Verification of Insurance Benefits Is Usually Done By

question 12

Multiple Choice

Verification of insurance benefits is usually done by:

• A)requesting a letter of eligibility from the carrier
• B)calling the insurance carrier
• C)calling the patient's employer
• D)asking the patient the effective date

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Definitions:

Accounting Equation

The fundamental principle of accounting that states Assets = Liabilities + Equity, which must always be in balance for accurate financial reporting.

Net Income

Net income is the total profit of a company after all expenses, including taxes and operational costs, are subtracted from its total revenue.

Total Liabilities

The sum of all financial obligations a company has to external parties, including both short-term and long-term debts.

Accounting Equation

The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).