Change of Policy for Prepayment Purchases
Effective June 1st any prepayment purchases including renewals will be for a term of one year. Any claims not used within one year of the date of purchase will be lost.
- This new policy only affects any prepayments purchased on or after June 1, 2018. This will NOT affect any current prepayment options purchased.
- For the new policy, the one year time period will begin the date your office purchases a new prepayment option.
- HOWEVER, if you are renewing a prepayment option, the one year time period will begin the date of the last submitted claim under the current prepayment.
- EXAMPLE: On July 1st you purchase a 1000 claim renewal. At that time you have 20 claims remaining under your current prepayment option. You run out of the 20 claims on July 5th. The one year time period will begin on July 5th, not July 1st.
- Again, if you do not use the claims purchased within one year, the remaining claims are lost.
Your office will receive at least 2 notices prior to running out of claims OR when you are approaching the one year time period. It will be your office's responsibility to purchase a renewal or you will be automatically converted to the standard per claim rate.
- EXAMPLE: On July 1st you purchase a 1000 claim renewal. You submit your first claim under the renewal on July 5, 2018. Your one year time period begins July 5, 2018. By July 5, 2019 you have submitted 970. The remaining 30 claims are lost and are not carried over to a renewal.
- All providers who submit under prepayment options will be required to complete a Prepayment Renewal Form for any purchases/renewals beginning June 1, 2018. This form will include your understanding that the claims you purchase must be used within 1 year of the date of purchase (or the date your office runs out of claims under your current prepayment option if you are renewing).
- For providers who submit less than 1000 claims per year, when you run out of your current prepayment option you will want to be converted to the standard per claim rate rather than purchasing a prepayment option and risk losing claims under the prepayment.
- If you are currently under a 2500 claim prepayment option but submit less than 2500 claims per year, when you run out of your current prepayment option you will want to either purchase a 1000 claim prepayment option or convert to the standard per claim rate.
- PROVIDERS MAY CONTINUE TO PURCHASE PREPAYMENT OPTIONS THROUGH MAY 31, 2018 IN WHICH THERE WILL BE NO TIME PERIOD WITHIN WHICH TO SUBMIT THE NUMBER OF CLAIMS PURCHASED. If you want to purchase a renewal by May 31st under the current policy, please let me know.