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Interest Payments

There are two ways you can indicate an interest payment from an insurance company:

  • Create a Positive Adjustment on a procedure from the claim the insurance company is paying interest on, and apply the extra payment to that charge. Use "Insurance Interest Payment" or something similar as the adjustment type.
  • Enabling the Provider Level Adjustments feature.

Provider Level Adjustments are usually not related to specific charges that the payer received. Such adjustments are financially independent from the formula for determining benefit payments on behalf of the beneficiary receiving care. Consequently, providers must be able to post these types of adjustments to the general ledger rather than to the patient's account receivable.

To enable Provider Adjustments, go to the MacPractice menu and select Preferences. In the preference window, select Ledger in the sidebar, then select the Payment tab. Under the Payment tab, select the Insurance Payment tab and check the checkbox labeled Enable Provider Adjustment Ability in Insurance Payment Window.

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After enabling this checkbox, close the window; your changes will be saved automatically. This is a global preference, so changing it on one computer in your office will change the setting on all computers in your office.

In the insurance payment window, you will see a new checkbox to the right of the Electronic Funds Transfer item: Make Provider Adjustments. It will be enabled after you enter a check amount. When you check this box, you will see a line item for each provider in the database added to the payment window. Enter the amount of the interest payment for each provider on their line item. 

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Save the payment. You will see an Ins. Credit To Provider line item on the ledger. This adjustment will be associated to the original Insurance Company payment when selected.

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You can use the Provider Adjustment report (in the Accounting/Financial section of the Reports ability) to track these adjustments.

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    Keya Cote

    You can create a mock charge in the fee schedule with a zero dollar unit fee like you would for a balance forward. Or refund the amount to the provider so it does not show as a credit on the account.