design a finanial policy
“First we will need to gather your most recent information, both medical and healthcare provider, phone number(s), address etc. If you should move or change jobs, it is your obligation to inform the office of any changes in your personal information”. The basis for a strong medical office financial policy would be an understanding
Between the medical office, the insurance company, and the patient. The medical office
Is responsible for verifying the patient’s coverage, verifying if a specific service is
Covered, also to verify the co pay amount so it can be collected at the time of the visit or
Services. The insurance company’s responsibility depends on whether the doctor is
Contracted with them or not. The insurance company is responsible for the timely
Processing of medical claims. The patient is responsible for paying their co pay at the
Time of the visit and paying any other balances within a reasonable time after billed. The medical office needs to ensure that each patient is aware of their billing policies and
How they affect each patient. A patient needs to understand that the medical office will
File a claim with the insurance company as a courtesy but it is ultimately the
Responsibility of the patient to ensure their insurance company processes and pays the
Claim.” Medical office procedures support financial policies by using a practice management
Program (PMP). The PMP uses keyed in information to update a “day sheet” that summarizes all
Transactions made in a 24 hour period. These day sheets are used by medical staff to create a
Patient statement which is a printed breakdown of how much a patient owes on their account.
The breakdown may consist of deductibles, coinsurance, and fees. When a statement is entered
Into the PMP, clarity along with accurate information helps the patient to understand their bill
And pay on time. The PMP office procedure supports the policy with staff members that are
Either
Between the medical office, the insurance company, and the patient. The medical office
Is responsible for verifying the patient’s coverage, verifying if a specific service is
Covered, also to verify the co pay amount so it can be collected at the time of the visit or
Services. The insurance company’s responsibility depends on whether the doctor is
Contracted with them or not. The insurance company is responsible for the timely
Processing of medical claims. The patient is responsible for paying their co pay at the
Time of the visit and paying any other balances within a reasonable time after billed. The medical office needs to ensure that each patient is aware of their billing policies and
How they affect each patient. A patient needs to understand that the medical office will
File a claim with the insurance company as a courtesy but it is ultimately the
Responsibility of the patient to ensure their insurance company processes and pays the
Claim.” Medical office procedures support financial policies by using a practice management
Program (PMP). The PMP uses keyed in information to update a “day sheet” that summarizes all
Transactions made in a 24 hour period. These day sheets are used by medical staff to create a
Patient statement which is a printed breakdown of how much a patient owes on their account.
The breakdown may consist of deductibles, coinsurance, and fees. When a statement is entered
Into the PMP, clarity along with accurate information helps the patient to understand their bill
And pay on time. The PMP office procedure supports the policy with staff members that are
Either