The foundation for effective management of the revenue cycle is the practice’s financial polices – so make yours rock-solid! They need to reflect the practice’s culture and payment philosophy. This becomes more critical with the increase in high deductible insurance plans that place more responsibility on the patient. Here are some key factors in developing effective financial policies:
- Physicians need to agree on what their payment expectations are and let the manager enforce the policies.
- Include everyone involved in the process in the development of the financial policies and procedures. This often includes the scheduler, receptionist, data entry, coder, billing clerk, collection department and the manager. It is important to get their buy-in to develop policies that will work!
- Provide consistent training and support.
- Establish benchmarks for accurate patient registration, charge entry/payment cycle and error ratios, and days in accounts receivable.
- Provide adequate oversight to recognize when additional support is needed and to hold staff accountable to the standards outlined in the policy.
Financial policies unify the practice and improve consistency in collection procedures To be effective, physicians and managers must define their expectations and clarify the processes necessary to achieve those expectations.
Capko & Company a leader in medical practice management and marketing consulting. Judy Capko is the author of the runaway best-selling book: Secrets of the Best-Run Practices!
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