Are you preparing to write your first patient financial policy?
Have you decided it’s time to update an outdated copy?
In either case, use this list as a simple rubric to help you write an effective financial policy.
1. Remind the patient of their financial responsibilities
Explain co-payments, high deductible amounts, and non-covered services that must be paid at the time of service. Include a financial arrangement agreement that will address these amounts and how they will be collected.
2. Clearly explain financial penalties
Do you charge a no-show fee? Are there penalties assigned if the patient doesn’t pay his co-pay at the time of service? Be transparent with your language in this section. Nobody likes to be hit with unexpected charges.
3. Info change clause
Include a clause stating that the patient agrees to inform you of any address changes or updates to their insurance benefits.
4. Accepted forms of payment
Are there credit cards that you can’t accept? Will you accept Care-Credit?
5. Explain the escalation process for delinquent accounts
If a patient fails to meet their financial obligation, how will their account be handled?
6. Directions for hardship exemption
Include directions for patients that may qualify for a hardship exemption. Explain the application process and provide the documentation that they are required to complete.
7. Questions about billing
Answer some of the most frequently asked questions about billing. Provide direction for how your patients can get answers to any other questions they may have.
8. Patients without insurance
Describe how patients without insurance will be billed and processed. Do you provide financing? Do you partner with a bank or other financial lender who can help those patients meet their financial obligation?
9. Any additional charges
Include any other additional charges that may come up. Examples are the charge you may apply for making copies of medical/dental charts or the fee charged for returned checks.
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