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Cutting Patients a Break Your Financial Hardship Policy

As premiums and deductibles rise and coverage shrinks, more and more patients have difficulty paying for their health care. You can provide financial relief to your patients if you wish, but you should only do so in accordance with a uniform hardship policy.

As a general rule, the practice should not routinely waive co-pays or deductibles, or offer discounts based on a patient’s statement that the patient is suffering from financial hardship. If the practice does routinely offer discounts or waivers of deductibles without properly investigating a patient’s financial wherewithal, the practice runs the risk of violating its payor contracts, being accused of committing insurance fraud, and/or paying an illegal kickback to induce patients to come to the practice. Some payor contracts require the practice to bill the payor the lowest rate that the practice bills any of its patients, a so-called -most favored nation provision.- Typical Medicare participation agreements are subject to this type of provision. If the practice waives deductibles or co-pays, then insurers often take the position that the amount being billed by the practice to the insurer ought to be reduced by the amount waived. In addition, a regulator could conceivably accuse the practice of waiving co-pays and deductibles as a means of inducing patients to seek treatment from the practice in violation of anti-kickback laws.

The practice should offer discounts, waive co-pays and/or deductibles only after it has conducted a diligent inquiry into the patient’s finances, and made its own determination as to whether the patient is suffering a financial hardship. The practice should make this inquiry periodically with respect to repeat patients to assure itself that the patient’s financial situation has not changed. We suggest the practice develop an application for financial hardship that collects documents and information regarding a patient’s household income, assets and liabilities. The practice should then review this data in relation to Federal or state poverty income guidelines and determine, in a uniform manner, whether a discount is appropriate.

3 Professionals Tips from Someone With Experience

Bookkeeping Services – Why They Are Important Successful businesses have gone through a lot of tasks before they could reach the success that they are savoring. They made sure that they have the best solutions and products, the best customer service support, and the right business setting for the improvement of their reputation. When all these aspects are done carefully and appropriately, then surely your business will become successful. However, these are just few and there are more factors that you need to look into to make sure that your company or business will be successful. For instance, there should be a perfect business plans and schedules in order to make sure that your solutions and products are given on time. Also, you should have the best workers who are having the same aim as you have. Finally, your business should get the right financial services. There will be a better financial ventures for every business who will opt for financial services such as the bookkeeping services as it allows them to ensure that they have the best services for their clients. There are still many more advantages that you can have with bookkeeping services. Here are the advantages that you can experience with bookkeeping services.
3 Professionals Tips from Someone With Experience
1. Appropriately Address Financial Obligations
5 Uses For Businesses
Bookkeeping services can help business owners to properly deal with the financial obligations. This is possible because you can have the help from the knowledgeable and skillful professionals especially with matters to finances. With their help, you can be sure that all of your business financial tasks and other legal obligations are properly addressed. They are also good in assisting you when it comes to paying your taxes and to ensure that there will be no issues and problems to face regarding the matter. 2. Offer the Best Financial Advices Aside from the knowledge they can impart to you to help you make good financial decisions, they can also give you business advices that are effective. When you get their advices, you will surely learn about how to deal with your financial obligations and needs. 3. You Will Experience Better Business Ventures You can experience to have better business ventures when you get the help from the bookkeepers. With the fact that you are confident enough that you can accomplish your financial tasks more appropriately, then having a better venture is possible. So, you can focus yourself on other matters that requires your utmost attention. Moreover, bookkeepers are also good in organizing and arranging financial statements to help you better understand the needs you have with profits, sales, and financing. Bookkeepers can offer various benefits and these are just some of them. Bookkeepers can help your business financial needs and help your business grow and succeed.

Financial Jargon Basic Finance Terminology Explained

The financial business is adding new terms and neologisms every month due to the increasingly complexity of personal finance and commerce or business relationships. However, for someone that is not familiar with all this jargon it turns very difficult to understand even the basic explanatory brochures or articles explaining common products. To clear some basic concepts, following is a list of common terms used frequently on financial flyers and other pieces of writing.

Collateral, Guarantee, Security

There are two types of loans out there: Secured and unsecured. Unsecured loans are awarded to people without other assurance of repayment than their word (signature) or personal credit. This means that if the borrower fails to repay the loan, the lender has no other means of claiming his money than taking the debtor to court on a long and tedious legal process.

Enhancing Financial Inclusion in India

http://egov.eletsonline.com/2013/10/enhancing-financial-inclusion-in-india/

Anurag Jain Joint Secretary, Department of Financial Services Ministry of Finance, Government of India

-Government has issued detailed strategy and guidelines on Financial Inclusion, advising banks to open branches in all habitations of 5,000 or more population in underbanked districts and 10,000 or more population in other districts,- says Anurag Jain. In Conversation with Nayana Singh.

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