CheckPoint: Effective Financial Policies and Procedures

    The basic elements of an effective medical office with Financial Policies are proper understanding of what is expected from the medical practice’s staff, and as well for the Patients to understand what is expected from them.   It is the practice’s responsibility to educate the patients and making sure they completely understand their responsibilities and obligations.  
    Medical Offices or Practices have financial policies to regulate the billing of their patients.   It gives the practice certain procedures to follow in collecting the money owed to them.   This helps protect the medical offices when they are trying to collect money from their patients, as long as the office has provided the patient with payment expectations, and has educated the patient of their responsibilities from the very beginning, the Practice is covered in following all rules and regulations expected of them.  
    In having an effective financial policy in the medical practice with the patients, it is highly important to make sure the patients clearly understand the procedures of the office’s order of collecting payments that are not covered by insurance.   The patient signs an agreement with the policy, stating they will be responsible for all unpaid balances.   It is the staff of the practice that is to clearly explain the financial policy to the patients, furthermore, explaining and addressing all scenarios that include financial arrangements and patient plans.  
    The financial policies are supported by the clear office procedures which the medical office applies to both their professional and administrative staff members, to follow through with.   These supporting office procedures can be found in the practice’s procedure manual, that the patient signs.   It is very important for the staff to make sure they have done all they are supposed to, making sure the patient understands everything.   Some practices may mail...