Register / Log In

New funds transfer rules expected to save time, money


The Centers for Medicare and Medicaid Services (CMS) says new rules governing electronic funds transfers, along with other changes that make it easier to check patients' health coverage eligibility and the status of claims, will save the national healthcare system more than $16 billion over the next decade.

The new rules streamline the data a health plan send to its bank when it pays a claim to a provider electronically and issues a remittance advice notice. In addition, a new tracking system that links the remittance notice and the payment means providers will no longer have to reconcile the two manually, thereby saving time and money for both providers and third-party payers.

"The less time a physician has to spend on paperwork is that much more time that can be devoted to patient care," wrote Marilyn Tavenner, acting CMS administrator. "Standardized procedures can only lead to lower costs and greater efficiencies."

A majority of healthcare providers think primary care physicians (PCPs) will be worse off after all aspects of healthcare reform are implemented than they are now, according to a recent survey by Managed Healthcare Executive.

Healthcare spending saw its second consecutive year of slow growth in 2010, mostly due to the poor economy, according to government analysts.

Collecting copays can be a hassle for your practice. But waiving them can get you in hot water.

Physicians should base their advice on what's best for the patient but also consider the cost of treatment, according to the latest edition of the American College of Physicians Ethics Manual.

Income alone doesn't mean financial success, especially if emotional investing is clouding your judgment.