One of the Uses of Coded Data (I

question 16

True/False

One of the uses of coded data (i.e., ICD, CPT) is reimbursement for health care services rendered by health care providers.

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Definitions:

Service Business

A type of business that provides intangible products or services to consumers, as opposed to selling physical goods.

Overhead

General, ongoing business expenses not directly attributed to creating a product or service, including rent, utilities, and insurance.

Direct Labor

Labor costs that are directly attributed to the production of goods, including wages for workers who manufacture a product or perform a service.

Gross Profit

The difference between sales and the cost of goods sold, representing the profit from trading activities before deduction of overheads and other selling expenses.