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Practice Management News for Psychotherapists

October 2014

7 Ideas to Minimize Late Payments and Overdue Balances

It's the end of the month, and you are dreading looking at your monthly income report. Why?  Because every month you see unpaid balances on your accounting ledger, and you need that cash flow to help pay those end-of-month business expenses.   How do you currently go about resolving this every month?  You could send out new invoices to your clients, but that will result in duplicate costs in time and money required to re-print invoices and envelopes, stuff the envelopes, and pay for another round of postage to re-send the invoices.  Another option is to spend hours on the phone chasing insurance companies for payment updates.  Finally, there is also the “Ostrich” approach, whereby you simply stick your head in the sand and hope that you get paid soon. 

Better yet, why not take your billing and accounts receivable practices from the ridiculous to the sublime by implementing the following  tips to help you get paid faster:

Offer payment options:  Most of us don't carry cash anymore, and checkbooks are becoming non-existent.  Offer clients the option to pay their fees by credit or debit.  While there are fees associated with this form of payment, the costs related to overdue balances can be crippling to your practice, and they often far exceed the relatively nominal fees for processing credit and debit payments.

Offer pre-payment programs:  If you charge $125 a session, offer 4 pre-paid sessions a month for...READ MORE

How Do I...?

...Process a Credit Card with a Chip?

"I have a client with a credit card that has a chip on it. Can I still use Argonaut to process that credit card?"

Although it has been used globally for years, chip technology is a new direction in credit card security that is coming to the U.S. There are two different types of credit card chip technology: 1) chip with a magnetic ; and, 2) chip with no magnetic , the latter of which is mainly used outside of the U.S. In order to cater to U.S. customers,most banks are now issuing new cards containing both chip technology and the standard magnetic . Having the magnetic means that you are able to process this chip card in Argonaut as you would any other credit or debit card with a magnetic. To learn more about chip technology on credit and debit cards: https://www.bankofamerica.com/privacy/faq/emv-chip-card-faq.go

 

Argonaut News

Industry News: DSM-IV, DSM-5, ICD-9, ICD-10 ... Confused?

We often hear our users ask, "Should we be using DSM-IV or DSM-5 codes, and what is the difference between DSM Codes and ICD Codes?" 

As a therapist, you are accustomed to calling Diagnosis Codes "DSM Codes", but insurance payers refer to the codes as ICD Codes. ICD Codes are for billing and coding, but can be considered limiting when compared to the more detailed diagnostic approach of the DSM. 

The current HIPAA-compliant code set is ICD-9, which was originally compatible with DSM-IV-TR. The current Diagnostic and Statistical Manual of Mental Disorders is the DSM-5, which is designed to be compatible with the ICD-10, but the ICD-10 is not yet active and won't be active until at least October 1, 2015. If the ICD-10 is delayed, then why are we supposed to be using the DSM-5? No wonder we are all confused!

The release of the DSM-5 has provided some updated criteria to some of the codes...READ MORE

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