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Unformatted text preview: Effective Financial Policies and Procedures Jessica Thibodeaux HCR/230 Barbara Hopkins The financial policy of any medical practice is in place to provide patients with information about how payment is expected to be made. An effective financial policy must include information about how copayments, deductibles, and past due balances are collected. Many practices require copayments and deductibles to be made before services are provided. This policy also includes information on financial arrangements for remaining balances as well as discounts for low income families. Another element of the financial policy explains what method of payment the practice accepts such as cash, credit cards, checks, or money orders. If the practice has charity care information about this program is included in the financial policy. The patient must agree to the financial policy prior to services being performed. The agreement is that the patient is responsible for all fees and charges as well as the release of medical records...
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- Spring '11