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Patient Bankruptcy 101

Understanding the Process of Filing for Bankruptcy, from a Patient Perspective

How Avoiding Bankruptcy Can Backfire

Filing for Bankruptcy Has Many Advantages One of the least understood areas of finance is bankruptcy and the ramifications that it has for individuals.  While personal bankruptcy is something that no one would want to face, studies show that filing for bankruptcy is often better than not filing.  In many cases, avoiding bankruptcy will only cause more financial headaches in the long run. The myth that people filing for bankruptcy …Read More

Applying for a Credit Card after Personal Bankruptcy

Most Personal Bankruptcies are Due to Medical Bills Based on a Harvard University study, nearly 60 percent of those that declare personal bankruptcy, do so because of medical bills.  Filing for bankruptcy usually comes after a patient will max out their credit cards, and in many instances, taking out a mortgage on their house. Many patients are unaware of the fact that many different procedures and medications are not covered by …Read More

What is a Medicare Severity-Diagnosis Related Group (MS-DRG)?

A More Precise Diagnosis Delivers a Higher Reimbursement A Medicare Severity-Diagnosis Related Group (MS-DRG) is a system of classifying a Medicare patient’s hospital stay into various groups in order to facilitate payment of services. The general DRG system was created collaboratively through Yale University’s Schools of Management and Public Health in order to classify the care that hospitals provide by separating all of the potential human disease diagnoses into 20+ body systems, …Read More

My Patient Filed Bankruptcy, Will I Get Paid?

Handling Medical Bills in Patient Bankruptcy If you  just received a notice that your patient has filed for personal bankruptcy, you’re probably wondering who is going to pay the bill.  The short answer is that it depends on which chapter of personal bankruptcy has been filed and whether you take the necessary steps to file a proof of claim in a timely manner. What follows is a brief primer on …Read More

What Does ABN Stand For?

Protection Against Medicare-Denied Bills An Advance Beneficiary Notice of Non-coverage (ABN) is a Medicare liability waiver that medical providers, suppliers, and independent labs are required to give to Medicare patients for services that may not be covered, or considered medically necessary, by Medicare. The ABN lists the items or services that Medicare isn’t expected to pay for and estimates costs for those services.  Once completed and signed, the patient acknowledges …Read More

Hospital Billing & Insurance Terms

Understanding a Hospital Bill We have compiled an extensive list of commonly used terms in hospital billing.  Some of the terms are very basic while others warrant a longer explanation.  Underlined terms offer more details by clicking on them. Account Number — Also known as a visit number.  This is a reference number assigned to each patient for a specific hospital visit. Actual Charge — Also referred to as gross charges.  The …Read More