CMAA Financial Management and Accounting 1 — Questions and Answers
Question 1: What is a superbill used for in a medical office?
- Ordering medical supplies
- Documenting charges for services rendered (Correct answer)
- Scheduling patient appointments
- Verifying insurance eligibility
Correct answer: Documenting charges for services rendered
A superbill (encounter form) itemizes all services, diagnoses, and charges from a patient visit for billing purposes.
Question 2: What does 'accounts receivable' represent in a medical practice?
- Money the practice owes to vendors
- Money owed to the practice for services rendered (Correct answer)
- Employee payroll expenses
- Equipment purchase costs
Correct answer: Money owed to the practice for services rendered
Accounts receivable (A/R) represents money owed to the practice by patients and insurance companies for services already provided.
Question 3: What is a co-pay?
- The total cost of a medical procedure
- A fixed amount a patient pays at each visit (Correct answer)
- The annual deductible amount
- The insurance premium payment
Correct answer: A fixed amount a patient pays at each visit
A co-pay is a fixed out-of-pocket amount a patient pays at each medical visit, as defined by their insurance plan.
Question 4: In medical billing, what does EOB stand for?
- End of Benefits
- Explanation of Benefits (Correct answer)
- Evidence of Billing
- Extension of Benefits
Correct answer: Explanation of Benefits
EOB stands for Explanation of Benefits, a statement from the insurer detailing what was covered and the patient's remaining balance.
Question 5: What is the purpose of a day sheet (daily journal) in a medical office?
- Tracking staff attendance
- Recording all daily financial transactions (Correct answer)
- Scheduling daily appointments
- Logging daily medication orders
Correct answer: Recording all daily financial transactions
A day sheet records all financial transactions for a given day, including charges, payments, and adjustments.
Question 6: Which term describes the amount a patient must pay out-of-pocket before insurance begins covering costs?
- Co-pay
- Premium
- Deductible (Correct answer)
- Co-insurance
Correct answer: Deductible
A deductible is the set amount a patient must pay before their insurance policy begins paying for covered services.
CMAA Financial Management and Accounting 1
What is a superbill used for in a medical office?