Subject/Class: Introduction to Healthcaare Insurance Coding Billing and Reimbursement
Commercial insurance ranges from individual health coverage to automobile liability coverage. All commercial policies have similarities and differences, and there are critical areas to address in billing for each type.
Tasks:
Describe at least three commercial insurance programs.
Provide the major features of each program.
Discuss how these programs differ from each other.
Briefly describe how to bill for each program.
Please cite references
In: Nursing
2. Rodriguez Company reported the following balances at November 30, 2019:
Gross Sales Revenue $16,000
Sales Returns and Allowances 600
Sales Discounts 300
Cost of Goods Sold 7,600
3. Reid Supply sells backpacks and other school supplies. The company uses a perpetual inventory system. During June, the following transactions and events occurred:
June 4 Sold 70 backpacks at $25 each to Hunter Company, terms 2/10, n/30, F.O.B. Shipping Point.
June 6 Gave credit of $150 for the return of 6 backpacks purchased on Sept. 4 that were defective.
June 14 Received a check as payment in full from Hunter Company.
Instructions: Please write the journal entries for the June sales transactions for Reid Supply.
In: Accounting
| Accounts Receivable | $20,000 ($30,000 in the previous year) |
| Total Current Assets | $300,000 |
| Investments | $50,000 |
| Total Assets | $1,000,000 |
| Total Current Liabilities | $100,000 |
| Total Long-Term Debt | $400,000 |
| Total Liabilities | $500,000 |
| Net Income | $300,000 |
| Total Revenue (Sales) | $900,000 |
| Industry average: Current ratio | 1 |
| Industry average: Solvency ratio | 2.5 |
| Industry average: Profit margin ratio | 35% |
(1) What is the Current Ratio of this company; and (2) who would prefer a lower current ratio?
A. (1) 2; (2) Managers
B. (1) 3; (2) Owners
C. (1) 2; (2) Owners
D. (1) 1; (2) Creditors
What is the Accounts Receivable Turnover (ART) ratio of this company?
A. 36 times
B. 81.82 times
C. 90 times
D. 45 times
What is the Average Collection Period of this company?
A. 10.14 days
B. 12.25 days
C. 9.6 days
D. 30.1 days
(1) What is the Solvency Ratio of this company; and (2) who would prefer a higher solvency ratio?
A. (1) 2; (2) Managers
B. (1) 1; (2) Creditors
C. (1) 2; (2) Creditors
D. (1) .5; (2) Manager
(1) What is the Profit Margin of this company; and (2) who would prefer a higher profit margin ratio? (Round to the nearest whole number)
A. (1) 35%; (2) Owner
B. (1) 33%; (2) All (Owners, Creditors, and Managers)
C. (1) 33%; (2) Manager
D. (1) 45%; (2) All (Owners, Creditors, and Managers)
In: Accounting
Traditionally 35% of the students at Wortham University were in the Business College, 35% of the students were in the Liberal Arts College, and 30% of the students were in the Education College. To see whether or not the proportions have changed, a sample of 300 students was taken. Ninety of the sample students are in the Business College, 120 are in the Liberal Arts College, and 90 are in the Education College. The hypothesis is to be tested at the 5% level of significance. The critical value from the table equals
In: Statistics and Probability
In: Nursing
Why we use sampling techniques in research, suggest the most suitable sampling technique to obtain the necessary data, giving two reasons each for your choice. a) What support do faculty members require in the current covid 19 situation, from a University? b) Which advertisements do people remember watching talk shows? c) How are textile companies planning to respond to the introduction of new taxes?
In: Psychology
Fueleconomy.gov, the official US government source for fuel economy information, allows users to share gas mileage information on their vehicles. The histogram below shows the distribution of gas mileage in miles per gallon (MPG) from 14 users who drive a 2012 Toyota Prius. The sample mean is 53.3 MPG and the standard deviation is 5.2 MPG. Note that these data are user estimates and since the source data cannot be verified, the accuracy of these estimates are not guaranteed. Report all answers to 4 decimal places. 1. We would like to use these data to evaluate the average gas mileage of all 2012 Prius drivers. Do you think this is reasonable? Why or why not? , because . The EPA claims that a 2012 Prius gets 50 MPG (city and highway mileage combined). Do these data provide strong evidence against this estimate for drivers who participate on fueleconomy.gov? Conduct a hypothesis test. Round numeric answers to 3 decimal places where necessary. 2. What are the correct hypotheses for conducting a hypothesis test to determine if these data provide strong evidence against this estimate for drivers who participate on fueleconomy.gov? (Reminder: check conditions) A. H0:μ=50 vs. HA:μ>50.3 B. H0:μ=50 vs. HA:μ≠50 C. H0:μ=50.3 vs. HA:μ<50 D. H0:μ=53.3 vs. HA:μ≠53.3 3. Calculate the test statistic. 4. Calculate the p-value. 5. How much evidence do we have that the null model is not compatible with our observed results? A. little evidence B. very strong evidence C. strong evidence D. extremely strong evidence E. some evidence 6. Calculate a 95% confidence interval for the average gas mileage of a 2012 Prius by drivers who participate on fueleconomy.gov.
In: Statistics and Probability
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.
| Jan. | 8 | Purchased merchandise for resale on account. The invoice amount was $14,820; assume a perpetual inventory system. | |
| 17 | Paid January 8 invoice. | ||
| Apr. | 1 | Borrowed $54,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. | |
| June | 3 | Purchased merchandise for resale on account. The invoice amount was $17,420. | |
| July | 5 | Paid June 3 invoice. | |
| Aug. | 1 | Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $21,000. | |
| Dec. | 20 | Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. | |
| 31 | Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes). |
1. Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31. Balance sheet (partial)
In: Accounting
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.
Requirements:
1)Prepare journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2)Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3) Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.
| Jan. | 8 | Purchased merchandise for resale on account. The invoice amount was $14,820; assume a perpetual inventory system. | |
| 17 | Paid January 8 invoice. | ||
| Apr. | 1 | Borrowed $54,000 from National Bank for general use; signed a 12-month, 11% annual interest-bearing note for the money. | |
| June | 3 | Purchased merchandise for resale on account. The invoice amount was $17,420. | |
| July | 5 | Paid June 3 invoice. | |
| Aug. | 1 | Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $21,000. | |
| Dec. | 20 | Received a $280 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. | |
| 31 |
Determined wages of $8,600 were earned but not yet paid on December 31 (disregard payroll taxes). |
In: Accounting
Suppose that GLC earns a $2000 profit each time a person buys a
car. We want to determine how the expected profit earned from a
customer depends on the quality of GLC's cars. We assume a typical
customer will purchase 10 cars during her lifetime. She will
purchase a car now (year 1) and then purchase a car every five
years—during year 6, year 11, and so on. For simplicity, we assume
that Hundo is GLC's only competitor. We also assume that if the
consumer is satisfied with the car she purchases, she will buy her
next car from the same company, but if she is not satisfied, she
will buy her next car from the other company. Hundo produces cars
that satisfy 80% of its customers. Currently, GLC produces cars
that also satisfy 80% of its customers. Consider a customer whose
first car is a GLC car. If profits are discounted at 10% annually,
use simulation to estimate the value of this customer to GLC. Round
your answers to one decimal digit.
$
Also estimate the value of a customer to GLC if it can raise its customer satisfaction rating to 85%, to 90%, or to 95%. You can interpret the satisfaction value as the probability that a customer will not switch companies.
| Satisfaction rating | Customer value to GLC |
| 85% | $ |
| 90% | $ |
| 95% | $ |
In: Statistics and Probability