Effective Financial Policies and Procedures Checkpoint

Vershawn Thompson
February 21, 2013
Ronald Dearinger

Medical facilities must ensure that they have procedures in place that protect not only their current assets, but their future assets as well. This comes in the form of sound financial planning for any kind of organization. The medical field must include many factors in a financial policy to ensure it is effective otherwise it could mean harsh consequences for an organization. In this presentation I will present what is needed, what can happen, and tools that can be used in such financial matters for a medical facility.   Fincancial policies are put in place to ensure that services, and the cost incurred will be paid back to the facility. Financial policies are needed so facilities can be reimbursed for servcies renderred. (Hicks)
The basic elements to a financial policy is just that a policy. In a facility there should be posted financial policies that explain how services are expected to be paid for when visited by a patient. It is also necessary for staff to be well trained, and knowledgable about the financial policy. This helps when explaining it to the patients for their understanding. There should also be mailed statements to the patient’s explaining the policy, services, what is paid, covered, and the current due balance. If a medical offfice ha these types of procedures in place where staff is knowledgable, and the policy is explained, posted, and used it means the facility will get the monies due for those services that have been provided. Financial policies should be common knowledge to staff, and they should be able to explain what is covered, and what is not. As well as things like the cost of co payments, deductibles, and any past due balances. (Valerius,Bayes,Newby,Seggern)
If a facility does not use a financial policy they are likely to go in debt long term. If the policies in place are not clear then the expectations of...