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| YOUR HEALTH CARE INDUSTRY EXPERTS | |
At Harding, Shymanski & Company, P.S.C., we are committed to providing exceptional service - every time. We take our roles as Health Care industry leaders seriously, staying abreast of relevant issues and trends through research, national seminar attendance, and more. We work hard to help you enhance your day-to-day operations, increase cash flow, and improve your bottom line.
Our Health Care professionals actively participate in industry-related organizations. As a result, our services are based on the latest industry knowledge gained through active participation in these organizations.
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| CMS: ICD-10 2014 DATE OFFICIAL | |
The final rule setting the ICD-10-CM implementation date as October 1, 2014 was released by the Centers for Medicare & Medicaid Services (CMS).
The US Department of Health and Human Services (HHS) has mandated the replacement of the ICD-9-CM code sets used by medical coders and billers to report health care diagnoses and procedures with ICD-10 codes, effective Oct. 1, 2014. ICD-10 implementation will radically change the way coding is currently done and will require a significant effort to implement. The time for ICD-10 implementation training is now .
The rule explains the one-year postponement allows providers and payers additional time to implement the new code set.
Please contact Brenda Wallace at (800) 880-7800 for more information.
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| MEDICARE AND MEDICAID UPDATES | |
Effective October 1, 2012, WPS Medicare Part B will begin requesting additional documentation for all claims considered high dollar (a line item that meets a threshold of $7,500 or more). They will evaluate the information contained on the claim and will send a development letter to ask for additional documentation. You can view their website for the most common errors such as physician signature missing, dosage of drug missing, order for drug missing, etc., and other claims processing articles at http://www.wpsmedicare.com/j8macpartb/claims/processing/.
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Effective October 1, 2012, Kentucky Medicaid requires the taxonomy code qualifier on paper claims used in fields 24I and 33B to be ZZ. Paper claims submitted with the PXC qualifier in these fields will be returned to the submitting provider.
Please contact Brenda Wallace, CPA, at (800) 880-7800 with any questions.
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| FUNDING YOUR RETIREMENT | |
As we enter the final quarter of 2012, now is a good time to review your retirement plan contributions and consider funding additional amounts if you have not reached the maximum contribution limits.
Traditional and Roth IRA contribution limits are set at $5,000 ($6,000 for those 50 or older) for 2012.
Participants in SIMPLE plans may contribute up to $11,500 ($14,000 for those 50 or older).
The 2012 contribution limits for 401(k), 403(b), and 457 plans is $17,000 ($22,500 for those 50 or older).
SEP IRA contributions for employees are limited to 25% of wages, up to $50,000. Self-employed individuals may contribute 20% of net self-employment income after the deduction for one-half of self-employment tax, up to $50,000.
While deferrals need to be made prior to 12/31/2012, contributions to Traditional and Roth IRAs are allowed up to the due date of the 2012 tax return, not including extensions. Contributions to a SEP IRA are allowed up to the due date of the 2012 tax return, including extensions.
Please contact Brenda Wallace or Michele Graham at (800) 880-7800 for more information.
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Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
We are committed to quality. Adding value to the services we provide is our most important goal. Our unwavering dedication and commitment to quality resonate throughout every aspect of our work.
Call us today! (800) 880-7800
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| Disclaimer |
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax, or accounting advice.
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