Medical Briefs
HIPAA Version 5010 Standards
The HIPAA 5010 data standards, which take effect on January 1, 2012, call for greater data specificity on claims (in terms of what must be entered and transmitted) to improve processing efficiency. A survey by the Medical Group Management Association in March revealed that 56% of practices had not yet scheduled any internal testing for Version 5010 and 61% had not scheduled testing with their major health plans. Missing the deadline could mean physicians will miss getting paid.
1099 Scare Avoided
Onerous new reporting requirements for Form 1099-MISC were scheduled to take effect in 2012. In addition to the normal reporting requirement (for payments totaling $600 or more to a noncorporate service provider), a new tax-law provision called for reporting payments of $600 or more for the year for goods and other property to both corporate and noncorporate entities. The expanded rule has been repealed.
Health Care Commentaries is provided by Somerset’s Health Care Team for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact a member of our
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. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
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