10+ Process Associate Level 1 Interview Questions and Answers

RTGS stands for Real Time Gross Settlement. It is a funds transfer system where transactions are settled in real-time.

• RTGS is a payment system used for large-value transactions.

• It operates on a gross settlement basis, meaning each transaction is settled individually and immediately.

• RTGS is typically used for high-value transactions that require immediate clearing and settlement.

• The minimum amount for RTGS transactions is usually higher compared to NEFT.

• RTGS transactions are p...read more

Accounts receivable is money owed to a company by its customers, while accounts payable is money owed by a company to its suppliers.

• Accounts receivable is the money that a company is owed by its customers for goods or services provided.

• Accounts payable is the money that a company owes to its suppliers for goods or services received.

• Accounts receivable is an asset on the company's balance sheet, while accounts payable is a liability.

• Managing accounts receivable involves tracki...read more

US health-care system is a complex network of public and private providers, payers, and regulations.

• US health-care is primarily provided by private sector organizations such as hospitals, clinics, and insurance companies.

• The system is heavily regulated by government agencies like the Centers for Medicare and Medicaid Services (CMS) and the Food and Drug Administration (FDA).

• Health insurance plays a major role in US health-care, with many Americans receiving coverage through t...read more

My strong weakness is perfectionism, which can sometimes lead to spending too much time on tasks. Here's how I would write an email addressing this weakness.

• Acknowledge the weakness upfront and explain how it can be both a strength and a weakness.

• Provide examples of how perfectionism has positively impacted your work in the past.

• Discuss strategies you are implementing to manage perfectionism, such as setting realistic deadlines and seeking feedback from colleagues.

• Express wil...read more

Accrual entry is a journal entry made to record revenue or expenses that have been earned or incurred, but have not yet been received or paid.

• Accrual entries are used to match revenues and expenses with the period in which they are earned or incurred, regardless of when the cash is actually received or paid.

• For example, if a company provides services in December but does not receive payment until January, an accrual entry would be made in December to recognize the revenue.

• Acc...read more

RCM stands for Revenue Cycle Management, it is the process of managing claims, payments, and revenue generation in healthcare organizations.

• RCM involves managing the financial aspects of healthcare services, from patient registration to final payment.

• It includes tasks such as verifying insurance coverage, submitting claims, and following up on unpaid claims.

• Efficient RCM can help healthcare organizations maximize revenue and minimize claim denials.

• Example: A medical billing c...read more

Invoices should be checked for accuracy and completeness.

• Check for correct billing information such as name, address, and contact details

• Verify the invoice date and number for accuracy

• Ensure all products or services listed on the invoice are correct and match the agreed upon prices

• Check for any discounts, taxes, or additional charges that may apply

• Verify the total amount due is accurate and matches the sum of all items listed on the invoice

To face pressure, it is important to stay organized, prioritize tasks, communicate effectively, take breaks, and seek support.

• Stay organized by creating to-do lists and setting realistic goals

• Prioritize tasks based on deadlines and importance

• Communicate effectively with team members and supervisors about workload and challenges

• Take short breaks to recharge and refocus

• Seek support from colleagues or supervisors when feeling overwhelmed

P2P cycle refers to the Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• P2P cycle starts with the need for goods or services, followed by requisition, approval, purchase order creation, goods receipt, invoice receipt, invoice approval, and payment.

• It involves multiple departments such as procurement, accounts payable, and finance.

• Efficient P2P cycle helps in controlling costs, managing supplier relationships, and ensuring compliance.

• E...read more

RCM process stands for Revenue Cycle Management process, which involves managing the financial aspects of healthcare services.

• RCM process involves managing the financial aspects of healthcare services such as patient registration, insurance verification, coding, billing, and collections.

• It ensures that healthcare providers receive proper reimbursement for the services they provide.

• RCM process helps in optimizing revenue, reducing claim denials, and improving overall financial...read more