wk2 dq

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There are three ways of payment in the healthcare industry; charges, negotiated amounts, discounts and retrospective cost. “First, the billing system will include the expected payments of services corresponding to agreed charges, or agreed upon discounts from usual charges (Smith, 2014).” Negotiated amounts is the amount the insurance pays and the amount they will price cut the item. For instance, they will pay some or all of the healthcare bill and whatever they don’t cover you are responsible for. Retrospective costs allocation is the yearly cost for insurance companies. In a hospital setting it is important to develop a list of charges for services that are paid on the basis of charges. The amounts charged by healthcare organizations most insurance company like to negotiate payment amounts for inpatient and outpatient services (Smith, D. G. 2014). For some physician’s services there are payments that insurance companies negotiate and that is the fee schedule or fee screen. The fee schedule are payments received for services that
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