Patient Billing and Procedures

Effective Financial Policies and Procedures

A good financial policy and procedure is where the office explains to their staff and to patients what is expected from them financially. Most offices have this wrote down where the patient is able to read the terms and conditions of their policies. So they know what their financial responsibility is if the insurance company does not pay or is finished paying and money is still owed. The policy should be legible for the patient and the employees, to read and understand. These procedures should tell the patient how their account will be handled if past due, arrangements that can be made to pay, if they offer a sliding scale for patients unable to pay full amount of visit, and prepayments for services not covered by their insurance co.
Medical office procedures help to maintain good bookkeeping so that patients are billed correctly. If medical office procedures do not back up their financial policy the billing process can be inaccurate and sloppy. The medical staff is trained to let a patient know if the procedure they are having is covered by their insurance. If the certain procedure is not covered the patient is required to pay for the procedure, the staff makes sure the patient is aware of this and they have the patient sign a consent form telling them the cost of the procedure that way there is no discrepancy. The patient must sign a paper saying they understand and are willing to pay for the procedure.
To ensure effective alignment of policies and procedures an office assigns different areas of the office to like the bookkeeper may enter today’s visit meaning the procedure that was done the amount the patient paid that visit and what was billed to the insurance. When a payment comes from the insurance it is also added the patient’s ledger. Some offices choose to have different people in the office to open the incoming payments, and others to post the payments to the ledger. Doing this helps to eliminate...