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Guidelines for treatment of malpractice claims reduces diversity.

Various accounting practices are used for the treatment of medical malpractice claims, related malpractice insurance, and trust funds. To decrease the diversity of accounting practices in these areas and provide more specific guidance to healthcare providers, the AICPA has issued several proposed guidelines concerning accounting treatment of asserted and unasserted medical malpractice claims, providers' claims-made insurance policies, retrospectively rated insurance premiums, captive insurance companies, and trust funds.

Accounting↗

Collecting from third-party payers.

Self-pay collections and insurance collections are similar. Phone the insurance company, obtain a firm payment date, and follow up when payment is not received. Be organized and persistent. Don't hesitate to contact the patient for help. This is the patient's bill that you are trying to collect. You are working on his behalf but the patient is ultimately responsible for payment. The bottom line in third-party collection is phone contact and persistence.

Accounting↗