bad debt

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Related to Bad debts: doubtful debts, Provision for Bad Debts

bad debt

Any bill submitted for payment by a third-party payer or patient which is not paid in full, and unlikely to be paid for various reasons

bad debt

Medical practice Any bill submitted for payment by a third-party payer or Pt, which is not paid in full

bad debt

(bad det)
Unrecoverable debt.

bad debt

a professional fee that is owed but is not recoverable by the normal procedure of submitting three accounts at one month intervals and rendered from the veterinarian's office. A bad debt must be written off as a loss or placed in the hands of a professional debt collector or a solicitor to collect. If bad debts exceed 2% of the gross income the management of the practice should be investigated.
References in periodicals archive ?
The company had successfully implemented similar best practices in 1999 when facing increased bad debt expense at that time.
If, instead, this third party made loans to the nonpaying parent to satisfy the support obligation, the third party could obtain a bad debt if the loan became worthless.
To successfully claim a business bad debt deduction in the event that the debt becomes worthless, the circumstances at the time of the agreement should support the taxpayer's contention regarding his motivation.
NBE applies various techniques to reduce the bad debts portfolio including; debt rescheduling, increasing the bank's stake in defaulting companies' capital and floating defaulting clients," Abou El-Fotouh said.
Lloyds said it saw a significant slowdown in the level of bad debt charges as improving economic conditions help borrowers on to a firmer footing.
Banks have been hit by rising bad debt since last year as more and more people renege on repayments on loans and credit cards, the price comparison website said.
The company's UK chief executive, Dyfrig John, said the bank had kept its bad debt levels flat despite a sharp increase in personal insolvencies.
However, counter to the way implemented by many taxpayers, the repeal of the reserve method does not require them to rely on the write-off entry recorded for financial accounting purposes; Congress intended to allow a deduction for partially worthless business bad debts in the year in which ascertained worthless, provided they are charged off by the taxpayer.
The cash set aside to cover bad debts and extra investment in the business wiped out strong growth in Barclaycard's UK and overseas revenues.
Much of the pounds 1billion figure came from Barclay-card, where charges on bad debts rose by more than a third to pounds 696million.
A council which has set aside pounds 16m to cover bad debts has agreed a new scheme to improve collections.