Whether you own your medical practice or are a partner in a group, your business absolutely must have clear financial policies and procedures in place.
Financial policies aren’t the most fun to read or write, but they can make or break your practice. Without them, you’re essentially enabling patients to set policies for you, and that de facto policy might involve chasing down patient balances and tolerating high accounts receivable.
Financial policies can include anything from confidentiality and financial responsibility notices, to cell phone use and employee expense reimbursements. It’s important that these policies are thorough, legal, and in writing. If your office ever faces regulatory investigations or legal retribution, you can show lawyers or investigators the written policies that clearly outline how you conduct professional business.
Taking the time to develop in-depth policies protects not only you and your staff but also your patients. Using specific, precise, and easy-to-understand language will minimize risk, improve the overall patient experience, and increase the likelihood your office will be paid for the care and services you provide.
Want to learn how to write an ironclad policy in today’s compliance-centric health care industry? Thanks to a generous sponsorship from TMA Insurance Trust, Texas Medical Association members have FREE access to our course: Financial Policies Do’s and Don’ts (1 AMA PRA Category 1 Credits™).
Last Updated On
October 17, 2019