Corporations with Total Receipts and Total Assets Less Than $250,000

question 106

True/False

Corporations with total receipts and total assets less than $250,000 are not required to complete Schedule L or Schedule M-1.

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Definitions:

Date of Service

The specific day when a healthcare provider performed a service or treatment for a patient.

Insurance Adjustment

The process by which insurance claims are reviewed and settled, including the calculation of reimbursement amounts.

Secondary Insurance

Exists when a patient is covered under more than one insurance plan; charges are first submitted to the primary carrier, and any charges not covered are then submitted to the secondary carrier.

Error on Claim Form

An error on a claim form refers to mistakes or inaccuracies found on insurance claim documents, which can lead to delays or denials in payment.