Gastroenterology Coding Alert

An important element in your billing program is a financial policy that all patients must read and sign when they join your practice. You should also update yours frequently and have patients sign them upon every change.

Spell it out: Your written financial policy should include information about anything related to the financial aspects associated with a patient’s care, such as no-show fees or penalties assigned if the patient doesn’t pay their copay at the time of service.

Your policy should help patients understand several things about insurance, your practice, and other financial aspects of healthcare, including your commitment to providing the best possible care, and the fact that insurance is a contract between the patient and insurance company. Remind them, however, that you will use your best efforts to obtain the maximum allowed reimbursement, and that sometimes routine services are not covered by insurance so patients must pay those charges at the time services are rendered.

Your written financial policy should include information about the following:

• The importance of maintaining current account information (address, policy, responsible party)
• Forms of payment your practice accepts (electronic payments, cash, credit cards, checks)
• Information about how and when credit cards you keep on file will be billed
• Forms of ID required, including if an insurance card is required at every visit
• Payment guarantee form/signature
• Patient demographics and patient history forms
• Returned check fees based on your state’s laws
• Billing cycle or when statements are sent and payments are due
• Hardship application and documentation
• Your policies on handling delinquent accounts, including timelines your practice follows and any fees the patient may incur
• Cancellation policies and charges
• Where to direct billing inquiries
• How self-pay accounts will be handled
• Medical record copy/transfer charges and policies

By sharing these policies with your patients, you not only have a solid policy that your staff members can follow for billing purposes, but you’ll also face fewer questions from patients since they’ll know where you stand from day one.