1 If you took in no more paymentscollections your organizati

1. If you took in no more payments/collections, your organization could pay bills for the next 382 days. This is known as .............

2. Why is it important to have a good understanding of your payor mix?

3. Please explain why it is important for a patient to see an in-network provider. Think financially.

4. Have high deductible health plans been a success? Who have they helped or hurt the most? Please explain your answer and answer ALL parts of the question.

5. Define the difference between pre-registration and precertification.

6. True or False: A procedure or service can have an HCPCS code but NOT a CPT code?

7. Explain the difference between bad debt and charity and why you must have a good record keeping process for both.

8. Describe the structure and importance of a strategic financial plan

9. Revenue- operating expenses = ............

Solution

1. If you took in no more payments/collections, your organization could pay bills for the next 382 days. This is known as ............. ans ..advance or prepaid bills

5. Define the difference between pre-registration and precertification.

Pre-Certification

A pre-certification requirement means that a payer must review the medical necessity of a proposed service and provide a certification number before a claim will be paid. This is often true with elective surgeries--a physician or nurse with the payer must review a physician\'s order and the medical record to agree that a proposed procedure is medically appropriate.

Pre-Registration is BEFORE the event. Attending this will allow you to skip the Registration Line at the event and head directly to the Entry Line. There will be cosplayers and a raffle drawing during Pre-Registration to keep you entertained!

9. Revenue- operating expenses = ............ Gross profit

8. Describe the structure and importance of a strategic financial plan  

Importance of Financial Planning

Financial Planning is process of framing objectives, policies, procedures, programmes and budgets regarding the financial activities of a concern. This ensures effective and adequate financial and investment policies. The importance can be outlined as-

A procedure or service can have an HCPCS code but NOT a CPT code?

answer true