In addition to accepting private insurance from your patients, your practice may also want to accept government-sponsored medical insurance such as Medicare and Medicaid. The two programs cover very different populations, so it’s important to understand the differences between them.
Medicare offers medical insurance coverage to individuals age 65 and older as well as individuals with certain types of disabilities Medicare benefits are associated with Social Security benefits, and are available to all U.S. citizens who fit the age criteria, regardless of their income. Medicare covers the cost of hospitalization, surgery, medical insurance, and prescription drugs.
Medicaid is a separate program that is sponsored by both federal and state governments. Through Medicaid, low-income individuals, families, and children can receive medical care and insurance coverage. The Medicaid program in each state has different qualification requirements, and not everyone who applies will qualify.
As a medical entrepreneur, you have the right to decide whether your practice will accept Medicare and Medicaid as medical insurance. Some physicians opt not to accept either program, because reimbursements tend to be lower than with private insurance companies. Others are committed to offering equal opportunity healthcare to all patients, regardless of their age of income status.
To learn more about doctor credentialing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.
