Certified Revenue Cycle Representative (CRCR) Practice Exam

What is the correct way to handle the retention and payment of agency fees?

1. The agency provides an annual settlement of monies received by the health care provider and the agency.

2. Compare estimated collection costs to actual costs incurred.

3. Validate bank deposits weekly as funds are received from the agency.

4. Follow the contractual agreement between the agency and the provider as to how monies sent to the agency will be handled.

The correct answer is: Follow the contractual agreement between the agency and the provider as to how monies sent to the agency will be handled.

The correct way to handle the retention and payment of agency fees is to follow the contractual agreement between the agency and the provider regarding how the funds will be managed. This option emphasizes the importance of adhering to the specifics outlined in the contract, which serves as the foundation for the relationship between the agency and the healthcare provider. Contracts typically define the terms of payment, retention fees, and the responsibilities of both parties, ensuring that both the provider and the agency clearly understand their obligations. By following the contractual agreement, both parties can ensure compliance with legal and financial regulations, mitigate risks of disputes, and maintain a transparent process for managing funds. This structured approach helps to foster trust and accountability in the revenue cycle process, leading to smoother operations and satisfaction for both the agency and the provider.