Establishing a practice's financial policies.The practice leader must establish the practice's financial policies. Formulating policies involves answering several fundamental questions: * What is the practice's policy regarding copays and deductibles? Absent an emergency, will the physician see a patient who has an outstanding balance on a contractually obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. copay co·pay n. A copayment. or deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). ? What are the criteria for denying or accepting such a patient? * Which credit cards does the practice accept? * What is the practice's policy on advanced beneficiary notices advanced beneficiary notice Managed care A document signed by a Pt accepting responsibility for paying for a test or diagnostic service which the Pt's primary care thinks is appropriate, which Medicare may not under Medicare's 'reasonable and necessary' standard, (ABNs)? * Will the practice renew prescriptions for or provide allergy immunizations to patients who have large outstanding balances? * Will the practice charge for missed appointments that were confirmed? * What is the practice's policy on write-offs, billing, and collections? These are a few of the issues that must be specified for the staff. The policies can be spelled out for patients on a sheet such as the sample shown in the figure. All policies can be flexible, but the practice leader must establish the guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . |
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