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1mo ago

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What are the two major sections of the CMS-1500 form?

insured/third party payer


What are the two major section of the CMS -1500 Claim form?

insured/third party payer


What is 4 percent 25th prox net 60?

These are accounts receivable and accounts payable terms. "4% 25th prox" means that the payer of this invoice will be granted a 4% discount (usually excluding freight costs) if the bill is paid by the 25th of the next month. "Net 60" means that the full invoice is due 60 days after the invoice date. On a Receivables side, it is important to save envelopes of incoming payments which have NOT met the discount deadline, to document when a payment was mailed. Part of the Payables/Receivables cat-and-mouse game is for a customer (the payer) to PRINT a check in time to deduct the discount - but not MAIL it until the customer has funds to cover it. The vendor (seller who is owed the money) has offered the discount if paid according to the terms, and if the payer does not honor the terms, the payer forfeits the discount. In a dispute, the remittance envelope proves the payment date. In reality, if the payer usually pays timely and is otherwise a good customer, the vendor will grant the discount. It's all negotiable.


Does a nonprofit need to provide a W-9?

Yes, a nonprofit organization may need to provide a W-9 form when requested by a payer or organization that needs to report payments made to the nonprofit for tax purposes. The W-9 form provides the nonprofit's Tax Identification Number (TIN) and confirms its tax-exempt status. This is important for ensuring accurate tax reporting and compliance for both parties involved in the transaction.


WHEN to use modifer 50?

Modifier 50 is used to indicate that a surgical procedure was performed bilaterally on both sides of the body. It should be applied when the same procedure is done on both sides during the same session, allowing for appropriate reimbursement. It is important to document the bilateral nature of the procedure in the patient's medical record to support the use of this modifier. Always check specific payer guidelines, as some may have different rules regarding its application.