For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
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Definitions:
Third-Party Payer
An entity, often an insurance company or government program, that pays for healthcare services on behalf of the patient.
Insurance Company
A business entity that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment, or hardship in exchange for premium payments.
Prospective Payment System
A healthcare payment system where the amount or rate of reimbursement is predetermined before the service is delivered.
Medicare
A federal health insurance program in the United States primarily for people aged 65 and older, as well as for some younger individuals with disabilities.
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