Speed: Speed of payment is crucial, especially in times of crisis-like, basically, all of 2020-when cash can be hard to come by.Luckily the good folks at Clio have done a ton of research on the value of offering electronic payments to your clients. I’ll wrap up with some higher-level ideas because getting paid is about more than just money. In this article I’ll take a page from Simon Sinek’s 2009 book (well, technically, I’ll steal the title) and Start With Why: Why should you accept electronic payments? After that, I’ll move pretty quickly to the nuts and bolts of “how” to get paid electronically and then discuss who offers these services. But like every good and rational idea, there’s plenty more evidence than just this singular example to demonstrate the value of accepting electronic payments. There’s little need to look much further than this story to firmly illustrate why all firms needs to be prepared to accept electronic payments even if it’s not the main way they get paid. We inquired further, and he went on, “The clients are paying just fine, and my practice and business haven’t been affected by the lockdown.” We were confused and asked, “What’s the problem?” “The problem,” he said, “is that I’ve only ever been paid by check and all of my checks are in a PO box that, now, I can’t get access to.” Health care differs from many other industries in that the unit of payment remains variable and unsettled.Note: This article was originally printed in the November/December 2020 issue of the ABA GP Solo Magazine.īack in mid-March, as the world was rapidly collapsing, we at Gravity Legal (an electronic payments and money management firm for which I serve as head of marketing and partnerships) got a frantic call from an attorney in California.
#Bill4time payment method list add method professional
Many professional norms and business practices have been established to mitigate undesirable incentives. No payment method is neutral on quality because each encourages and discourages the provision of care overall and in particular situations. For each unit of payment, providers are rewarded for increasing units while decreasing their own cost per unit. The taxonomy also enables prediction of conflicts between payers and providers. This taxonomy makes it easier to understand trends in payment reform-especially the shifting division of financial risk and the movement toward value-based purchasing-and types of payment reform, such as bundling, accountable care organizations, medical homes, and cost sharing. The 8 methods are typically combined to balance risk and thus balance incentives between payers and providers.
Method 4 (per episode) marks the line between epidemiologic and treatment risk. Financial risk gradually shifts from being primarily on providers when payment is per time period to being primarily on payers when payment is per dollar of charges. They also correspond to the division of financial risk between payer and provider, with each method reflecting a risk factor within the health care spending identity. These methods are more specific than common terms, such as capitation, fee for service, global payment, and cost reimbursement. Each method is defined by the unit of payment (per time period, beneficiary, recipient, episode, day, service, dollar of cost, or dollar of charges). Eight basic payment methods are applicable across all types of health care.
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