Financial Policies
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- Date Submitted: 10/10/2010 12:45 PM
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CheckPoint: Effective Financial Policies and Procedures
• Resource: Figures 15.1 & 15.2 on pp. 485–486 of Medical Insurance
• Post a 350- to 400-word response to the following: The three major elements to critical thinking are logical inquiry, problem solving, and evaluative decision making. In this CheckPoint, you must exercise critical thinking skills to answer the following questions:
• Medical offices must have financial policies in place to manage patient and insurance payments and to keep track of paid and unpaid for services.
o What are the basic elements of an effective medical office financial policy?
o Effective medical office financial policies must be sound and clear. The policy must explain the patients’ responsibilities for paying, as well as setting up billing and/or collection procedures. Effective financial policies also are easy for patients and the medical office staff to understand and follow. Medical office staff must be able to clearly understand the financial policy so that they may ensure that the patients clearly understand the financial policy. The staff must be aware of what is expected from the patients and they must be able to explain to the patients what their responsibilities are. Effective financial policies must also address all possible scenarios regarding payments. Financial policies should address to patients how the office will handle collection of payments, copayments, deductibles, balances, and any past due balances, financial payment arrangements for unpaid balances, if applicable, charity care or discounted services for low income patients, payments for non covered services, prepayment for services, date of service discounts, or discounts for patients with financial need, acceptable forms of payment such as cash, credit card, debit card, etc, and nay special circumstances for car accidents, or no insurance.
o In what ways do medical office procedures support...
• Resource: Figures 15.1 & 15.2 on pp. 485–486 of Medical Insurance
• Post a 350- to 400-word response to the following: The three major elements to critical thinking are logical inquiry, problem solving, and evaluative decision making. In this CheckPoint, you must exercise critical thinking skills to answer the following questions:
• Medical offices must have financial policies in place to manage patient and insurance payments and to keep track of paid and unpaid for services.
o What are the basic elements of an effective medical office financial policy?
o Effective medical office financial policies must be sound and clear. The policy must explain the patients’ responsibilities for paying, as well as setting up billing and/or collection procedures. Effective financial policies also are easy for patients and the medical office staff to understand and follow. Medical office staff must be able to clearly understand the financial policy so that they may ensure that the patients clearly understand the financial policy. The staff must be aware of what is expected from the patients and they must be able to explain to the patients what their responsibilities are. Effective financial policies must also address all possible scenarios regarding payments. Financial policies should address to patients how the office will handle collection of payments, copayments, deductibles, balances, and any past due balances, financial payment arrangements for unpaid balances, if applicable, charity care or discounted services for low income patients, payments for non covered services, prepayment for services, date of service discounts, or discounts for patients with financial need, acceptable forms of payment such as cash, credit card, debit card, etc, and nay special circumstances for car accidents, or no insurance.
o In what ways do medical office procedures support...