Group Term Life Insurance and the Options Available

Group term life insurance is more affordable than individual life insurance policies because the costs to the insurer are lower. They have less paperwork to handle, and are guaranteed multiple accounts from one sale - which is their incentive for offering this type of policy.

A group term life insurance policy offers life insurance coverage to all the employees of a particular organization, or to any other group of people that apply for it. It covers the unexpected death of an employee, and group term life insurance benefits are usually calculated based on the employee’s lost income wages.

Offering group term life insurance is much more affordable for a company than offering individual life insurance policies for each employee. Considering how important it is to offer competitive benefits in order to attract the best employees, group term life insurance is a great option for both employer and employee alike.

Many group term life insurance plans can also be converted into individual policies if an employee leaves the company, which is an attractive flexibility option. Insurance premiums are even tax-deductible, which makes group term life insurance even more attractive to any employer.

Additionally, most group term life insurance policies don’t require individual physical examinations for the employees covered, so employees who may not be able to obtain a competitive life insurance policy on their own can still be covered under group term life insurance. This alone can attract employees to your company over another, whether group term life insurance may not be offered and it’s up to individuals to pay their own premiums.

Group term life insurance is a great benefit to provide to employees and is much cheaper than a comparable number of individual life insurance policies. With no medical exam requirements and full payout, it is a great choice for any group of individuals.

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Brad Triggs provides more information and
free insurance quotes at his website:
My-Insurance-Quotes.com - Group Term Life Insurance
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[tags]group term life insurance[/tags]

Life Insurance Basics Getting Started

Let’s be honest. The topic of life insurance isn’t exciting or glamorous, but it is important. In fact, many experts consider life insurance to be the cornerstone of good financial planning.

But how do you know if you need life insurance? How much is enough? What kind of life insurance policy is best for you?

Answering these basic questions about life insurance will help to simplify the shopping process and ultimately allow you to select the best policy to secure your family’s future for years to come.

Establishing Your Needs

To clear up any misconceptions, life insurance is designed to protect your loved ones from financial loss in the event of your death. Knowing this, it’s important to establish whether you need life insurance and how much you should purchase.

According to MetLife you generally need life insurance if:

• You have a spouse
• You have dependent children
• Relatives or elderly parents depend on your income
• Your retirement funds are not enough to provide for your spouse’s future
• You own a business
• You have a large estate

The beneficiaries of your life insurance policy can use the proceeds from your life insurance to:

• Pay for last expenses and funeral costs
• Cover estate taxes (if applicable)
• Pay off existing debts (mortgage, car loan, credit card debt)
• Pay for everyday expenses (food, clothing, childcare)
• Put towards your spouse’s retirement fund
• Donate to charity

If you don’t have dependents, you may still wish to purchase a life insurance policy to avoid becoming a financial burden to your loved ones in the untimely event of your death. Young singles also benefit from purchasing life insurance while they’re young and healthy, allowing them to secure a low premium for years to come.

Choosing a Dollar Amount

Figuring out how much life insurance your loved ones would need to maintain their quality of living can be tough. Generally speaking, experts recommend purchasing between 5 and 10 times your annual salary. But, as MetLife points out, your exact need for life insurance will depend on your personal and financial circumstances.

You can get a ballpark estimate of your life insurance needs by first totaling the funds your family would need for the abovementioned items (funeral costs, daily living, etc.). You can find helpful worksheets online that will help you organize and come up with this list of expenses.

After you’ve totaled your expenses, take stock of the funds you have in cash, savings, retirement accounts, bonds, property, pension and Social Security. Subtracting your financial resources from your expenses will give you a rough idea of how much life insurance you should purchase.

When it comes to choosing how much life insurance to purchase, it’s a good idea to get an idea of your needs before buying a policybut your licensed life insurance professional will undoubtedly help you choose a dollar amount that accurately reflects the needs of your beneficiaries.

Selecting a Policy

Generally speaking, there are two types of life insurance: term life insurance and permanent life insurance. The type of policy you select will depend largely on your life insurance needs and what resources you have to pay life insurance premiums.

Term Life Insurance

Term life insurance, as the name suggests, will cover you for a specified amount of time, which means the insurer will only pay out a death benefit if you die during the term of your policy.

According to the Insurance Information Institute (I.I.I.), most people purchase a 20-year term policy, although smaller terms are available. Of course, you can renew your term life policy after it expires, although your premiums may increase as you age. But all in all, because of the “temporary” nature of term life insurance, policies are generally much cheaper and are therefore an attractive option for young people and families with a limited income.

Permanent Life Insurance

On the other hand, permanent life insurance, as you might have guessed, is permanent. A permanent life policy will pay out a death benefit whether you die tomorrow or in 60 years.

Permanent life insurance is also an appealing option for many because of the added benefit of the policy growing on a tax-deferred basis, which can grow to be fairly large over time. As a policyholder, you may be able to borrow against this cash value while alive, which has been of great help to some. Of course, most loans need to be paid back otherwise they will be subtracted from the death benefit, and your beneficiaries may have to liquidate assets to pay back the loan.

Nonetheless, permanent life insurance offers a wide variety of saving and investment options. Because of this, policies are generally more expensive than term policies, which may be hard for young adults to handle.

Your life insurance professional will help you decide which type of policy is best for your life insurance needsand your budget. But researching these policy types beforehand can help you narrow down which policies appeal to you.

Knowledge is Power

No, learning about life insurance and planning for the unexpected isn’t glamorous, but it is important. So take advantage of consumer resources and talk to a life insurance professional about purchasing affordable life insurance. You’ll rest easier at night knowing your loved ones are taken care of for years to come!

About InsureMe

Megan L. Mahan is a copywriter and insurance information expert with InsureMe in Englewood, Colorado. InsureMe links agents nationwide with consumers shopping for insurance. Specializing in auto, home, health, long-term care and life insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit InsureMe.com.

[tags]life insurance,life insurance quotes,affordable life insurance,life insurance tips,[/tags]

The Demand for Cheap Motorcycle Insurance

Motorcycle owners know the importance of protecting their vehicles and themselves from unforeseen events. As consumers, motorcycle riders are always on the look out for good deals. These riders would be pleasantly surprised at the growing number of insurance companies offering cheap motorcycle insurance. The companies themselves shun the term cheap though; they fear that consumers might view cheap as having low quality, or in the case of insurance coverage, being inadequate and weak. Insurers have found ways of cutting down the cost of insurance premiums to attract more customers. Apart from the basic reduction in rates, companies have devised economical packages and combinations of coverage to suit every driver’s needs.

Insurers have also adopted a more lenient definition of insurable risks. They now offer insurance to new riders and to companies that use motorcycles in their operation, a segment of the market which, before, has been neglected for posing too high a risk to riders. Cheap motorcycle insurance nowadays comes with high standards of coverage and customer care at the barest of requirements. And as with all other providers of products and services, insurance companies have recognized the potential of offering their products over the Internet. The perennial bricks and mortar insurance industry has been quick to get into the dot.com bandwagon. Insurance products offered online have been warmly received by the market. This has also enabled insurers to reduce costs in various aspects of their business.

Motorcycle riders seeking insurance coverage now have endless options available to them. Experience shows that a large portion of the market still prefer the human element when acquiring insurance coverage, but a growing number of motorists are turning to the online insurance providers for a faster and more economical service. Most insurers offer both options and they keep the expenses incurred and the prices of products of their online and offline operations separate while both focusing on the needs of their customers. Of course, the rates between these two selling channels vary due in part to the different cost of doing business.

The more comprehensive insurance packages offered by companies usually offer coverage for bodily injury and property damage liability, own-damage and collision, uninsured and underinsured motorists, medical costs, custom parts and equipment and roadside support. Different jurisdictions require different extents of coverage but motorists should always consider purchasing more than what is required to better protect themselves against lawsuits and larger expenses.

Nothing comes cheap these days but with the competition in the motorcycle insurance sector, insurers have began to see their way through offering cheap motorcycle insurance to address the growing demand for easy-access, no frills coverage. Motorcycle riders now have a wide range of choices for insurance coverage at very reasonable costs.

Motorcycle-coverage.com provides you with information on cheap motorcycle insurance, quotes, progressive insurance and more to help you make an informed decision about your motorcycle insurance.

[tags]cheap motorcycle insurance[/tags]

New Rules for Revocable Living Trust Accounts and FDIC Insurance

On January 13, 2004, the FDIC adopted new rules for insurance coverage of living trust accounts. The new rules, which are effective on April 1, 2004, are summarized below.

What is a living trust?

A living trust (or family trust) is a formal revocable trust, usually set up by an attorney, in which the owner (also known as a grantor or settlor) specifies who will receive the trust assets when the owner dies. The owner keeps control of the trust assets during his or her lifetime and can change the trust at any time.

How are living trust accounts insured under the new FDIC rule?

The owner of a living trust account would be insured up to $100,000 per beneficiary if all of the following requirements are met:

1. The beneficiary must be the owner’s spouse, child, grandchild, parent or sibling.

2. Stepparents and stepchildren, adopted children and similar relationships also qualify.

3. In-laws, cousins, nieces and nephews, friends, and charitable organizations do not qualify.

The beneficiary must become entitled to his or her interest in the trust when the owner dies — coverage would be based on the beneficiaries who meet this requirement at the time the bank fails. Example: A living trust names an owner’s three children as beneficiaries but states that each beneficiary’s share will pass to the beneficiary’s children if the beneficiary dies before the owner. Assuming all three children are alive at the time the bank fails, only the children — not the grandchildren — would be beneficiaries for insurance purposes. (That’s because the grandchildren are not entitled to any trust assets while their parent is alive.) Coverage up to $300,000 ($100,000 per beneficiary) would be available on the trust’s deposit accounts.

The account title at the bank must indicate that the account is held by a trust. This rule can be met by using “living trust”, “family trust”, or similar terms in the account title.

Coverage is based on the actual interests of each qualifying beneficiary. Unless the trust states otherwise, the FDIC will assume that the beneficiaries have an equal interest in the living trust account. Example: A father has a living trust leaving all trust assets equally to his three children. This trust’s account would be insured up to $300,000 since there are three qualifying beneficiaries who would become owners of the trust assets when the owner dies.

How does the new rule differ from the old rule?
Previously, many living trusts did not qualify for per-beneficiary coverage because they contained conditions that prevented a qualifying beneficiary from actually receiving his or her share of the trust assets when the owner died. Under the new rule, the FDIC will ignore these conditions for insurance purposes. In addition, the former rule required banks to keep the names of the trust beneficiaries in the bank’s account records. Under the new rule, a bank only needs to indicate in the account title that the account is held by a living trust. Note: The rule for payable on death - or POD — accounts has not changed: the names of the beneficiaries of a POD account still must be identified in the bank’s records.

What if a living trust has more than one owner?

If a living trust has more than one owner, coverage would be up to $100,000 per qualifying beneficiary for each owner, provided the beneficiary would be entitled to receive the trust assets when the last owner dies. Example: A husband and wife are co-owners of a living trust. The trust states that upon the death of one spouse the funds will pass to the surviving spouse, and upon the death of the last owner the funds will pass to their three children equally. This trust’s deposit account would be insured up to $600,000.

What if a beneficiary is not the owner’s spouse, child, grandchild, parent or sibling?

The trust interest of a non-qualifying beneficiary is insured as the owner’s single ownership funds and would be added to any other single ownership funds the owner may have at the same bank, and the total would be insured up to $100,000. Example: A living trust states that the trust assets will belong equally to the owner’s husband and nephew upon her death. If the trust’s account has a balance of $200,000, her husband’s share — $100,000 — would be insured as her revocable trust funds and her nephew’s share — $100,000 — would be insured as her single ownership funds. If, for example, the owner already had a single ownership account for $20,000, the nephew’s interest ($100,000) would be added to her other single ownership funds and the total would be insured for $100,000, leaving $20,000 uninsured.

How is a beneficiary’s life estate interest insured?

Living trusts often give a beneficiary the right to receive income from the trust or to use trust assets during the beneficiary’s lifetime (known as a life estate interest). When the beneficiary with the life estate interests dies, the remaining assets pass to other beneficiaries. Unless otherwise indicated in the trust, the FDIC will assume that a beneficiary with a life estate interest owns an equal share of the trust with the other beneficiaries. Example: A husband creates a living trust giving his wife a life estate interest in the trust assets with the remaining assets going to their two children equally upon his wife’s death. Deposits for this trust could be insured up to $300,000 ($100,000 for each qualifying beneficiary - the wife and two children).

Are living trust accounts and “payable on death” accounts separately insured?

The $100,000 per-beneficiary insurance limit applies to all revocable trust accounts - payable on death (POD) and living trust accounts - that an owner has at the same bank. Example: A father has a POD account naming his son and daughter as beneficiaries and he has a living trust account naming the same beneficiaries. The funds in both accounts would be added together and the total insured up to $200,000 ($100,000 per qualifying beneficiary).

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig is a licensed attorney and entreprenuer.
He started practicing law at age 25 in 1979.
He does not take on any more clients, but is
advisor to some of the biggest names in the internet
world. He shares his knowledge gained over the
last 25 years at his Living Trust Secrets newsletter site:
click here=========>http://www.LivingTrustSecrets.com

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[tags]revocable living trust,living trust,estate plan,will,probate,avoid probate,estate tax,trust,trusts[/tags]

Term Life Insurance - Most Times it’s all You Need

Term life insurance is a temporary life insurance covering specific period of time. In this type of policy the insured or the owner pays a premium for a period. The insurance company provides monetary benefit to the beneficiary in case of death of the insured during that period. It is the cheapest type of life insurance available to the general public. Usually the benefit received on death of the insured is income tax free.

There are four parties in term life insurance. The owner is the one who pays the premium. The Insured is the one on whose death, a death benefit(face value) will go to the beneficiary. The beneficiary is one who will receive the proceeds of insurance on death of the insured. The insurer is the company providing the insurance. Premium is the monthly or periodic payment made by the owner to the insurance company.

For instance, Amanda pays monthly 50 dollars to ABC Company for insuring the life of Bill (her husband) for a period of 10 years. In case Bill dies during the 10 years, ABC company will pay 6000$ to Jack (son of Bill and Amanda). Here the insured is Bill, the owner of the policy is Amanda, the beneficiary is Jack and the insurer is ABC Company. The premium is 50$ and the face value of the insurance is 6000$. In case Bill does not die during the 10 years, ABC Company will not be liable to pay any money to any of the parties involved. Often the owner and the insured are same. That is a person buys a policy to cover his own death and nominates a beneficiary.

Term Life Insurance is a legal contract with terms and conditions and assumed risks. Sometimes there are special provisions like suicide terms wherein on suicide of the insured there is no benefit accrued to the beneficiary. Term life insurance is based on two concepts, theory of diminishing responsibility and Buy Term and Invest the Difference (BTID). In Term life insurance the responsibility or liability of the insuring company reduces as the policy reaches its maturity. Term life insurance is the cheapest type of insurance policy available because there is no cash value at the end of the period. Studies have shown that the mortality rate in term life insurance policies is as low as 1%. Hence the concept of BTID. Rather than going for permanent life insurance (where on the expiry of period the owner will accrue some cash benefit and there is a savings component in it) it is considered cheaper to buy term life insurance and take care of the savings components by investing in other areas. With the present market giving good returns on investment, buying a term life insurance is a more attractive option than permanent life insurance. Term life insurance is available for a period of 5, 10, 20 years etc. As the age of the insured increases the premium increases. The premium is calculated based on mortality rate which is usually dependent on age, sex and whether the person uses tobacco. Most companies provide annual renewable term where in the term can renewed annually however the premium increases annually.

Tyson J Stevenson writes on a wide variety of business related subjects, always with valuable news & reviews. Expect to see his name often.

Related resources are Best Term Life Insurance or EZ-Term Life Insurance

Further information can be found at HubbuH

[tags]term life insurance,life insurance,policy,[/tags]

Get the Best Insurance Rates While Protecting Your Loved Ones to the Maximum!

Nowadays, life is full of surprises… some are good while others can be quite bad such as a car accident, important health problems or even worse. The last thing that you want is getting stranded or even your family with huge bills to pay and having a hard time making the ends meet. You can make a difference by protecting your loved ones with insurance.

In some countries such as the United States, insurance is a big part of a person’s daily life particularly when health is concerned. Medical bills can pile up quickly and add stress to the daily life. You want the best care possible especially when their health is concerned but the medical care fees while sky high cannot be ignored.

How can you give your family the protection that they deserve while not spending a huge part of your salary on it? Simplebrowse, compare and choose the policy and type of insurance that you need right at your fingertips. View the competitive rates and take the time to read or even send a message to the company while online. They will usually respond in the quickest delay.

You will be amazed by the competitiveness of insurance rates, the variety of policies that companies offerincluding the small print without feeling duped by a fast talking agent that uses business jargon that they are the only one to understand.

For example, you can easily find the online life insurance that satisfies your needs as well as the ones of your family. You will also be surprised by how affordable health insurance can be and be able to even obtain some auto insurance quotes. You can even obtain some pet insurance in case your best friend is in need of surgery or other health care.

You could be surprised by the huge selection of insurance policies that you will find online. Don’t take anymore chances with the well being of your loved ones. Get the best protection at the best insurance rates!

My name is Sylvie Leochko. As the mother of two special needs children affected by both the Autism Spectrum Disorder and Epilepsy, I find it extremely important to protect them by getting the proper insurance to avoid plaguing them with debts while giving them the opportunity to meet their financial needs without financial concerns. If you wish to read more information on insurance and how to proceed while paying the best insurance rates, I invite you to visit our site at: http://insurance.findoutnow.org

[tags]Insurance Quotes, Life Insurance Quote, Insurance Quote, Insurance[/tags]

Benefits of Getting Universal Life Insurance Quotes

What is Universal Life Insurance?

“Universal” is the term used for life insurance that offers built in flexibility to change your premiums and the amount of life insurance you carry throughout the life of the policy. A universal life insurance policy will accumulate value as the premiums are placed in an interest building account. If your situation changes, and you decide you need more (or less) coverage, you can control how the universal life insurance policy operates. Many consumers have found that they appreciate the added control and hassle-free flexibility they receive from owning universal life insurance. As with any life insurance policy, the benefits provide financial security for your loved ones in the untimely event of your death.

What Can I Gain from Universal Life Insurance Quotes?

Once you’ve made the decision to purchase universal life insurance, the first step to securing a policy is to find out how much coverage you can afford. The best way to do this is by getting universal life insurance quotes. When deciding how much you can spend, remember that with universal life insurance, you are always able to add more coverage later if you want. Universal life insurance quotes will provide all the information you need regarding insurance rates, conditions, exclusions and benefits for the policy you are considering. It’s generally a wise idea to procure universal life insurance quotes from several providers to compare the different coverage options they have to offer. Once you have the quotes in hand, creating a table for comparison will allow you to decide on the most effective policy for your needs.

What if I’m not Sure About Universal Life Insurance?

If you haven’t yet decided that universal life is the way to go, consider getting universal life insurance quotes along with quotes for other types of life insurance. Just as with provider comparisons, use the quotes to compare coverage and benefits across the different policy types. Whatever your final decision, the universal life insurance quotes will ensure that you are making a well informed decision. If you’re still not sure you understand all the details of a policy, contact an insurance claim attorney or insurance agent for clarification.

How Can I Obtain Universal Life Insurance Quotes?

Getting universal life insurance quotes is a very simple process. Many insurance providers allow you to request and access quotes via the internet. Researching the internet will also allow you to gather information about the general policies and coverage that can help you decide companies you should ask for universal life insurance quotes. Aside from the internet, your insurance agent should be able to provide you with a variety of universal life insurance quotes to assist you in your comparisons. Most insurance agencies and online insurance providers will be more than happy to provide you with universal life insurance quotes for free. While life insurance can’t bring you back to your loved ones, it can certainly offer them a measure of security.

Learn more about the benefits of universal life insurance quotes here - http://www.universal-life-insurance-quotes.com

Paolo Basauri is an expert author writing for Universal life insurance quotes

[tags]life insurance, universal life insurance[/tags]

Golf - Hole-In-One Insurance

Have you ever wondered how your local golf club can afford to offer huge cash prizes for a hole-in-one at a special golf tournament? Simple, they purchase hole-in-one golf insurance. It is also something that has become increasingly popular these days.

People who are in charge of putting together special golf tournaments and events always try to provide great prizes and gifts for their golf outing. One of the prizes that is popular among all participants is a huge cash prize for a hole-in-one. Offering $100,000 for a hole-in-one gets everyone excited. Obviously though, the owner of the golf course would have a very difficult time handing over a check for an amount like that. So, along comes insurance to cover the prize in the event someone does get a hole-in-one.

Golf hole-in-one insurance is really no different than buying car or health insurance. The company charges a set “premium” to cover the prize in the unlikely event that someone actually does win the prize. The rates for the insurance are very affordable. The insurance companies that offer the insurance have been doing a great business. They know the odds are in their favor to say the least.

It’s really next to impossible for the average player to hit a hole-in-one. The odds have been estimated to be as high as 1 in 12,750 for an amateur golfer actually getting a hole-in-one. Even for a professional the odds are approximately 1 in 3,000. That is one of the main reasons golf organizers are able to offer such astronomical cash prizes. They will spend more money on hole-in-one golf insurance, knowing how it will generate excitement and interest among the participants.

The insurance costs next to nothing, but offering a huge prize catches everyone’s attention. In addition, organizers also charge extra money for golfers who want a chance at the hole-in-one prize. This extra money can usually offset the costs for the insurance, so it’s a win-win situation for the golf organizers.

In fact, these hole-in-one giveaways have become a very profitable business for them. Many golfers will look around in search of local tournaments that offer high cash prizes for a hole-in-one. They see that events with huge cash prizes as being high profile. It gives the impression of being a very important tournament. Many golfers will enter the competition just on the basis of the prizes being offered.

So, the people in charge of the big prizes purchase hole-in-one insurance to cover themselves. By having the huge cash prizes, they know they will have increased participation and increased profits.

If you are planning to have any kind of special golfing event or tournament, you should always make sure you purchase hole-in-one golf insurance. This will help ensure your golf outing will be successful and fun, not only for all the players, but for the organizers of the event to.

Michael Russell

Your Independent guide to Golf

[tags]golf[/tags]

Make Homeowner’s Insurance Part of Your Home Management Process

Have the bills been paid? We need to fix that leak under the sink. When is the exterminator coming again? We have to grocery shop and do laundry this weekend. I’m going to take Bobby to the dentist tomorrow; can you pick Sally up from cheerleading practice on Friday? This house is a mess, when did you say your parents coming for a visit?

Does any of this sound familiar? If so, you’re experiencing the joys, and at times stresses, of home management. Home management goes beyond just making sure your home itself and everything that makes it function is in safe, working condition. Home management also means taking care of finances as well as the needs of your family.

Much planning goes into home management, as well; however, that planning needs to go beyond just figuring out whose turn it is to take the kids to soccer practice. Planning home management also means you need to plan for emergencies.

Purchasing a homeowner’s insurance policy can help you plan for, as well as be protected against, many emergencies regarding your home. These emergencies include burglaries, vandalism, damages caused by fire, water, and any severe weather conditions, personal accidents that happen on your property, and even accidents caused by you.

By purchasing adequate homeowner’s insurance, you can rest assured that you, your family, and your home will be protected against such situations. Since homeowner’s insurance isn’t required, unless your lender requires it, many avoid the additional insurance expenses. However, avoiding these additional insurance expenses could actually cost you more money in the long run should your home, your valuables, and anyone injured on your property fall victim to any of the damaging situations.

So, the next time you sit down to figure out your home management for the week, take some time to think about purchasing a homeowner’s insurance policy. It might just be the best home management decision you make.

Buy Your Affordable Auto Insurance Online

California Home Owner Insurance

Online Car Insurance

[tags]Home Owner Insurance[/tags]

Chiropractic Billing and Patient Relationship Management

Return patients generate approximately 80 percent of clinic’s revenue. Patient Relationship Management (PRM, also known as CRM, for Customer Relationship Management outside of healthcare) can enhance financial performance of the clinic by helping retain current and attract new patients. Effective PRM uses integrated data using patient travel card (SOAP notes), frequency recommendations (care plan), and billing (charges, payments, and balance).

PRM is a data-driven and patient-focused methodology to strategic practice building and effective patient relationship development. PRM helps identifying new service needs and then designing care programs and office and billing processes to meet the needs.

PRM also helps providing timely, patient centered, and efficient care, emphasizing preventive instead of reactive care. A basic PRM system captures patient information during entire period of the care plan in terms of functional health improvement, care plan implementation, and billing.

Patient Relationship Management Principle

PRM includes a travel card (TC), treatment frequency measures, and billing balance. PRM system tracks changes in the travel card, in Frequency Recommendation summary, and in billing balance, and generates reports to alert office management about lists of patients reaching important thresholds. The office manager or the doctor can review such reports and respond according to practice development strategy, using call centers, Internet, direct mail, or personal conversations during office visits.

Electronic Travel Card

An electronic equivalent of a paper travel card (Electronic Travel Card, or ETC) contains complete information about patient’s health and care history. It is similar to electronic medical record and subject to same HIPAA compliance regulations. ETC includes:

• Numbers and dates of visits
• SOAP notes for each visit
• ICD-9 and CPT codes
• Care frequency recommendation summary
• X-rays and posture images

Frequency Recommendation

Frequency recommendation summary presents an interpretation of patient’s compliance with doctor’s recommendation in concise form and allows specification of PRM thresholds. Specifically, it has four parts:

• Weekly treatment frequency recommendation, typically a single digit between 1 and 3
• The number if weeks when the patient complied with the recommendation
• The total number of weeks for a given recommendation
• Care plan start date
• Number of missed appointments along with documented reasons for missing an appointment

For instance, a frequency recommendation summary [3X: 3/13] means that treatment is recommended three times per week for thirteen weeks, and the patient complied three weeks out of thirteen.

A treatment plan then is a list of such frequency recommendation summaries, for instance,
[3X: 3/13], [2X: 15/15], [1X: 4/12].

In summary, Patient Relationship Management (PRM) can become a major differentiating factor in building successful and competitive chiropractic clinics. It requires integrated systems combining data about patient’s health, care plans, and billing.

Yuval Lirov, PhD, author of “Mission Critical Systems Management” (Prentice Hall), inventor of multiple patents in artificial intelligence and computer security, co-author of ChiroAudit.com, and CEO of Vericle.com Billing Technologies. Vericle delivers comprehensive practice workflow engine that integrates patient scheduling, SOAP notes, billing, transcription, and compliance management. ChiroAudit webinar, prepared by BillingPrecision.com, teaches how to improve billing performance and reduce audit risk. Yuval invites you to register to the next webinar at ChiroAudit.com.

[tags]chiropractic, medical, billing, compliance, financial, care plan, audit, risk, patient, insurance[/tags]