What Does The Ic Account Abbreviation Mean In Medisoft, If you use Medisoft for your medical practice, you may have noticed the abbreviation "IC Account", General, what-does-the-ic-account-abbreviation-mean-in-medisoft, JPOSE
If you use Medisoft for your medical practice, you may have noticed the abbreviation "IC Account" popping up in various places. But what does it actually mean?
In short, IC Account stands for Insurance Collection Account. This is a type of account used in Medisoft to track payments and balances related to insurance claims.
When you submit a claim to an insurance company, you typically receive a payment for some portion of the billed amount. However, there may be various reasons why the payment doesn't cover the entire amount owed. For example, the insurance company may have denied certain services or determined that they weren't medically necessary.
In these cases, you still need to keep track of the remaining balance that the patient owes. This is where the IC Account comes in. Medisoft automatically creates an IC Account for each insurance carrier you work with, and you can use it to track the remaining balances for any claims that weren't fully paid.
You can access the IC Account through various parts of Medisoft, such as the Account Receivable or Claim Management modules. You can also generate reports specifically related to the IC Account to get a better understanding of outstanding balances and how much you're owed.
Overall, the IC Account is an important tool for managing your medical practice's revenue cycle and ensuring that you're collecting all the payments you're owed. If you're new to Medisoft or just haven't had much experience with the IC Account, it's worth taking some time to familiarize yourself with it and make sure you're using it effectively.