CMAA Financial Management and Accounts Receivable 1

Question 1

What is a 'copayment' in the context of medical billing?

Accepted Answer

A fixed amount a patient pays at the time of service

Answer

A copayment is a fixed dollar amount a patient pays at the time of service, as determined by their insurance plan.

Question 2

What is the purpose of a 'day sheet' in a medical office?

Accepted Answer

To record daily financial transactions

Answer

A day sheet is a daily log of all financial transactions including charges, payments, and adjustments.

Question 3

Which term describes the amount a patient must pay out-of-pocket before insurance begins covering costs?

Accepted Answer

Deductible

Answer

A deductible is the annual amount a patient must pay out-of-pocket before their insurance plan begins paying.

Question 4

What does 'accounts receivable' (A/R) represent in a medical practice?

Accepted Answer

Money owed to the practice by patients and insurers

Answer

Accounts receivable represents the total money owed to the medical practice by patients and insurance companies for services rendered.

Question 5

A patient's insurance pays 80% of a $200 claim after the deductible is met. What is the patient's coinsurance responsibility?

Accepted Answer

$40

Answer

If insurance pays 80%, the patient owes the remaining 20% of $200, which equals $40 coinsurance.

CMAA - Certified Medical Administrative Assistant Practice Test