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What Is the Recommended Amount of Time for Keeping All

question 113

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What is the recommended amount of time for keeping all copies of bills and order forms for supplies in the event the medical practice is audited by the Internal Revenue Service?


Definitions:

Moral Hazard

The situation in which one party takes additional risks because they know they will not bear the full consequences of their actions.

Adverse Selection

A situation where sellers have more information than buyers, leading to high-quality goods and services being squeezed out of the market because they cannot be adequately priced.

Private Information

Information that some people have, but others do not.

Economic Decisions

Choices made by individuals, businesses, or governments involving the allocation of resources to satisfy their needs and desires.

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