Aligning Financial Policies and Office Procedures for Effective Healthcare Payment Management

Abstract

Institutional Affiliation: Policies and Procedures Paper Elements of critical thinking contribute towards the development of an effective financial policy for medical organizations. It is essential that policies and procedures align with the mission of the organization and are easy for the medical staff and patients to understand. Logical inquiry involves the collection of information and facts involved in the financial policies and affecting the obligations of parties involved. Problem solving is the process through which the facts of each case are taken into consideration to determine the options available during each stage of financial policies’ formulation. Through evaluative decision-making, the stakeholders determine the solution that best matches the interests of the patients, the medical practice, and the stakeholders in the insurance sector. A key element of financial policies and procedures is the mitigation of risks associated with the collection of payments and billing of patients. Medical practices, moreover, rely on effective policies to facilitate financial management in the organization. It is critical that payments from insurers, patients, and financial organizations are received in time to cover the costs incurred treating patients (Schakel, Jeurissen, & Glied, 2017). Through policies and procedures, medical practices avoid conflicts between the stakeholders involved in the payment of patients’ expenditure. An effective medical office financial policy should clearly indicate the responsibilities of each party involved to ensure the delivery of quality care services. Medical office procedures support the financial policies by adhering to the regulations indicated in the policy. For instance, if only cash is accepted as payment, then it is necessary that office procedures follow this stipulation. Moreover, patients should be guided through their options of payments and their financial responsibilities for each procedure. Financial and office procedures should be aligned to ensure that all services offered to the...