The Upgrade to Version 5010 Standards for Electronic Claims Submission

question 25

Short Answer

The upgrade to Version 5010 standards for electronic claims submission was required in 2012 to allow providers to submit either ___ or ___ code sets.

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Definitions:

Equipment

Tangible assets used in operations, such as machinery or computers, that have a useful life beyond one accounting period.

MACRS

Modified Accelerated Cost Recovery System, a method of depreciation in the United States that allows businesses to recover investments in certain property through tax deductions over a specified life.

Scrap Value

The estimated value that an asset will realize upon its sale at the end of its useful life; often used in depreciation calculations.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, obsolescence, or other declines in value.