Opportunity Cost Is Best Defined as the Value of

question 158

Multiple Choice

Opportunity cost is best defined as the value of

• A)all of the other possible options that the decision maker could have chosen.
• B)the alternative which the decision maker would choose if more resources were available.
• C)what is gained from the alternative which is chosen.
• D)resources that are given up to attain the alternative that is chosen.
• E)the next best alternative that the decision forces one to give up.

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Definitions:

HIPAA

The Health Insurance Portability and Accountability Act, a United States legislation that provides data privacy and security provisions for safeguarding medical information.

Explanation of Benefits (EOB)

A document provided by insurance companies to describe the costs covered for medical services rendered, and any patient responsibility.

Coinsurance Co-payment Amount

The portion of healthcare service costs that an insured person is responsible for paying, after the insurance has covered its share.

CMS-1500 Form

A standard form used by healthcare providers to submit insurance claims to Medicare and other health insurance providers.