Lesson 1 Quiz Review Insurance Billing & Coding

Which of the following statements describes a major trend in the healthcare industry today?

• There is an increase in hospital visits

• Insurance companies are covering more services

• There is a shift of payment responsibility from employers and insurance companies to patients

• Employers are paying more for employee insurance

Why is the work of insurance specialists an increasingly complex job?

• Providers deal with only one type of insurance

• Healthcare practices do not have to follow any regulations

• The work is simple and straightforward

• Healthcare practices work with managed care contracts, providers must follow federal and state regulations, and providers deal with many health plans

A practice's operating expenses are called __________.

• Accounts receivable

• Accounts payable

• Revenue

• Net income

What is the term for the person who is the holder of the insurance policy?

• Beneficiary

• Provider

• Policyholder

• Insured party

Payments for covered services made to providers by health plans are called __________.

• Co-pays

• Premiums

• Benefits

• Deductions

A(n) __________ is an electronic or paper document that is filed to receive benefits.

• Invoice

• Prescription

• Healthcare claim

• Medical record

The amount the insured must pay before a health plan's payment begins is called a(n) __________.

• Premium

• Co-pay

• Deductible

• Benefit

A payment method based on provider charges is called __________.

• Capitation

• Fee for service

• Pay for performance

• Value-based payment

Staff members who handle billing, check insurance, and process payments are typically known as __________.

• Medical assistants

• Medical insurance specialists

• Receptionists

• Accountants

A series of steps that leads to maximum, appropriate, and timely payments for patients' medical services is called the __________.

• Claims process

• Billing cycle

• Revenue cycle

• Payment plan