Bundled payment occurs when multiple services are grouped together into one payment, while charge-based billing involves a specific fee for each service. To pay for medical expenses, both individuals and businesses acquire private insurance. It involves creating and submitting medical claims to insurance companies to receive payment for services rendered. Private insurance, government-sponsored insurance, and self-insurance are the three categories of health insurance available in the US. For those who qualify, government initiatives like Medicare and Medicaid also provide financial assistance with hospital expenditures. The steps involved in medical billing include acquiring patient data, confirming insurance coverage, sending claims to insurance providers, and managing the ensuing portiva. Fee-for-service billing is when a provider bills a patient based on the services provided.
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