What Is An Office Financial Policy? A financial policy is a formal set of procedures that your practice follows with regard to collecting money. It should be a written statement that is given to all patients and is posted (at least in brief form) at your check-out counter. This policy should be supported by a…
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KMC University has developed a support tool titled Financial Policy Questionnaire that allows you to answer specific, guided questions about your practice’s policy and procedure on financial policy. Each of these questions match up to fields within the support tool titled Office Financial Policy Template. To begin, download, save and review the questionnaire. Meet with…
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In today’s compliance environment, it is policy and procedure that win the day. In the often-nebulous area of financial policy, we hold these truths to be self-evident: If it isn’t written down, it’s not agreed to! Now that you have completed all the modules on the various aspects of your practice’s Fee System, it’s time…
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Stark Anti-Kickback Laws and Treating Medicare Aged Family Physicians may provide “professional courtesy” discounts to other physicians as well as to those with whom they work or have personal relationships (e.g., office staff, hospital employees, and family members). However, professional courtesy services can create legal liabilities under Stark anti-kickback laws that define the practice as…
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To Offer Professional Courtesy Options or Not There are many things to consider should a practice decide to include professional courtesy discounts within the office fee system. The most common courtesy discounts are described here along with concerns that must be weighed when entering into this type of discounting behavior. Remember, even if the care…
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For a deeper dive into setting and keeping a Professional Courtesy fee schedule, review this short video which outlines the key points of professional courtesy and the risky speed bumps that can block your way when it’s not implemented properly. Then download, save and review his helpful Support Tool that provides visual context of the…
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