Certain Data Elements Are Required When Submitting a HIPAA Standard

question 33

True/False

Certain data elements are required when submitting a HIPAA standard transaction, whereas others are only necessary in specific situations.

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Definitions:

Fixed Asset

Long-term tangible property that a firm owns and uses in its operations to generate income, such as buildings and machinery.

Useful Life

The estimated period over which an asset is expected to be usable by an organization, after which it is considered to be no longer useful for business operations.

Residual Value

The estimated worth or salvage value of an asset at the end of its useful life.

Net Income

The total profit of a company after all expenses, including taxes and operational expenses, have been deducted from total revenue; essentially, it's the bottom line of the income statement.