“Microeconomics is a branch of economics that studies how individuals, households and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.”
It’s been a nice weekend: gorgeous weather, enjoying “connect time” with the family, and attending a mammoth high school graduation with all of the family activities that that entails. Needless to say, I failed to sit before a keyboard this weekend and reveled in the lack of computer-screen fluorescence.
But earlier this month, the Mrs (or should it be 'Drs?') has been working to shore up the coffers before the personal economic onslaught of two simultaneous college tuitions takes hold. As such, she has slowly been growing her clinical psychology practice: office space, rent, business cards, website, phone, etc. For months she has been working outside The System on a fee-for-service basis: she bills patients directly for services rendered. Accounting is simple and unencumbered: she pays her expenses from the revenues generated, and if at the end of the month she discovers her bank account is positive, she stays open for business. If not, she shudders the practice. Call it “Shoebox Economics:” put all your bills in a shoebox, then pay them off each month and see what’s left over.
Then she decided to “expand” her practice and become a Medicare provider in hopes of securing a larger patient pool.
First, she was unsure how to apply for a Medicare provider number, so being the ever-resourceful person that she is, she hired a billing professional friend who understood the system to help her with the paperwork. “Problem solved,” she thought, and continued seeing patients peacefully. At least until the Medicare provider number arrived, which it did, Friday. Suddenly and graphically, she met The Beast and reached an epiphany:
“Group number? Why do I need a ‘group number?’ Where’s my individual provider number?”This morning, I saw the first flecks of dust beginning to accumulate on her Medicare provider number letter… It’ll be interesting to see where this goes.
“What do you mean I must bill electronically?”
“What do you mean I can’t just complete a simple form and be reimbursed for my professional services?”
“What do you mean I have to hire a ‘billing specialist’ to do my billing?”
“There’ll be no money left over to apply to tuition!”
* blink * (Light turns on above her head.)