Term
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Definition
Chapter 7
Chapter 13
Chapter 11 |
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Term
Define Bankruptcy type
Chapter 7 |
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Definition
Individual and corporation
Debtor has no means to pay
Assets divided among creditors by precedence i.e.
Administrative cost
Secured debt
Unsecured debt |
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Term
Define Bankruptcy type
Chapter 13 |
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Definition
Individual
Repayment plan over time
Court determines repayment |
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Term
Define Bankruptcy type
Chapter 11 |
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Definition
Corporations
Reorganization to meet obligations by remaining an ongoing concern |
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Term
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Definition
Debtor meets terms of bankruptcy proceeding
Creditor must accept bankruptcy plan |
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Term
| Define bankruptcy dismissal |
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Definition
Debtor fails to meet terms of bankruptcy proceeding
Creditor free to pursue debt |
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Term
| List bankruptcy ineligible debt |
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Definition
Taxes
Student loans
Child support obligations |
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Term
| Define Bankruptcy requirements |
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Definition
| Reform mandated in 2006 in an effort to stop abuse potential bankrupts must undergo income test to determine bankruptcy type and consumer credit counseling |
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Term
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Definition
AKA known as Truth in Lending Act, 1982, 1993
Requires disclosure about terms and cost
Rights to cancel certain transaction
Regulates certain credit card practices
Fair and timely resolution of credit billing disputes |
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Term
| Regulation Z applies when what conditions are met |
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Definition
The credit is offered or extended to consumers
The offering or extension of credit is done regularly
The credit is subject to a finance charge or payable by a written agreement in more than 4 installments
The credit is primarily for personal, family or household purposes |
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Term
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Definition
Amount financed
Interest rate
Number of payment
Total amount paid
Late payment policy
Demand feature
Prepayment penalties |
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Term
| Define Fair Debt and Collection Practice |
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Definition
Effective in 1996 by FTC
Amends Consumer Credit Protection Act
Prevention of abusive collection practices
Prohibits harassment, abuse and deceptive practices
Established requirements |
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Term
| Define FDCPA requirements |
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Definition
Written notice of debt
30 days to dispute balance
Timely response to concerns
No collection action during dispute |
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Term
| Define FDCPA harassment and abuse practices |
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Definition
Limit calling between 8:30 a.m.-9:00 p.m.
Prohibits repetitive calling
Prohibits threats and obscene language |
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Term
| The Fair Credit Reporting Act governs |
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Definition
Who may access debtors records
How many creditors report consumer agencies
Means for debtors to correct errors in records |
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Term
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Definition
Subject to collections regulation
Collection agencies
Have predictive dialers
Specialized software |
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Term
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Definition
Unintentional skips
Intentional skips
False skips |
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Term
| Collection agency make up |
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Definition
Flat fee or contingency per account
Specialized software
Specialized in skip-tracing
Ability to file suite/obtain judgments |
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Term
| When sending out a RFP to a collection agency one should |
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Definition
Include information about the type of accounts
Evaluate agency size and year of experience
Define how payment are to be handled
Define how accounts are to be handled
Check references
Define educational offerings
Determine the number of accounts to be placed |
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Term
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Definition
With recourse
Patient defaults provider returns to provider
with interest
Without recourse
Patient default risk accepted by bank
Higher interest, more stringent
application process |
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Term
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Definition
| The percentage of bad debt recovered by a collection agency after all fees are deducted |
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Term
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Definition
| Total collected / total referred |
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Term
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Definition
| Total collected x contingency rate |
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Term
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Definition
| Net recovery / total referred |
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Term
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Definition
| Net recovery / total referred |
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Term
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Definition
| Total collected - contingency fee |
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Term
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Definition
| Net bad debt / net revenue |
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Term
Metrics
Net bad debt revenue |
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Definition
| Gross revenue - Allowance - Charity - Bad debt - other non cash deduction |
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Term
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Definition
Can't pay.
Someone who has no means of paying for medical services or treatment and is not eligible for benefits under Medicaid or any other public assistance program |
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Term
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Definition
| Clerical errors that occur during the registration process |
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Term
| List 5 skip tracing resources |
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Definition
Telephone directory
Cross reference directories
Credit bureaus
US Postal Service
Department of Motor Vehicles |
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Term
| List factors to consider about vendor when outsourcing self - pay AR |
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Definition
Is evening and weekend contacts available
Bilingual staff available for phone contact/ paperwork
Is bilingual letter series available
Can abandon calls be measured
Is a dialer available
What available skip tracing tool are available
Can you measure improvement in patient relations
What training is available |
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Term
| List key elements to consider when purchasing a call center system |
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Definition
Features that will support operational objectives
Employee training
Call schedule options
Inbound /outbound call routing
Abandoned call volume
Established contacts per hour
Caller ID regulation
Technology updates and advancements |
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Term
| List considerations for developing a Charity Care Policy for a facility |
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Definition
Definition of Charity
Determine which department must comply
When will the determination be made
Which services will qualify
Who will qualify |
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Term
| List steps to take when receiving notification of a deceased patient |
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Definition
Explore reimbursement opportunities
Identify third party guarantors
Determine status of the estate
If determining no source of payment determine if the account could write off debt as charity |
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Term
| What is a predictive dialer |
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Definition
| Collection system based on predefined criteria such as time of day, available collectors, average lenght of call, success rate etc |
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Term
| List predictive dialer features |
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Definition
Uses parameters to adjust itself to maximize the number of calls handled
It can screen out answering machine calls and generate a call back request
Reports can be scheduled or run on demand |
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Term
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Definition
| A person assigned by the court to represent someone who is incapacitated |
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