Tips offered for improving practice financial management

Tips offered for improving practice financial management

(HealthDay)—Establishing clear financial policies for practices and making it easy for patients to pay are two suggestions for improving practices' financial management, according to an article published online June 24 in Medical Economics.

Noting that out-of-pocket expenses are increasing for patients, the author of the article, Lisa Zamosky, discusses ways for physicians to adjust or refine their billing strategies in order to increase fee collection from patients.

According to Zamosky, clear financial policies should be established for each practice. Everyone should understand and know how to enforce these policies. Patients often have a poor understanding of their insurance policies, and practices should help to educate their patients. Practices should make it easy to pay by offering as many payment options as possible. Policies relating to refusing treatment for patients who are unable to pay should be clearly established and properly applied. However, the difficulty of determining whether a visit is routine before triage complicates this issue. Outstanding balances should be limited and sent to collection agencies more quickly than in the past.

"As face higher out-of-pocket costs, physician practices see an impact on their ," Zamosky writes. "As costs rise, physicians need to adjust or refine their approach to billing strategies."

More information: More Information

add to favorites email to friend print save as pdf

Related Stories

Insurance eligibility headaches expected with ACA

Jan 29, 2014

(HealthDay)—With the influx of newly insured patients under the Affordable Care Act, physician practices should be prepared to spend even more time verifying coverage, according to an article published ...

Concierge-style practices increasing in popularity

Feb 08, 2014

(HealthDay)—An increasing number of physicians are forming concierge practices, in which they collect monthly cash fees from patients instead of insurance reimbursements, according to an article published ...

Recommended for you

Electronic health records tied to shorter time in ER

Sep 19, 2014

(HealthDay)—Length of emergency room stay for trauma patients is shorter with the use of electronic health records, according to a study published in the September issue of the Journal of Emergency Nursing.

CDC: Almost everyone needs a flu shot

Sep 19, 2014

(HealthDay)—Less than half of all Americans got a flu shot last year, so U.S. health officials on Thursday urged that everyone 6 months and older get vaccinated for the coming flu season. "It's really unfortunate ...

User comments