Many are faced with this decision and it has to be made by January 1st, the same day the potential cuts take place, but as the article states hopefully there will be an additional grace period as it grows closer to the end of the year and nothing has been changed yet with Congress...BD
The year-end deadline for physicians to change their participation status is important because it likely will determine how doctors will be able to bill the program and receive payment for all of 2008. If physicians do not inform their Medicare carriers in writing of their intent to change their status before Jan. 1, they will be locked into their current choices for the next 12 months -- possibly under a newly reduced fee schedule.
"Congressional action is not guaranteed, so physicians interested in changing their Medicare participation status for 2008 should review the information now, fill out the forms and prepare to mail them prior to Dec. 31."
Doctors who don't accept assignment get the reduced rate and also can balance-bill patients up to 15% more. As a result, they may receive up to 9.25% more than participating doctors for the same services. Non-PAR physicians who do not accept assignment do not receive the government's portion of the fee directly from their carriers. Instead, Medicare reimburses the patient directly. A third option, known as private contracting, means that physicians opt out of Medicare completely for at least two years. During that time, neither they nor their patients can bill Medicare for any of their services.
If Congress fails to reverse the cut by Jan. 1, but does so after it reconvenes, lawmakers could decide to let doctors who changed their status revert to their prior choice.
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