We hope you stay warm and enjoy the holiday season! Here is some information you will want to keep in mind while planning your company's year end.
In the recent past, it was not unusual for practices to close their accounting year a week or so before the end of the year. No deposits were made during this time so that the practice's accountants could compute year end owners' bonuses. The accounting goal was usually to have zero profit at year end in order not to pay any additional corporate taxes.
However, times have changed. Now, both Medicare and BCBSM pay via electronic bank transfers (EFTs). It is expected that sometime in 2010, our other major western Michigan payer, Priority Health, will also be paying by EFT. BCBSM EFTs are deposited into your accounts on Mondays and Wednesdays. Medicare EFTs can be deposited on any business day. The last day of 2009 occurs on a Thursday. This means the BCBS EFTs may be deposited into your account on Wednesday, December 30th, and Medicare EFTs could still be deposited on the last day of the year.
Most of our clients' insurance and patient statement payments are mailed to our PO Box. We will continue to post all payments received through the end of the year unless otherwise notified. Please call our office if you need to know the amount of the EFTs deposited the last week of the year. We are notified of the amount of Medicare EFTs one day in advance.