Effective Financial Policies and Procedures

Topic: BusinessCompany
Sample donated:
Last updated: March 3, 2019

For patient billing to be successful, firm financial policies and procedures that are required to be in position so that the policies and procedures can be explained to the patients about his or her payment responsibilities.

Staff members and patients should comprehend the knowledge good financial policies therefore everyone should anticipate what is involved.Medical office financial policies that are successful must give details of the methods of gathering deductible, co-pays, balances that are past due, preparations for balances that are not paid, services that insurance will not cover, prepayment in individual cases , and a reduction for financially disadvantaged patients. A financial policy explains the form of payments received by the office. The medical staff can mail out a brochure to aid in the education process, which talks about the offices billing processes to patients. As verbal communications of policies during registration to inform every patient, the medical office uses signs.While patients know what the medical office expects of him or her, a bill of services or procedures that the office performed should not surprise him or her. If the patients are not appropriately educated, there will be a negative impact on the patients. A bill that comes without prior notice in the case of procedures that the insurance company does not cover is capable of upsetting the patient or patients.

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Once a patient knows the insurance company does not cover a specific procedure, he or she is able to make a decision on whether to decline the procedure or accept the procedure and work an arrangement for payments with the office.Medical offices use strategies, tools, or recommendations to be definite that policies and procedures line up so every patient comprehends. The appointment setter should ask every new patient whom he or she is making the appointment. Strategies that collections specialists use when speaking to patients on the phone including the following being straightforward and honest, and inform patients of the status of their accounts, have a professional attitude, stay in control of the conversation, do not yell or treat the patient with disrespect.Using signs in the medical offices should be adequate in size for the patients to read with no difficulty.

Medical practices have financial policies to control the billing of patients and the procedures used to accumulate money they are due. All administrative staff member donates to effective patient collections and thus to the financial practicability of the practice.Reference Valerius, J. , Bayes, N. , Newby, C. , & Seggern, J.

(2008). Medical insurance: An integrated claims process approach (3rd ed. ). Boston, MA: McGraw-Hill.


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