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HCR 230 Week 7 Checkpoint Effective Fin. Policies and Procedures

HCR 230 Week 7 Checkpoint Effective Fin. Policies and Procedures

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CheckPoint: Effective Financial Policies and Procedures There are many basic elements of an effective medical office financial policy. In order for patient billing to be effective, certain financial procedures and policies have to be in place in order to explain payment options to the patients. Employees and patients have to understand all of the financial policies in order for everyone to know what is to be expected. The financial policies in medical offices that are most effective need to be explained to all patients. For example, the process of collecting deductible, co- payments, past due balances, all services that insurance companies will not cover; prepayment and rebates can all be very complicated and should be explained in depth to all patients. Financial policies also discuss any and all forms of payment accepted by that particular medical facility. Often times, patients have access to brochures that explain the medical facility’s billing process. These brochures can be mailed to patients
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