HIPAA Version 5010 Credit Card Transactions Standards Coming

Posted by Britney Chan on Mar 9, 2011 10:39:00 AM

The Centers for Medicare and Medicaid Services announced on January 16 that all covered healthcare providers, healthplans, and clearinghouses must convert from the current Health Insurance Portability and Accountability Act hippa(HIPAA) Version 4010 credit card transactions to the new Version 5010 no later than January 1, 2012. 

During this process The Medical Group Management Association (MGMA) will be conducting research to determine the readiness of medical groups and their trading partners to transition to the Version 5010 credit card electronic transactions.

The MGMA Legislative and Executive Response Network (LEARN) conducts research on policy issues that implace your medical practice. To ensure that MGMA has timely information about these important issues, your participation in these LEARN research projects is essential.

MGMA uses your responses to inform our advocacy campaigns and provide feedback to federal policymakers.Do your part and make your voice heard. All your input is in confidence. Your identity will not be published or released without your permission.

What is HIPAA?

The Health Insurance Portability and Accountability Act (HIPAA) of 1996 was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS), HIPAA protects health insurance coverage for workers and their families when they change or lose their jobs. Title II of HIPAA, known as the Administrative Simplification (AS) provisions, requires the establishment of national standards for electronic health care transactions and national identifiers for providers, health insurance plans, and employers.

Tags: HIPAA, Credit Card Processing, Medicare, Legislation, Medicaid