1. What is the first step of the life cycle of a payment claim? a. The patient checks in at the front desk. b. Denials and appeals have been closed. c. Coinsurance payments are met. d. Treatment plans have been identified. ANSWER: a FEEDBACK: a. Correct. The revenue cycle is the life cycle of a payment claim that begins when the patient checks in at the front desk and ends after all payments or denials and appeals have been made. b. Incorrect. The revenue cycle ends when all payments or denials and appeals have been made. c. Incorrect. Coinsurance is the percentage the patient pays for covered services after the deductible has been met and the copay has been paid. d. Incorrect. Bills must accurately describe the treatment or service so that the claim can be paid appropriately. POINTS: 1 DIFFICULTY: Easy REFERENCES: Introduction QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: LO: 1.1 - Identify the steps in the revenue cycle. OTHER: Bloom's: Understand DATE CREATED: 6/2/2023 1:17 AM DATE MODIFIED: 6/2/2023 1:20 AM 2. Why is it important that the process of managing billing cycles be performed accurately and on a timely basis? a. to maintain cash flows b. to ensure deductibles have been met c. to enable the organization to become a covered entity d. to prevent Medicare abuse ANSWER: a FEEDBACK: a. Correct. Throughout the process of managing billing cycles, cash flow must be maintained to enable health care facilities to deliver quality care to their patients and stay in business. b. Incorrect. The insurance provider, not the provider of the service, will ensure that deductibles have been met. c. Incorrect. Health care organizati