AnyStreet Anytown, As 12345 Date: 113017 Account number: 7637523n FIG. 14.8 A bank sends a monthly statement to identify checks, deposits, and other charges made to an account. PSSINES RECORD RETENTION the course of business in the medical office, many Foortant documents are received. fnsurance policies for forery liability and malprsetice inswrance should be Chined by the practice until the statutes of limitations 4texpired for any potential liability, In the case of malhelicepolicies for physicians who treat children, rememWo lay the statute of limitations may not begin until the Whal is 18 years of age. Nh office documents related to the business practices of have expired. The statute of limitations varies from state to state, and an assistant should verify the statute of limitations for the state in which the medical office does business. Financial records must be retained until they are no longer needed according to the applicable statute of limitations. HIPAA HINT: The Privacy Hule requites a health care entity to keep records for privacy practices, complaints, and other Iisted items for 6 years after the last effective cate of the PROCEDURE 14.4 RECONCILE A BANK STATEMENT Materials Meeded - Current month's bank statement - Record af checks drawn or chock register - Calculator - Pen/pencil 1. All checks that have been paid by the bank should be checked on the record of checks drawn or the check register 2. Any charges applied to the account by the bank should be listed on the recordiregister and subtracted from the balance. 3. Any interest deposits from the bank should be listed on the recordiregister and added to the balance. 4. Take the ending monthly balance on the account and do the lollowing:" (a) Add any deposits made by the practice that are not inolded on the statement. (b) Subtract any checks written by the practice that have not been paid by the bank. (c) The total should then equal the ending balance in the record. If the total does not equal the balance in the reoord you should look for errors in addition and subtracton wher figuring the ending balance, as well as any other errors that may be present in the record/register. "This step mast be compieted accurateiy for the procedure to be completed successfuing. Activity 14-4 Bank Aceount Reconciliation Reconcile a bank accoant using the check register and form below and the statement pictured in Fig, 14,8. U5e Procedure 14.4 as a guide: Ending balance per statement $ Plus deposits not included an statement + Subtotai 5 Minus outstanding checks total $ LEARNING onsulecessfil completio D. Describe a manager eficient yet effectiv 2. Explain componen 3. Explain policy and 4. Peepare payroll. Penthaps the most organization is the iesent the organiza niration. All staff prictice's success. effectively without log one another's roament in which oher is perhaps bat such an envir of the practice. In this chapter ment are introduc ilibent to human is not employed a Intanagement car haman resource optiinal work en logether to provi PARTICIPAT BIBLIOGRAPHY US. Department of Health and Human Services, Office fisr Givil Rights. Summary of HIPAA Ptivacy Rule: http:l/wmwhhlis, gov? ocribipas. The itmosphere ahles such as th. thpes of patient: inherent in the asd staff who Staternent of Account for Waiden-Martin Fantily 1234 AnyStreet Anytown, As 12345 Date: 113017 Account number: 7637523n FIG. 14.8 A bank sends a monthly statement to identify checks, deposits, and other charges made to an account. PSSINES RECORD RETENTION the course of business in the medical office, many Foortant documents are received. fnsurance policies for forery liability and malprsetice inswrance should be Chined by the practice until the statutes of limitations 4texpired for any potential liability, In the case of malhelicepolicies for physicians who treat children, rememWo lay the statute of limitations may not begin until the Whal is 18 years of age. Nh office documents related to the business practices of have expired. The statute of limitations varies from state to state, and an assistant should verify the statute of limitations for the state in which the medical office does business. Financial records must be retained until they are no longer needed according to the applicable statute of limitations. HIPAA HINT: The Privacy Hule requites a health care entity to keep records for privacy practices, complaints, and other Iisted items for 6 years after the last effective cate of the PROCEDURE 14.4 RECONCILE A BANK STATEMENT Materials Meeded - Current month's bank statement - Record af checks drawn or chock register - Calculator - Pen/pencil 1. All checks that have been paid by the bank should be checked on the record of checks drawn or the check register 2. Any charges applied to the account by the bank should be listed on the recordiregister and subtracted from the balance. 3. Any interest deposits from the bank should be listed on the recordiregister and added to the balance. 4. Take the ending monthly balance on the account and do the lollowing:" (a) Add any deposits made by the practice that are not inolded on the statement. (b) Subtract any checks written by the practice that have not been paid by the bank. (c) The total should then equal the ending balance in the record. If the total does not equal the balance in the reoord you should look for errors in addition and subtracton wher figuring the ending balance, as well as any other errors that may be present in the record/register. "This step mast be compieted accurateiy for the procedure to be completed successfuing. Activity 14-4 Bank Aceount Reconciliation Reconcile a bank accoant using the check register and form below and the statement pictured in Fig, 14,8. U5e Procedure 14.4 as a guide: Ending balance per statement $ Plus deposits not included an statement + Subtotai 5 Minus outstanding checks total $ LEARNING onsulecessfil completio D. Describe a manager eficient yet effectiv 2. Explain componen 3. Explain policy and 4. Peepare payroll. Penthaps the most organization is the iesent the organiza niration. All staff prictice's success. effectively without log one another's roament in which oher is perhaps bat such an envir of the practice. In this chapter ment are introduc ilibent to human is not employed a Intanagement car haman resource optiinal work en logether to provi PARTICIPAT BIBLIOGRAPHY US. Department of Health and Human Services, Office fisr Givil Rights. Summary of HIPAA Ptivacy Rule: http:l/wmwhhlis, gov? ocribipas. The itmosphere ahles such as th. thpes of patient: inherent in the asd staff who