Hadm 3351 test 2 - Study guides, Class notes & Summaries

HADM 3351 TEST 2 QUESTIONS AND ANSWERS RATED A What accounting structure is used for small practices? Cash Basis What accounting structure is used for larger practices? Accrual Basis What is capitation? Method of payment where the third-party payer (HMO or insurance) pays the provider group a set rate per member per month for a specific set of medical services. What is the purpose of gross collection percentage? Measures the percentage of gross charges for which cash payments are received Wh...

HADM 3351 Test 2 Latest Update Rated A+ What is Cash Basis It recognizes revenue when payment is received and records expenses when paid What is accrual basis Recognizes revenue when earned and records expenses when incurred Does sole proprietorship use accrual or modified cash basis? Modified cash basis what accounting structure does larger practices use? Accrual Which type of organizational structure is treated differently under the IRS tax code? Not-for-profit What is months revenue in a...

HADM 3351 Test 2 Review (2023/2024) 100% Pass RBRVS is made up of which 3 objectives? 1. Professional work 2. Practice expense 3. Malpractice Understanding Cash and accrual and who might use each one. - The cash basis recognizes revenue when payment is received and records expenses when paid, the cash basis standard most likely had its roots in small practices and sole proprietorship. - The accrual method recognizes revenue when earned and records expenses when incurred, the large number of med...

What accounting structure is used for small practices? - Cash Basis What accounting structure is used for larger practices? - Accrual Basis What is capitation? - Method of payment where the third-party payer (HMO or insurance) pays the provider group a set rate per member per month for a specific set of medical services. What is the purpose of gross collection percentage? - Measures the percentage of gross charges for which cash payments are received What are Stark Laws? - prohibits ...

HADM 3351 TEST 2 What accounting structure is used for small practices? - ANS Cash Basis What accounting structure is used for larger practices? - ANS Accrual Basis What is capitation? - ANS Method of payment where the third-party payer (HMO or insurance) pays the provider group a set rate per member per month for a specific set of medical services. What is the purpose of gross collection percentage? - ANS Measures the percentage of gross charges for which cash payments a...

RBRVS is made up of which 3 objectives? - 1. Professional work 2. Practice expense 3. Malpractice Understanding Cash and accrual and who might use each one. - - The cash basis recognizes revenue when payment is received and records expenses when paid, the cash basis standard most likely had its roots in small practices and sole proprietorship. - The accrual method recognizes revenue when earned and records expenses when incurred, the large number of medical groups that have been by hospita...

HADM 3351 Test RBRVS is made up of which 3 objectives? - ANS 1. Professional work 2. Practice expense 3. Malpractice Understanding Cash and accrual and who might use each one. - ANS - The cash basis recognizes revenue when payment is received and records expenses when paid, the cash basis standard most likely had its roots in small practices and sole proprietorship. - The accrual method recognizes revenue when earned and records expenses when incurred, the large number of med...