"People don't think about their deductible and when the time comes, we have to educate them about their insurance," says Lisa Warren, CEO at Andrews Sports Medicine.
Last year, a medical practice lost over $30,000 in revenue from skipping a basic step in the billing process. "These are billing 101 mistakes," says Sae Evans, CPA, with Warren Averett.
Predicting what is going to happen next in Washington would put even the shiniest crystal ball into meltdown mode. Even without uncertainties about the ACA and how future changes may affect insurance--or potential shifts in policy related to the FDA and Department of Health--physicians and practice managers have plenty of strategic thinking to do these days
With the introduction of new health insurance plans stemming from the Affordable Care Act, deductibles and copays may be leaping beyond most patients’ ability to pay. “Some of our clients have seen deductibles of $5,000 or more,” says Jim Stroud, CPA, with Warren Averett Kimbrough & Marino. “Practices that have struggled in the past to collect $50 copays are going to suffer significantly.”
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