I'll try and find some time tonight or over the weekend to provide more info, but the following highligts the CPT's importance:
Ref: http://www.openclinical.org/medTermCPT.html
"Adopted as a standard code set by Medicare and Medicaid soon after initial release. Later adopted by private insurance carriers and managed care organisations. The Health Care Financing Administration (HCFA) requires the use of CPT for reporting services to Medicare and Medicaid for reimbursement. In 2001, CPT was selected by the Department of Health and Human Services (HHS) as the standard code set for reporting health care services in electronic transactions."
Particularly note the line: "The Health Care Financing Administration (HCFA) REQUIRES THE USE OF CPT for reporting services to Medicare and Medicaid FOR REIMBURSEMENT."
From http://www.thebody.com/content/art13091.html:
The "HCFA provides health insurance for over 74 million Americans through Medicare, Medicaid and Child Health."
As I said, I'll try and post some more of my research when I get time.
Cheers.
Please note I am not a Financial Advisor and none of the above should be taken as Fanancial Advice. Always do your own research!
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