• Insurance Policies vs Bonds

    Business

    In commercial practices, it is common to ask if a company is insured. However, you may also hear a company indicate that they are bonded. If you are trying to decide between a company carrying an insurance policy or a bond, here is some information that might help you out.

    The Differences

    The types of coverage provided by these two financial services is one of the primary differences between the two. An insurance policy is a type of risk management secured by a contract between an insurance company and the insured. The insurance provider makes a promise to the policy holder that they will be compensated in the event of a covered loss (as outlined in the contract).

    With a fidelity bond, such as an employee dishonesty bond, it is an insurance policy that cannot be traded nor can it collect interest like a surety bond. These can either …

  • Hospitals Face a Complex Billing Situation in Today’s Insurance Environment

    Business

    Healthcare costs are higher than ever, and providers often find themselves dealing with reimbursements that are less than expected. Hospitals should review their contracts carefully in these cases.

    What Is the Standard?

    The Centers for Medicare & Medicaid Services (CMS) provide a framework for medical reimbursements that many healthcare providers assume will be the norm going forward. However, insurance companies continue to strategically limit their risks by negotiating contracts that may differ from these standards. Executive level managed care expertise is required to negotiate contracts in cases like these.

    Ensure Payment Within Terms

    Healthcare contracts are one thing; getting paid within terms is often another challenge. Your collections department must be on top of trends with your patients and their insurance companies to ensure that you collect as much as possible.

    Code Correctly

    Insurance coding is complex at best. Numerous articles in the popular press have introduced the public to …

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