A Common Billing System That Bills Each Patient Only Once

question 20

Short Answer

A common billing system that bills each patient only once a month but spreads the work of billing over the entire month, sending statements to groups of patients every few days, is called ________ billing.

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Definitions:

Interest Expense

Financial obligations an entity must meet for the use of borrowed capital over a set period.

Interest Paid

The total amount of interest paid by the borrower to lenders over a specific period of time for the use of borrowed funds.

Premium

The amount paid for an insurance policy, above the standard cost or for bonds, it's the amount by which the bond's selling price exceeds its face value.

Discount

A reduction from the usual cost of something, typically applied to incentivize purchase or payment within a certain timeframe.