Financial Policy Medical Associates Financial essay

Download this essay in word format (.doc)

Note: Sample below may appear distorted but all corresponding word document files contain proper formatting

Excerpt from essay:

Once the written request is received, we will pay within 30 days (, no date). If you paid by credit card, we will issue the refund to your card directly. If you paid cash, we will issue you a check.

Part B:

This policy is ideal for a small generalist office.

The policy should outline the Medical Associates position clearly, so that the patient has an understanding of how billing and collections work from our end. This is important because of medical offices are somewhat unique in this regard compared to other businesses. The multiple means of payment, often for a single bill, necessitate this written explanation for the patient.

The main objective of the financial policy is to effectively communicate the means and methods of payment to the patients. Not only should it clarify the role of the office, but it should also clarify for the patient their role as well (, no date) the financial policy I have developed is broken down into different sections by payment type. Some financial policies I have encountered are broken down by payment timing (i.e. For Expenses Due Immediately, etc.). I felt that this method made sense from the office's point-of-view, but not from the patient's. Patients tend to view themselves in terms of being insured, Medicare or uninsured. Thus, by breaking down the financial policy by payment type I feel the policy becomes easier to understand from the patient's perspective.

The financial policy uses clear verbiage. It is important that the language be unequivocal, because one of the objectives of a financial policy is to outline for the patient precisely what their role is. There should be no ambiguity. Thus, I have imbued the policy with clear language. When the terms are strict, that is outlined clearly.

The financial policy also benefits the staff as well. It provides them with a clear framework for dealing with patients, particularly those who would claim ignorance of the office's policies. Thus, the financial policy specifies clearly the means for payment, the time frames for payment, the responsibilities of insured patients if the insurance companies denies payment, and when the outstanding balance will be sent to a collections agency. With these items stated clearly in the financial policy, the staff can then feel confident when explaining policy to patients, particularly those who are filing a complaint, or who appear to be in violation of some of the terms set out in the financial policy.

Lastly, by outlining the policy clearly, it saves time. Front desk staff are busy. The complexity of payments structures in the medical office environment demands that policies are laid out in writing, but this also saves the staff from having to explain ad nauseum the finer points of the policy.

This also reduces the risk to the office, because it allows patients to understand before being admitted, the expectations that the clinic has of them. This may dissuade patients from seeking services for which they cannot pay, lowering the risk to the office.

Overall, the differences between financial policies for most medical offices are superficial. They all contain the same basic information. We have imbued ours with a sense of fairness and attention to the needs of the customer that we feel will allow the patient to feel good about dealing with Medical Associates Inc. We also feel that we have reduced our risk by clearly and succinctly outlining our terms and our role in the billing and collections process. This balanced presentation, we feel, is the best approach to a financial policy.

Works Cited

Valerius, Bayes, Newby & Seggern. (2008) Medical Insurance: An Integrated Claims Process Approach. McGraw-Hill, New York, 2008.

Website: Various pages. Retrieved February 20, 2009 at

No author. (no date). Writing a Financial Policy. Physician's Computer Company. Retrieved February 20, 2009 at

No author. (no date). Financial Policy. Napa Valley Orthopaedic. Retrieved February 20, 2009 at

Snyder, Herbert. (2006). Minimizing the Risks of Financial Fraud. Medscape. Retrieved February 20, 2009 at[continue]

Cite This Essay:

"Financial Policy Medical Associates Financial" (2009, February 20) Retrieved December 11, 2016, from

"Financial Policy Medical Associates Financial" 20 February 2009. Web.11 December. 2016. <>

"Financial Policy Medical Associates Financial", 20 February 2009, Accessed.11 December. 2016,

Other Documents Pertaining To This Topic

  • Medical Office Financial Policy Over

    The reason why, is due to the fact that you are addressing the needs of different demographics of the population. At the same time, you have numerous options in working with patients and a procedure for helping to collect all outstanding balances. (Lohr, 2010) When you put these different elements together, they are showing how this strategy can be utilized to reduce the underlying costs and increase profitability. This is

  • Medical Errors

    Medical Errors: Faulty Health Care System [N a m e] Medical or health professionals are considered to be the most respected and most valued persons. These professionals are source of hope for people suffering from different diseases. This puts additional responsibility on the doctors and health professionals and they are required to be more careful and cautious while performing their operations and duties. Despite of all special care and caution on part of the

  • Financial Aid and Funding for

    S. Because educational options have increased more competition is coming from other countries in this market. Costs associated with the international student attending a U.S. school may often be too great for many international students to afford. Depending upon the outlook for work in the U.S., the international student may or may not attend college in the U.S. Costs for a college education in the United States is however, not

  • Policy and Practice in Social

    Programs and Services § Briefly describe the major programs and services, and the population intended to be served. Before choosing the programs it is pointed out that about three decades ago, the term 'organizational culture', came in vogue. It resulted in a study of the different styles of organizing. Today the organizational change can be achieved easily and the methods of conducting programs themselves can be a part of a project that

  • Medical Records Software Comparison Electronic Medical Records

    Medical Records Software Comparison Electronic Medical Records Software Comparative Analysis There are over 75 different vendors of Electronic Medical Records (EMR) software applications currently providing solutions to healthcare facilities in the U.S. alone as of 2011 (Ulutas, Ulutas, Nabiyev, 2011). The key design criteria for EMR systems is security (Neupert, Mundie, 2009), usability (James, Garrett, Krevit, 2009) and the ability to be integrated with legacy systems (Agarwal, Milch, Van Kuiken, 2009). This

  • Financial Management Definition of Revenue Cycle in

    Financial Management Definition of revenue cycle in healthcare A revenue cycle is a process whereby financial progression of the accounts of a business is begins where the business has made acquisition of products until they get paid. Healthcare firms are business oriented organizations. Their survival financially depends on a recurring and consistent flow of money from the services that are provided to patients. Without the existence of adequate stream of revenue

  • Policy Analysis of Oregon s Death

    In March of 2005, she was finally removed from life support and died thirteen days later. The case had 14 appeals, numerous motions, petitions and hearings in Florida courts, five suits in the Federal District Court; Florida legislation struck down by the Supreme Court of Florida; a subpoena by a congressional committee in an attempt to qualify Terri for witness protection; federal legislation and four denials of certiorari from

Read Full Essay
Copyright 2016 . All Rights Reserved