Payments

Payments are used to lower the practice’s Accounts Receivable amount, while registering a positive cash flow into the office. Like charges, there are different types of payments that will be used for different reasons.

Insurance Payment

Insurance Payments are used to register any payments coming from insurance carriers.


Code: The Code 1 field is slightly different for Payments than it is for charges. There are no standard codes that must be entered for payments. You can create codes that are easy for you to remember, or easy for you to enter. There is also no need to enter or utilize Alternate Codes.

Prepayment: This box will allow you to enter this payment code without applying it. This is necessary, because payments are usually applied to specific charges. If the payment is a prepayment, the applicable charges have not been incurred.

Tips and Tricks:
In order to function properly, you will only need one insurance payment code. Some offices, however, like to report on payments coming in from individual insurance carriers. One easy way to do this is by creating different payment codes for each insurance carrier. For example, the code MP could be used for Medicare payments.

Cash Copayment

Cash Copayments include all the same fields as Insurance Payments. All fields have the same functionality as well. This code is used to enter co-payments that have been made using cash. Copayments will only be made by patients, guarantors, or any party that is not the insurance carrier. For this reason, when entering a Cash Copayment code into Transaction Entry, the Who Paid field should always be the Guarantor.

Check Copayment

Check Copayments have the same functionality as Cash Copayments, but are designed to be used when entering copayments made by check.

Credit Card Copayment

Credit Card Copayments have the same functionality as Cash and Check Copayments, but are designed to be used when entering copayments made with a credit card.

Tips and Tricks:
It is not critical that you set up codes for all three types of copayments. The billing process will function properly if you simply use the same code for each copayment.
However, you will not be able to get the same level of reporting on your copayments. Additionally, you will not have the ability to print accurate bank deposit slips if you do not utilize the different copayment types. Medisoft v12 introduced the ability to track missed copays. This will be discussed in more detail in the Payment Application section.

Cash Payment

Cash payments include all the same fields as the other payment types. This code is used to enter payments that are NOT copayments, that are made using cash. This type of payment code is usually used after the insurance carrier has paid, and the patient still owes money. It is also used for cash patients who have no insurance carriers, and therefore have no copayments due (because they will be responsible for paying all charges in full.)

Check Payment

Check Payment codes contain the same functionality as Cash Payments, but are used to enter subsequent payments made by check.

Credit Card Payment

Credit Card Payment codes are used to enter subsequent payments made by Credit Card. The functionality, as expected, is the same as that for all other payments.

 

Tips and Tricks:
Similar to the Copayment codes, it is not necessary that you create codes for each of the three types of payments. The most important thing for you to do is to make sure that these payment codes are only used for patient payments, and not for insurance payments.
If you wish to be able to report on the different types of patient payments coming in, you will want to create codes for each of these three types of patient payments. This will also allow you to print accurate bank deposit slips.

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Medisoft Practice Setup Step 10B Payment Setup, 10.0 out of 10 based on 1 rating
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