MEDICARE DEBT RETIRED FAR AHEAD OF SCHEDULE.Byline: Daily NewsVENTURA - The county officially paid off the $15.3 million Medicare Medicare, national health insurance program in the United States for persons aged 65 and over and the disabled. It was established in 1965 with passage of the Social Security Amendments and is now run by the Centers for Medicare and Medicaid Services. overbilling settlement, plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , years ahead of schedule, Department of Justice officials said Tuesday. During the budget hearings in June, interim Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive Harry Hufford announced the county would pay off the bill early to save money. In order to do so, the county took out a loan, which had a lower interest rate than the one assessed on the settlement by the federal government. The $15.3 million settlement was announced late last year after it was discovered that the county had been overbilling Medicare for outpatient outpatient /out·pa·tient/ (-pa-shent) a patient who comes to the hospital, clinic, or dispensary for diagnosis and/or treatment but does not occupy a bed. out·pa·tient n. psychiatric psy·chi·at·ric adj. Of or relating to psychiatry. psychiatric adjective Pertaining to psychiatry, mental disorders services. An audit by the county confirmed the allegations. The federal government was going to allow the county to pay off the settlement in five installments of $3.06 million plus interest, having already received the first one in November. The second one was due on Sept. 1, with interest of more than $533,000. |
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