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Why is cost accounting so important in health care? correct answers Though costs have such a minor role in deermining prices, cost accounting is very important in a healthcare organization. Because reimbursment is predetermined, managment must focus primarily on finding ways tomanage cosgts, so cost...

Steps used to control costs of managed care include: correct answers Bundled codes Capitation Payer and Provider to agree on reasonable payment DRG is used to classify correct answers Inpatient admissions for the purpose of reimbursing hospitals for each case in a given category w/a negotiated...

Definition of cost correct answers Can be the amount paid for the service. It can also be the amount paid for salaries or to other vendors Direct Cost correct answers Are the costs that can be traced directly to a department, product, or service (Salaries, Employee benefits, medications, supplies...

Through what document does a hospital establish compliance standards? correct answers Code of Conduct What is the purpose of the OIG work plan? correct answers Communicate issues that will be reviewed during the year for compliance with Medicare regulations If a Medicare patient is admitted on...

Define Revenue Cycle correct answers REVENUE CYCLE ----- is the series of events and services provided prior to, during, and after the course of treatment Departments that contribute to the Revenue Cycle. correct answers Departments that contribute to the Revenue Cycle. 1. Access 2. Health...

Through what document does a hospital establish compliance standards? correct answers code of conduct What is the purpose OIG work plant? correct answers Identify Acceptable compliance programs in various provider setting If a Medicare patient is admitted on Friday, what services fall within t...

Contribution Margin correct answers Difference between marginal revenue and marginal cost. Break-even point correct answers Level of sales volume of a product producing the exact amount of contribution margin needed to cover fixed costs. Overhead correct answers Indirect Costs Activity-base...

Describe the paper and electronic claims flow process. correct answers 1. Electronic Claim Submission= EDI claims forwarded to either directly or via EDI clearing house/ vendor. 2. Claims Verification= Clearinghouse specifications and insurance company requirements used to validate transmitted c...

provider - general correct answers A party rendering medical care such as a physician or hopsital facilities provider correct answers Includes hospitals, skilled nursing facilities, assisted living facilities, home health agencies, and ambulatory centers professional provider correct answers i...