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Did you know that settlement payments made to Medicare beneficiaries are required to be reported to the Centers for Medicare & Medicaid (CMS)? Failure to report these payments will result in the assessment of a penalty of $1000 per day per claim. Although it is a regulation that stems from CMS, "Section 111" applies directly to all self–insured entities, liability insurers, No-Fault insurers, and Workers Compensation insurers. In short, Section 111 applies to all entities that potentially pay money to settle a claim arising out of a medical injury or who have accepted ongoing responsibility to pay for the medical treatment for a medical injury when the injured individual is a Medicare beneficiary.
Section 111 requires any insurance or self-insured entities to report to CMS any settlements, judgments, or awards or any acceptance of medical payment responsibility made on behalf of a Medicare beneficiary.
SML Compliance Solutions offers both reporting software and legal support to help companies comply with the daunting reporting requirements of Section 111. An affiliate of Smith Moore Leatherwood law firm, our software has been created, and is supported, by attorneys with a long history of exceptional client service and legal excellence.
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