In a monumental move, the Medical Society of New Jersey (MSNJ) has recently achieved a significant victory in its ongoing battle with insurance companies. The latest development, a priority bill titled S3133/A4913, addresses a longstanding concern that has been burdening physician practices: the practice of insurers paying physicians through virtual credit cards. This bill aims to curb the rising costs imposed on physicians and safeguard their ability to receive payments without the added burden of credit card fees.
The crux of the matter lies in the insurers’ common practice of compensating physicians using virtual credit cards, a method that has been proven to escalate operational costs for medical practices. With the passing of S3133/A4913, both the Senate and Assembly have taken a decisive stand against this practice.
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