Financial Policies and Procedures

Effective Financial Policies and procedures

Medical practices establish financial polices to help control patient billing and payment collection of services. The basic elements of an effective medical office financial policy are to address the policies and procedures with patients. Patients need to be informed of their rights and responsibilities. There needs to policies and procedures for collection of payments, financial arrangements for any unpaid balance, payments for services that are not covered. Any office needs to ensure that all payments are collected and arrangements have been made for unpaid balances. The patients should be advised of any balance that is due to them because it will be the patient’s responsibility to pay these balances.

In order for a medical office to support the financial policies, all staff members need to enure that all billing and financial policies are accounted for. The staff should also be aware of all policies and procedures within the facility. Any actions that are taken during the billing and collection of payment should be documented. Educating staff members on proper procedures and policies will ensure that all financial policies are handled the best way possible. A medical practice needs to address how the practice handles payments for services they provide. Their policy should state their accepted forms of payments for payment. Preauthorization of credit cards, that is arranged for payments.

When office staff does not follow proper office procedures there are consequences. When staff members collect copayments and other fees as stated within the financial policy, they are supporting the policy. When staff members neglect to collect copayments, then they are neglecting to support the financial policy. Patients may also forget to pay their copayments. When office staff does not support the financial policy, it is hard to collect payment for services, if it was not clearly written.

I would recommend that all...