Collection Basics Part II: Implementing Your Financial Policy
In Part 1 of this series we explored payers. Now it’s time to develop your financial policy. This is your foundational document for everything that happens with patient financial interactions. Your financial policy will confirm for patients and staff what your practice financial policies are, and will support the financial goals of the practice.
The road to financial health
Putting together a new financial policy or revising your existing policy is one of the most important steps to financial health. Your financial policy is your road map and will determine how the practice will handle the collection of patient balances. The financial policy is the document you will come back to time and time again. If a question arises, ask yourself, “What does our Financial Policy say?”
First, decisions need to be made: