Wiki Closing a Practice

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easumma

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Does anyone have any info for closing a practice? We are wondering about patients that have been making payments on thier account and now that the practice is close what do we do with those payments?
 
I work for a medical billing company and over the years we have assisted Dr.s in closing their practices. For anyone with an outstanding balance the physician decides what would be a fair settlement amount then we offer it to the patient as either a reduced cash settlement or they can pay the balance with a credit card.

Sue
 
Does the practice in question utilize a collection agency?

If so...those accounts you could not settle as described, could be transferred to the collection agency.

The practice need no longer be open in order to collect old debts.
Those which could not be settled, you could turn over to a collection agency.

the doctor in question should still retain records in case of any disputes, so that the documentation could be given on request, to the agency and the patient.
 
What about insurance payments?

When closing a practice, the insurance payments still have to be posted correct? Also, what do you do when the physician just wnats to be done and does not want to accept anymore payments from patients? Can that just be written off?
 
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