Which of the Following Steps to Medical Billing Should Be

question 28

Multiple Choice

Which of the following steps to medical billing should be performed prior to rendering medical services?

• A) Verify the patient's eligibility for insurance coverage
• B) Collect patient insurance information
• C) Code the diagnosis and procedures
• D) Complete the CMS-1500 health insurance claim form
• E) Both A and B

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Definitions:

Marginal Cost

Marginal Cost is the additional cost incurred from producing one more unit of a good or service, an important concept in economics for decision-making regarding production levels.

Deadweight Loss

describes a loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is distorted by external factors like taxes or subsidies.

Demand Curve

represents the relationship between the price of a good and the quantity of that good consumers are willing to purchase.

Monopoly Power

Monopoly Power describes the ability of a company or entity to control the price and supply of a product or service, due to the lack of significant competition.