Medical Payment Codes
Medical payment codes are an important feature to any practice management software as it usually becomes a reflection of your accounts receivable reports.
Learn how setting up your payments codes can influence the way your patients make payments to your office along with identifying how it will affect the way your provider views reports in the PM software.
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Payment codes can be customized in a way the works for your office
Payment Code examples are: Patient Payment, Aetna, BCBS, Cigna (Insurance) Payments, Outside Collection Agency or Miscellaneous Payment types.
Payment Codes are viewable in the patients billing history screens so usually the more descriptive you are with the codes the easier it is to recognize who has paid.
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Some Practice Management Systems will default your payment codes on the patient statements.
An example of how this can help your office is let's say a patient has dual insurance Aetna as primary and Blue Cross Blue Shield as secondary. The primary insurance pays and you indicate a Aetna Payment amount. You bill the secondary insurance and they deny their portion as they applied it towards patient balance. You indicate the second payment amount as BCBS payment $0.00. The statement goes to the patient and they can see that your office billed both Aetna and BCBS. This can usually save the office from receiving a patient phone call.
To learn more about Payment Codes please Watch our FREE Medical training video.
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