What Is One of the Biggest Mistakes Aspiring Entrepreneurs Make

question 27

Multiple Choice

What is one of the biggest mistakes aspiring entrepreneurs make with regard to competition in the market in which they intend to enter?

• A) Using the wrong distribution channel
• B) Underestimating the extent of competition he/she will face upon market entry
• C) Not advertising enough
• D) Using the wrong pricing strategy

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Definitions:

Not Allowed Amount

The portion of a bill or charge that is not covered by insurance and is not the responsibility of the patient or client.

Coinsurance Co-payment Amount

The fixed percentage or amount that an insured person is responsible for paying for medical services, after the deductible is met.

CMS-1500 Form

The standard claim form designed by the Centers for Medicare and Medicaid Services to submit physician services for third-party (insurance companies) payment; the standard paper claim form to bill Medicare Fee-For-Service (FFS) Contractors when a paper claim is allowed.

Medicaid

A program financed by the government in the United States offering health insurance to qualified adults with low income, kids, expectant mothers, senior citizens, and individuals with disabilities.