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First Page Testimonials
Graduate
Medical Education Credentialing
Specialty Networks
AddVal, Inc.
1018 Street
Road
Suite 102
Southampton, PA 18966
215-396-8972
FAX: 215-364-2187
Web Site:
www.addvalinc.com
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The majority of our clients
receive more than half their revenue from Medicare! As most
of you have encountered recently, the folks at Medicare are
being besieged with changes in requirements that are making
physician practices cringe.
If your practice was in place prior to the generation of the
855 series of forms in July 2006, you will be required to
complete an 855B form if you make ANY changes to your
practice – add a new physician for billing, change address,
change billing, etc.
The 855B form is a fifty-one (51) page document that
requires a complete listing of all owners, licenses,
business certificates, etc. The majority of the document is
directions and supplemental pages so it is very easy for
practices to get lost in the completion of the form. If you
work on the form very slowly and thoroughly in conjunction
with the directions, the process for Medicare moves forward
easily. However, if any item is incomplete or incorrect, the
Medicare process can take more than six (6) months for
approval. The impact on the practice’s cash flow can be
dreadful! |
In addition, the new regulations
require that the Medicare EFT forms be completed for the
electronic payment system. For electronic payments, Medicare
requires that the following documents match exactly:
• NPI Group letter
• IRS document
• Checking account name
For examples, if the practice
name is AddVal, Inc according to the IRS tax ID letter, the
NPI group letter and checking account name must match
exactly. If the checking account is titled “AddVal” instead
of AddVal, Inc., Medicare will not approve the EFT form. In
addition, if the NPI Group letter is titled “AddVal Inc.”
(no comma), Medicare will not approve the EFT form.
Hospitals and other not-for-profit organizations are also
being required to submit information for their billing. They
are now required by Medicare to provide the name, social
security numbers & dates of birth for all members of the
organizations’ Board of Directors. In addition, if their
files do not have their five number zip code with the four
number specifier, the payments are being denied or delayed. |
