When an Unlisted Procedure or Service Code Is Reported, a __________

question 97

Multiple Choice

When an unlisted procedure or service code is reported, a __________ must accompany the claim to describe the nature, extent, and need for the procedure or service along with the time, effort, and equipment necessary to provide the service.

• A) CMS-1500 claim
• B) copy of the record
• C) remittance advice
• D) special report

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Definitions:

Zero Economic Profit

A situation where a firm earns just enough revenue to cover its total costs, including both explicit and implicit costs.

Monopolistic Competition

A market structure in which many companies sell products that are similar but not identical, allowing for competition but with some pricing power for producers.

Profit-Maximizing

A strategy or approach used by firms to determine the price and output level that delivers the maximum profit.

Long-Run Equilibrium

A state in which all firms in a market are producing at their minimum long-run average cost, with no incentive to enter or exit the market.