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