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New Value Code to Report Patient Prior Payments (UB04)
Medicare has created a new value code to report prior patient payments. In order to enable Medicare providers to continue to report patient prior payments, the Centers for Medicare & Medicaid Services (CMS) asked the NUBC to create a value code for this purpose. NUBC approved this request on 11/14/2007; and CR 5882, from which this article is taken, announces the creation of this new value code: Value Code FC – Patient Prior Payment.
Effective July 1, 2008, you may use this value code to report patient prior payments.
CR 5882, from which this article is taken, announces the creation of a new value code for the Medicare Form UB-04 (CMS-1450). This new code, Value Code FC – Patient Prior Payment, will enable you to continue to report patient prior payments (the amount you received from the beneficiary toward payment of the submitted claim prior to the billing date).
Make sure that your billing staffs are aware of the creation of this new value code, and that they know to implement it .
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