I am sure all of us are well aware of the many changes that
will be caused by moving to ICD-10 this fall.
One big item that could easily be missed is the potential in disruption
in payments. Have we ever seen a new
system implemented by CMS without some type of snafu? Unfortunately one of the biggest potential
problems could be delaying your Medicare payments. This means you should make plans today to
cover any potential payment delays this fall.
You could begin setting aside any surplus cash for the fall. Great plan if you have a large amount of
surplus cash, unfortunately most of us do not have that luxury. Next we could either obtain a new line of
credit from the bank or expand our current line of credit.
I have always found it is much better to go to the bank to
establish a line of credit well before I actually need any of the funds. Banks do not like to loan money to people who
need money instantly. They like to loan
money to people who do not need money.
You may not believe this is true until you go to the bank to obtain a
loan to make payroll, because your Medicare payment was delayed. Banks do not understand Medicare. When you have to obtain a loan this fast you
look desperate because you are desperate.
I suggest you meet with your local banker in the next month
to set up or extend your credit line.
Remember that this credit line may have to go through a loan committee
which takes time. Have with you copies
of your financial statements and be prepared to discuss your business. I hope your business has been profitable,
because that will greatly improve your ability to receive your line of credit
or extension in your line of credit.
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