Name and briefly explain three types of bankruptcy
What will be an ideal response?
Any three of the following:
• Chapter 7—All nonexempt patient assets are sold and the proceeds distributed to creditors. Secured creditors, like mortgage or car loans, are paid first; unsecured creditors, like medical providers, are paid last. This type of bankruptcy is considered complete in that most or all patient debt dissolves. If the patient's assets are less than their debts, the medical office may not receive any of the amount outstanding and may have to write off the patient's balance.
• Chapter 9—Used for town reorganizations. This does not apply to medical bills.
• Chapter 11—Used for business reorganizations. This does not apply to medical bills.
• Chapter 12—Used by farmers who cannot meet their financial obligations. This does not apply to medical bills.
• Chapter 13—Protects debtors from creditors while the debtors arrange to repay all or some of their debts over 3- to 5-year periods. When those periods end, the balances on most debts dissolve. With this type of bankruptcy, the medical office may receive a portion of the amount outstanding on the patient account over the 3- to 5-year period.
You might also like to view...
Most panoramic machines have wide focal troughs in the anterior region
Indicate whether the statement is true or false
What is ROM?
A. software that uses more than one medium B. the primary computer chip that is responsible for interpreting and executing programs C. permanent memory that provides the basic operating instructions the computer needs to function D. the main circuit board that controls all other components in the system
An electrocardiography device that includes a small cassette or microchip recorder and records the heart rhythm over a 24-hour period is a(n) ________ monitor.
Fill in the blank(s) with the appropriate word(s).
Case Studies—Nervous System Operative Report
Abstract from Documentation: 1. What is another medical term that describes repair? 2. Time to Code: