Healthcare Reimbursement Questions with Complete Answers Latest Version 2024
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Module
Healthcare Reimbursement
Institution
Healthcare Reimbursement
Healthcare Reimbursement Questions with Complete Answers Latest Version 2024
the individual elements of organizational financial transactions - Answers financial data
the exchange of goods or services for payment or the promise of payment - Answers financial transaction
person or organization su...
Healthcare Reimbursement Questions with Complete Answers Latest Version 2024
the individual elements of organizational financial transactions - Answers financial data
the exchange of goods or services for payment or the promise of payment - Answers financial
transaction
person or organization such as a corporation or professional association. - Answers entity
when the analysis of the data shows that the organization can continue to operate for the forseeable
future - Answers going concern
all of an entity's transactions must be quantified using a standard measurement. - Answers stable
monetary unit
generally the accepted standard measurement ' the 'stable monetary unit' - Answers money
also called the financial year, defined by the tax year. government = september 30, hospital june 30 -
Answers fiscal year
what is the fiscal year divided into - Answers four quarters
not all financial data represent completed transactions within a period. the financial data must comply
with ____ in that they fairly represent the financial results of the period - Answers conservatism
the thresholds below which items are not considered significatn - Answers materiality
refers to whether the data actually represent what occurred. - Answers reliability
transactions are recorded at their... - Answers historical cost
means that the measurement of any transaction takes place at the time of the transaction - Answers
historical cost
consists of funds, goods, services that increase the organization's assets as a result of it's activities
(donation of volunteer time) - Answers revenue
expenses are recorded in the same period as the associated revenue, thereby matching the expenses
and revenues - Answers matching
what is the most common variation - Answers depreciation
the systematic adjustment to the historical cost of an asset - Answers depreciation
requires that the method of depreciation not change over the life of the asset - Answers principal of
consistency
notes that accompany data and help the user to make informed decisions - Answers disclosure
, what are the accounting principals - Answers reliability, cost, revenue, matching, consistency, disclosure
what are the accounting concepts - Answers entity, going concern, stable monetary unit, time period,
conservatism, materiality,
independent organization that sets accounting standards for businesses in the private sector - Answers
financial accounting standards board
government entities (GSAB) - Answers Government Accounting Standards Board
GAAP. rules by which financial data are compiled and recorded - Answers Generally Accepted
Accounting Principals
GAAS - Answers generally accepted auditing standards
what are the three basic forms forms of financial organization? - Answers sole proprietor, partnership,
corporation
all funds remaining after current obligations, including taxes, are profits - Answers for profit
organizations
not owned but held in trust for the benefit of the communities they serve. (hospitals, AHIMA) - Answers
not-for-profit organizations
*most professional associations are organized under this type, gives them some tax benefits and the
freedom to engage in some activities unrelated to their organizational purpose - Answers 501(c)(6)
largely exempt from taxes. MUST PUBLIC BENEFIT, tax deductible donations, - Answers 501 (c)(3)
what are the three fundamental steps of transactions? - Answers goods/services provided, transaction
recorded, compensation exchanged
source document of clinical services - Answers clinical and billing documentaiton
the source document and records everything clinically relevant that happened to the patient during
interaction with organization - Answers clinical documentation
reflects the item, amount, time, date, route of administration. charges must be communicated to
patient accounts at the same time - Answers billing documentation
collects recorded transactions, bills the payer, ensures correct receipt of payment - Answers patient
accounts
responsible for identifying and recording the appropriate clinical codes that describe the patient's
interaction with the organization - Answers HIM department
responsible for accuracy, aggregating and maintaining the documentation that supports the
reimbursement - Answers HIM department
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