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.

1. Co-pays and deductibles
2. Insurance billing
3. Referrals and pre-authorizations
4. Patients without insurance (self-pay)
5. Missed appointments
6. Returned or NSF checks
7. Copies of Medical Records
8. Payment plans and outstanding balances
9. 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.

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