Financial Policy

The policy states that if a patient has a copay or any other payment that needs to be made then he/she should do so at the time of their visit. This is usually done at the end of the visit encase the doctor orders any tests or lab work that might cost the patient more money. Patient’s should be informed of all or any charges and given an estimated cost.

The lifecycle of physician-based claim (CMS 1500) is something that we not only need to know, but also how to do from start to finish.

Step 6 - Generate patient statements - This will be the final process by letting the patient know what the balance most of the time should be 0 if services were covered and co-pay was paid prior. There is other instances when insurance providers will decide not to cover and the patient will then end up with the balance left over.

In an attempt to keep your medical cost for services to a minimum, we have adopted the following policy regarding payments and billing. If you do not have insurance coverage, payment will be due in full amount on the day the service is giving.

The patient is informed about their coverage and the amount of copayment they would have to pay.

slides. If you adopt this text you will be given access to complete materials. To obtain

Cleverley, W.O., Cleverley, J.O., & Song, P.H. (2012). Essentials of health care finance (7th ed.). Sudbury, MA: Jones & Bartlett Learning.

“To improve the health of our community and to deliver effective and efficient healthcare in which our patients and users feel cared for, safe and confident.” Annual Plan 2013/14

Your agency is dependent on revenue to continue operations. Therefore, you will find that your sustenance is heavily dependent on the stipulations of payers including private insurers. Typically, once your agency meets the standard requirements of CMS and TJC, you will have no issues with these payers. Even so, it is a good idea to be aware of the services private companies cover and the details of your patient’s policy.

http://www.cnn.com/US/9907/13/patients.rights/index.html Zelman, W. N., McCue, M. J., Glick, N. D., & Thomas, M. S. (2014). Financial management of

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