bad debt


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Related to bad debt: Bad Debt Expense, Bad Debt Recovery

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 ?
As a result, many are in a perilous position with nearly half (47%) having no provisions in place should an unexpected bad debt arise.
Thus, taxpayers may accelerate the deduction for some portion of the bad-debt reserve if entries to the allowance account are accompanied by contemporaneous documentation indicating that the allowance is intended to reflect the partial worthlessness of specifically identifiable business bad debts occurring within the tax year.
The bad debt policy is part of the process to reduce the amount of debt owing to the council.
The principal area of concern for the trainer will probably be bad debts.
Therefore, the court denied the company's bad debt deduction and held the loans were nonbusiness debts (Commissioner v.
Actual bad debt as a percentage of net sales (which represents gross sales less rescissions) has steadily declined, from 5.
Elevated levels of uncompensated care highlight the need for close scrutiny of bad debt accounting methodologies, according to Fitch Ratings.
Global Banking News-May 21, 2015--Vietnam central bank to bring down bad debt ratio
Currently, bad debt is written off on a monthly basis and sent to an outside agency for processing.