"Where Every Doctor Counts!"

580-369-5500 or Toll Free 866-660-2455

For the month of January receive your insurance verifications free for a period of 2 month with a signed billing contract.   

COLLECT THE”OUT OF POCKET” FROM YOUR PATIENT.

Most medical insurance has an out of pocket (OOP) expense.

The out of pocket expense amount is set by the insurance company according to the patient’s policy.  The set amount must be collected by the provider at the time of each visit until said amount is reached.  The patients insurance will only pay a certain percentage as established in plan until all OOP amount is reached.  So say you have a patient come into your office.  You call the insurance company and they tell you the patient has an 80/20 plan.  This means the insurance will only pay 80% of allowed amount. The patient has a $2500.00 OOP.  Until that $2500.00 is met the insurance will only pay 80% of the allowed amount, if all OOP has been met the insurance should pick up 100% of the allowed amount.  Patient may have an individual OOP or a family OOP.  This again depends on the insured’s policy. Some insurance allows the amount the patient pays on co-pay and deductible to be used towards their OOP expense.  Some do not allow accept the deductible and co pays as part of the OOP.  These are question that are asked of the insurance representative when you verify the patients insurance, at this the representative should be able to tell you the patients OOP and how much patient has paid toward this amount. 

Is your practice collecting the deductibles, co pays and out of pocket fees, or are you leaving this money on the table?  Do you understand all the ins and outs of the patient insurance plans?

If you don’t understand you could be losing money every day on each patient.  Contact us we can help you know so you lose the money due you.  We also offer a billing contract that includes insurance verifications when you need them. We customize you a verification form suited for your practice. 

EDC Practice Management will create more Revenue, more Freedom and more Peace of Mind for your medical practice on a daily basis.

Remember the deductibles!!!

Since the New Year is upon us don’t forget to collect your deductibles and copays. As you may or may not know most insurance companies work on a calendar year, however some use a fiscal year i.e. July to July. You may find out this information during the insurance verification. When  insurance company starts a new year the patient’s deductible amount start over.  

What is a deductible?

A deductible is a sum of money paid by the insured before any benefits are paid by the insurance company according to patients’ policy.  Deductible are a standard practice with most all insurance companies. 

What is the difference between copay and deductible?

The deductible is the patient responsibility owed to the provider. After the insured has paid the deductible the insured then pays a copay at each visit.  Copay is a set amount from the insurance company the patient pays  to the provider.  Say the deductible is $500.00 and the copay is $50.00, after patient meets the $500.00 deductible then the insured pays the $50.00 copay and the insurance should pay the remaining amount according to the policy of the insured. 

Remember, collect the deductible if you want to be paid by the insurance and collect the copays too.  The money is owed you at the time services are rendered.  Also, when calling for an insurance verification remember to ask if the deductible has been met and if not how much is owed.  

If you do not like calling for verifications EDC Practice Management will do the work for you.  Ask us how you can sign up for this service as well as have all your billing and management needs met.   Go to www.edcpracticemanagement.com and sign in so we may contact you and make your life easier.

 Sign a contract this month and receive 2 months free insurance verification.

EDC Practice Management will work to keep your medical practice up to date with the latest news and resources .

EDC Practice Management will create more Revenue, more Freedom and more Peace of Mind for your medical practice on a daily basis.

EDC PRACTICE MANAGEMENT

“Where Every Doctor Counts”

 

HAPPY NEW YEAR 2013

Here we are the old year behind us and a new year before us.  EDC Practice Management would like to take this time to wish everyone a happy and prosperous new year.  We would also like to say thank you to all of the providers who trust us with your billing and practice management.  Thank you to the providers who have been with us since the beginning in 2001 and all the new providers as well. We would also like to say welcome aboard to those providers who have just joined us and we are looking forward to serving you in the years to come.  We are so blessed to work with such a great group of providers.  

1 Thessalonians 5:18 in everything give thanks; for this is God’s will for you in Christ Jesus.

Be sure to read our up-coming blogs this month.  January draws our attention to several different causes. Cervical Cancer, Glaucoma, Birth Defects, and it is also National Blood Donor month.  We will be posting bits of information on each one of these topics. 

www.edcpracticemanagement.com

EDC Practice Management will create more Revenue, more Freedom and more Peace of Mind for your medical practice on a daily basis.