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Medicare Compliance & Reimbursement

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Create a Solid Financial Policy That Tells Your Patients Exactly What You Expect

Published on Fri Oct 01, 2010

Get answers to your top financial policy questions from a billing expert. Having a financial policy is essential for any practice's financial success. A detailed and documented policy helps both your employees and your patients know how your practice handles the financial side of healthcare. Follow this advice from billing and reimbursement expert, Cyndee Weston, CPC, CMC, CMRS, executive director of the American Medical Billing Association in Davis, Okla., to ensure your practice employs financial policies that work and then that you adequately communicate those policies to your patients. Question 1: Why Do We Need a Clear Financial Policy? A financial policy is a "formal set of procedures that your practice follows with regard to collecting money," Weston explains. There are several reasons your practices should develop, implement, and continually evaluate a set financial policy, Weston advises. "It's really a very real part of effective customer service with your patients," [...]
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