Which term refers to a record of outstanding balances owed to the hospital for services rendered?

The term that refers to a record of outstanding balances owed to the hospital for services rendered is known as accounts receivable. This term encompasses all the amounts that a healthcare facility is entitled to receive from patients and third-party payers for services provided. In the context of health insurance billing, accounts receivable serves a crucial role in tracking the revenue that is expected to be collected, thus providing insight into the financial health of the hospital.

Understanding accounts receivable is essential for managing cash flow within a healthcare setting, as it indicates how much money is owed and helps in planning for collections and potential write-offs. The management of accounts receivable also involves follow-up with patients and insurers to secure payment, making it a vital component of the revenue cycle.

In contrast, payor mix pertains to the variety of payment sources (like private insurance, Medicare, Medicaid) an institution receives funds from, rather than a record of specific balances. The financial ledger is a broader accounting term that describes the complete financial transactions of the institution but does not specifically refer to outstanding balances. The charge master is a comprehensive list of items billable to patients or insurance providers, outlining the various services and their corresponding charges, but again, it does not focus on the outstanding balances. Thus,