The AP reported the proposed Medicare cuts would be delayed by 10 days. Read the excerpt below:
Amid intense political pressure from the nation’s doctors, the Bush administration said Monday it would hold off on a 10 percent fee cut in Medicare payments to doctors that was slated to kick in Tuesday.
The Bush administration is giving members of Congress time to prevent the reduction in payments from the federal health insurance program for the elderly when lawmakers return from a July 4 recess. The administration said the Centers for Medicare & Medicaid Services would not process Medicare claims for the first 10 days of the month, which in effect would allow Congress time to reconsider a vote to stave off the cut.
What this means is, regardless of what congress will do, Medicare will be holding your claims for 10 and probably more day until processing them. If you see a lot of Medicare clients, that means you cash flow could be seriously impacted and, depending on your client mix….you business.
As we’ve written in the past, take a look at your client mix, make alternative plans. If you have a large Medicare client base, this could very definitely impact your business negatively (as would the proposed cuts). Are you prepared to weather this storm?
{ 2 comments… read them below or add one }
My understanding is that all claims for dates of service July 1 through July 10 will be held? I started seeing patients in Nursing Homes the end of March. I have yet to see a payment as it took quite a while to get medicare number, then get accepted by medicare for electronic billing as well as the clearing house…..every turn there seems to be a delay. I am hoping this ‘hold’ will not impact my claims already submitted? Does anyone know the answer to this?
Hi Sue,
Welcome to NPBusiness.
As of right now, CMS states they will hold claims for DOS 7/1-7/10/08. We hope it won’t be much longer. Claims for DOS prior to 7/1/08 should process on their regular schedule. Our office received payments last week for prior claims.
Barbara
http://www.NPBusiness.ORG
http://www.NPBusinessOwner.com