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Summary Wk 4 Individual Effective Financial Policies and Procedures.docx HCR 203 Effective Financial Policies and Procedures HCR 203 The basic elements of an effective medical office financial policy are an important part of the patient billing and collection
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Wk 4 Individual Effective Financial Policies and P HCR 203 Effective Financial Policies and Procedures HCR 203 The basic elements of an effective medical office financial policy are an important part of the patient billing and collections. In order for the policy to be effective, it must be one...
wk 4 individual effective financial policies and proceduresdocx hcr 203 effective financial policies and procedures hcr 203 the basic elements of an effective medical office financial policy are
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HCR 203
Effective Financial Policies and Procedures
HCR 203
The basic elements of an effective medical office financial policy are an important part of the patient
billing and collections. In order for the policy to be effective, it must be one that both patients and office
staff will understand and be able to follow. A good way to ensure that patients understand the financial
policy is for the medical practice to post the financial policy in the waiting room, or exam rooms, also
having receptionists go over the policy with new patients. It is also a good idea to possibly hand out the
policy in a brochure to new patients as well as having the financial policy typed up and have all patients
read and sign the form agreeing that they have read and fully understand the policy and their
responsibility in the process. The financial policy also needs to include any and all possibilities such as
payment plans, prepayment for services, day of service discounts, services due to automobile accidents,
and how the practice will go about collecting any payments, such as copayments, deductibles, co-
insurance, or past due balances. Medical office procedures support financial policies in a number of ways.
One of the major ways is types of payments the office accepts, if in the policy it states that checks are not
accepted then the medical office staff needs to be sure to follow that policy by not accepting checks. If
they accept even one, it can derail the entire policy and have consequences. Say a front office worker
accepts a check, as a favor to the patient. Well, that check could possibly bounce. If that check bounces
then now the office has an unpaid medical bill, that negatively affects the offices revenue. If the office
member had just followed the financial policy, then the bounced check would have never happened.
Following the policy is of the upmost importance to insure a successful medical practice. Medical offices
can use a number of strategies to help ensure their policies and procedures are followed. If there are any
issues or discrepancies in the policy, then the office needs to make sure that it has a plan in place to
review and handle the issues. The office also needs to make sure that all employees are given a copy of
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