Quite often I will be approached by an established doctor who wants to get out of all the insurance networks they joined and become a “cash practice” and at the same time I am approached by doctors who have “cash practices” and are considering becoming network providers with insurance carriers.
They have many reason for wanting to go one way or the other. In my article titled “Playing the Insurance Game – You Can Have Your Cake and Eat It, Too” which appeared in the July 15, 2010 issue of Dynamic Chiropractic, I write about four different ways you can play the “insurance game” as I call it. It includes descriptions of the four different game plans, along with important information that should be considered before determining which one is best for you.
One of my biggest concerns is when doctors tell me they want to become a “cash practice” is because they don’t have to document or code the way doctors do who are submitting claims for their patients and accepting payment directly from the carriers. PLEASE, PLEASE, PLEASE check with your State Board to determine if this is correct. I know that in California the regulation 318 doesn’t state that you are excluded from documentation when you have a “cash practice”.
Also many state have laws regarding prompt payments aka time of service discounts, pre-paid plans, etc… Please know what your state requires. Just because your colleague does it doesn’t mean that what they are doing is legal. Do your due diligence.
Please join me for the Essential Coding For The Chiropractic Practice Webinar on either August 23, 2018 or September 25, 2018, in which we will cover the basics of ICD-10, HCPCS and CPT.
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