Yesterday, March 31, 2014, the US Senate voted to approve H.R. 4302
the Protecting Access to Medicare Act of 2014. This bill creates a temporary 12 month “fix” to the Medicare Sustainable Growth rate (SGR) The Sustainable Growth Rate (SGR) was created in 1997 by Congress. It is a system that determines the amount of money that will be budgeted for Medicare payments based on a projected growth of the economy. Within a few years, however the costs for healthcare far outweighed the economic projected growth. The result? A huge deficit in funding for Medicare reimbursements.
The new 1500 form or “CMS 1500” or to many the “HCFA 1500” has received an update and is officially designated as “version 02/12”.
In the summer of 2013, the National Uniform Claim Committee (NUCC) announced the approval of the new “version 02/12 1500 Health Insurance Claim Form that accommodates the reporting needs for ICD-10 that will be implemented October 1, 2014. The NUCC is an organization chaired by American Medical Association (AMA) with the Centers for Medicare and Medicaid Services (CMS) as a critical partner.
The Five Most Frequently Asked Questions Answered about the New 1500 Claim Form: