A Fee for Service (FFS)system Was the Traditional Health Insurance

question 29

True/False

A fee for service (FFS)system was the traditional health insurance plan that paid a fee for a provided service by the provider. This system increased the costs of healthcare throughout its history.

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Definitions:

Accumulated Depreciation

The total amount of depreciation that has been recorded for an asset since it was acquired.

Interest Payable

A liability account that represents the amount of interest expense that has been incurred but not yet paid to creditors.

Correcting Entries

Adjustments made in accounting records to amend errors or omissions in the previously recorded transactions.

Accumulated Depreciation

The aggregate cost of a tangible asset that has been amortized as a depreciation expense from the time the asset started being used.