In accruing patient charges for the current month, which one of the following accounts should a hospital crec Accounts Payable. Deferred Revenue. O Public Support Revenue. O Patient Service Revenues. O Accounts Receivable.
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- When creating an Income Statement and calculating Net Patient Service Revenue, which of the accounts do you actually record as a line item on the Income Statement? O Discounts Charity Care Accounts Receivable Bad DebtRevenue Cycle and Collections Instructions The revenue cycle and the phases of the life cycle of patient accounts and collections. select and answer one of the following questions: 1. What are the steps in the revenue cycle? 2. Discuss the collection process 3. Describe the statements, dunning notices, and rules regarding the collection process.Calculate the total charge, allowed amount, write-off, patient responsibility, and carrier responsibility for each of the following situations. Use the following table for your calculations. CPT Code Provider’s Charge Allowed Amount 99212 $66.00 $54.00 93040 $44.00 $36.00 99201 $88.00 $62.00 99204 $108.00 $75.00 97032 $45.00 $29.00 97110 $45.00 $29.00 99213 $90.00 $52.00 73630 $88.00 $$72.00 Patient 2 is charged 99204, 99213 and 97032. Deductible of $70 applies. Total charge. ____________________________________________________________ Allowed amount. ____________________________________________________________ Write-off. ____________________________________________________________ Patient responsibility. ____________________________________________________________ Carrier responsibility. ____________________________________________________________
- A hospital has three revenue-controlling accounts: Patient Service Revenues, Other Operating Revenues, and Nonoperating Revenues.1. State in general terms the type of revenues found in each controlling account.2. Indicate into which of the three controlling accounts each of the following would be placed by using the symbols PS for Patient Service Revenues, OO for Other Operating Revenues, N for Nonoperating Revenues, and N/A if not a revenue item:a. Tuition for entry to the nursing school.b. An unrestricted gift of cash.c. General nursing fees charged to patients.d. Charges for physicians’ care.e. A restricted gift used for research on genes.f. Dividends from the hospital’s investments.g. Revenues from gift shop sales.h. Patient room and board charges.i. Proceeds from sales of cafeteria meals.j. Recovery room fees.k. Contributions for plant replacement and expansion.4a Describe the resource-based relative value scale payment method usedby Medicare to reimburse physicians for their outpatient services. Besure to address the unit of payment and how payment rates aredetermined and adjusted under Medicare Access and CHIPReauthorization Act (MACRA) of 2015.The Following is Receipts and Payments account of SMS Hospital. Prepare Income and Expenditure A/c for the year Ending
- Prepare the Receipts and Payment account of Sigma Hospital from the following information:Give typing answer with explanation and conclusion to all parts Though limited, which of the following does Medicare cover? a. assisted living facility care b. continuing care retirement community services c. adult day care services d. home health careWhich of these duties might a financial manager in a healthcare organization be responsible for? Prepare a year to date trial balance report for the annual tax filing Conduct data analysis to report to the board of directors on new revenue sources Complete a medical supply inventory and submit it to the purchasing department Submitting invoicing to an insurance company for payment
- Select 3 of the following EDI transactions that are processed in the format established by the Health Insurance Portability and Accountability Act (HIPAA) A Order management B Eligibility C Release of Information D Consent forms E Claims status F Payment and remittance adviceCourse Name: Principle of Healthcare Finance How does Medicare reimburse hospitals for inpatient stays?What financial statements would an NFP hospital present?