Hcr230 Wk 7 Checkpoint

Checkpoint; Effective Financial Policies and Procedures

Financial policies are important to be aware of. We are going to discuss a little about them and the effectiveness of a medical office and how they incorporate financial policies upon themselves. All medical office procedures should remain in compliance with financial policies and use strategies as well as tools to ensure they are doing so.

Basic elements of an effective medical office policy consist of the fallowing; addressing the policies to the patients, collection of payments, financial arrangements for any unpaid balance, payments for services not covered, prepayments, and their exception the way payments are made (Valerius, J., Bayes, N., Newby, C., & Seggern, J. 2008). Basically, any office needs to ensure all payments are collected and arrangements are taken into action for balances unpaid. All patients will be aware of any balance due to them and it will be their responsibility to pay these balances.

In addition, things can be done by the staff members to ensure that all billing/ financial policies are being accounted for. Medical office’s should take a high role in billing processes and get them processed (Valerius, J., Bayes, N., Newby, C., & Seggern, J. 2008). It is also important that all actions are taken from beginning to end of the billing process to ensure everything is getting taken care of. Educating patients is an important part of this process (Valerius, J., Bayes, N., Newby, C., & Seggern, J. 2008). Preauthorized credit card forms should also be used to arrange payments for professional services rendered (Valerius, J., Bayes, N., Newby, C., & Seggern, J. 2008). Medical offices have to stay ahead to ensure they are staying on top of their financial policies and this has to be done as a group.

Many consequences fall into play when financial policies aren’t taken seriously. Payments are late or the company may have a harder time getting a hold of the...