A Release Does Not Require Consideration to Be Legally Binding

question 55

True/False

A release does not require consideration to be legally binding.​

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Definitions:

CMS-1450

A standard form used in the United States for billing Medicare and Medicaid services, also known as the UB-04 form.

Clearinghouse

A private or public company that often serves as the middleman between physicians and billing groups, payers, and other health care partners for the transmission and translation of electronic claims information into the specific format required by payers.

Per-Claim Transaction Fee

A charge applied each time a claim is processed, typically in healthcare billing or insurance contexts.

Manual Claims Tracking

The process of monitoring and managing insurance claims by hand, without the use of automated systems or software.