The best financial policy in the world won’t help anybody if it stays hidden on your hard-drive. Doctors need to be intentional about how they share their financial policy with their patients. Clear communication and thoughtful reminders is the best way to encourage compliance and follow-through.
Here are 5 simple and effective strategies for ensuring that your patients read, understand, and respect the policy you put in place.
1. Keep it simple
A well written financial policy will be easy to understand. Stay clear of industry jargon. The reading level should not exceed what an 8th grader could understand.Microsoft Word has a built in readability statistics function. This tool will help you determine the reading level of your policy. Just follow these steps:
- Click the File tab, and then click Options.
- Click Proofing.
- Under When correcting spelling and grammar in Word, make sure the Check grammar with spelling check box is selected.
- Select Show readability statistics.
If you don’t have Microsoft Word, you can find a number free online readability calculator like the one found here.
2. Share your financial policy when scheduling appointments
A best practice is to communicate your financial policy and expectations to your patients when they schedule an appointment. Include a copy of the policy in their “New Patient” on-boarding packet. Mail it to your patients home address or direct them to a copy on your website.
3. Collect signatures at the reception desk
Ask new patients to sign a copy of your financial policy when they visit your office. Retain the signed document at your office and provide a copy of the original to the patient for their records.
4. Remind returning patients
Remind returning patients of your policy and notify all patients immediately if you update or change the policy in any way. This can be done by way of a letter, notice in the office, or a notice on your website.
5. Inform your staff
Everyone in the office should be up to date on your collection policy. Each employee should be prepared to answer questions regarding terms of payment that a patient may have. Your goal is to make it as easy as possible for your patients to get the information they need to make timely payments.
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