A patient financial policy is a crucial step in the patient revenue cycle. It is an opportunity for a practice to communicate their financial expectations to the patient as well as document the patient's understanding.
Here are 9 key items to include in your financial policy.
- Co-pays and deductibles
- Insurance billing
- Referrals and pre-authorizations
- Patients without insurance (self-pay)
- Missed appointments
- Returned or NSF checks
- Copies of Medical Records
- Payment plans and outstanding balances
- Any special “fees” that you add onto services must be spelled out in the policy
As a best practice, you should evaluate your financial policy annually. Identify any changes you've made as well anything you may be missing. It's also a good idea to get feedback from your patient follow up team. Is there a common concern raised by patients that could be addressed in your policy? Once evaluated and updated, remember to have patients sign a new financial policy annually. Providing patients a clear financial policy is not only good for your practice's revenue but good customer service.
If patient collections are a concern for your practice, Coronis is here to help.