February 10, 2013
My Financial Policy for Viking Pediatrics
The reason to have a good, strong financial policy for a medical office is to understand the relationship between the medical office, insurance carriers, and the patient. It will also prevent patients from being surprised about their obligations when they receive our services. The office staff is responsible for confirming the patient’s insurance coverage, validate if a specific service or procedure is covered, and establish the co-pay amount so it can be collected at the time of the visit. The amount the insurance company would be responsible for would be determined if the physician is contracted by them or not. It is also pertinent that the insurance company processes the claims in a timely manner. The patient will be responsible for the co-pay at the time of the visit and must pay any remaining balances within a reasonable amount of time after being billed.
My office staff needs to make certain that each patient is informed about the billing policies and how they affect them. A patient must understand that the office staff will file the claim with their insurance carrier as a courtesy but ultimately the responsibility lies with the patient to make sure the insurance carrier processes the claim. A patient needs to be mindful that their co-payment will be asked for at the time of the visit, any deductible or coinsurance is expected when billed, and that if the bill goes into collection, the office can opt to no longer keep them as a patient (Valerius, Bayes, Newby, & Seggern, 2008).
The effectiveness of the office’s financial policy will make any medical facility successful. The Patient Financial Team will make certain that the correct business procedures are followed. When a new staff member is added on, the financial polity should be presented during orientation and during monthly staff meetings so they can stay informed and know of any changes.
By establishing a payment plan, it lets the patients know what you expect of them and what they can expect from out office. The financial plan I developed will give my practice some legal protection should the patient not live up to the financial obligations of the practice. The appropriate liking of medical codes to the service and procedures done is also key. Good financial management includes understanding the different methods of payments and includes all components of the revenue cycle to include accounts receivable. Accounts receivable, which is also known as the patient accounts, refers to the revenues generated but has not yet, been collected. (Coletti, 2004).
There are a lot of influences that can factor in the success of an organization. The key is to identify and develop a plan that will lead to the completion of the organization’s goals. The process of identifying the medical office goals and developing the plans to achieve these goals is referred to strategic planning. Medical practices have financial policies to regulate the billing of patients and the procedures used to collect money they are owed (American Medical Association, AMA, 2005). Each administrative staff member provides to