This website uses cookies to ensure you have the best experience. Learn more

Financial Policies Essay

564 words - 3 pages

CheckPoint: Effective Financial Policies and Procedures

• Resource: Figures 15.1 & 15.2 on pp. 485–486 of Medical Insurance
• Post a 350- to 400-word response to the following: The three major elements to critical thinking are logical inquiry, problem solving, and evaluative decision making. In this CheckPoint, you must exercise critical thinking skills to answer the following questions:

• Medical offices must have financial policies in place to manage patient and insurance payments and to keep track of paid and unpaid for services.
o What are the basic elements of an effective medical office financial policy?
o Effective medical office financial policies must be sound and clear. The policy must explain the patients’ responsibilities for paying, as well as setting up billing and/or collection procedures. Effective financial policies also are easy for ...view middle of the document...

o In what ways do medical office procedures support financial policies? Give Examples.
o Medical office procedures must support financial policies. For example, if the financial policy states that only cash or check can be accepted as payment, then the office procedure must also follow that. If the office procedure says that credit, or debit cards may be accepted as payment, there will be confusion, and it could result in the services not being paid for. Financial and office procedures must follow each other. As long as they do, then the billing process can operate effectively and efficiently.
o What are the consequences when office procedures do not support the financial
o policy?
o When office procedures do not support the financial policy, then the billing and/or collections process does not operate smoothly. Also, if office procedures and policies do not support the financial policy, then there can be instances where services are not paid for.
o What recommendations, strategies or tools can medical offices use to ensure effective alignment of policies and procedures?
o In order for office polices and financial policies to follow each other, it is important that staff members communicate when constructing said policies. It is also important that efforts are made by staff to educate the entire staff on both types of polices, and what to do if there is a conflict. There should be strategies in place to handle conflicts in policies and ways of resolving conflicts and ensuring proper procedures are followed so that all services are paid for and there are no resulting financial shortfalls.

Other Papers Like Financial Policies

Case Essay

278 words - 2 pages - Yahoo’s Decision to Expand internationally / Finance function in a global corporation; Case study: Ranger Supply Company; and start with, Topic 2 International Financial System, BoP and Foreign Exchange Markets- Government Policies Managing for Value: Impact of Trade Policies on Firm; and How Yahoo!is exposed to Exchange Rate Systems and Intervention. Case study: MapleLeaf Paper Co., Self-evaluation Exercises: Applications: Point

Beaformativegroup Essay

668 words - 3 pages and Vertical Analyses. V. Conclusions * Overview of Performance; * Implications for Potential Investment; * Limitations of the Analysis, Ratios and Financial Statements (e.g. the potential problems associated with using ratio analysis to analyse the financial health and performance of companies, balance sheet figures are single-point values, similar companies for comparison are hard to find, accounting policies may differ between

Finincial Accounting

2520 words - 11 pages * Notes comprising a summary of significant accounting policies and other explanatory information. * A statement of financial position (Balance sheet) as at the beginning of the earliest comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement in items in financial statement or when it reclassifies in its financial statement. However, the primary financial statements comprises of

Final Hcr 230

568 words - 3 pages be collected at the time of the visit or service. I think this is well outlined in our policy and should be understandable for the patient. The patient is responsible for paying their co pay at the time of the visit and paying any other balances then and there or within a reasonable time after they are billed. Our medical office staff will ensure that each patient is aware of our financial policies and how they affect them individually. If a

Financial Management for Npos

2525 words - 11 pages policies. The internal control system may vary depending on the size of the organization. In an organization with very few employees, in which the manager of the organization can actually provide direct supervision, then few controls are needed. However, in a bigger, more complex organization, more controls will be needed to ensure the reliability of the financial records and safeguard the organization’s assets. Although internal controls

East Asian Crisis

1015 words - 5 pages the recent crisis were for years admired as some of the most successful emerging market economies, owing to their rapid growth and the striking gains in their populations' living standards. With their generally prudent fiscal policies and high rates of private saving, they were widely seen as models for many other countries. No one could have foreseen that these countries could suddenly become embroiled in one of the worst financial crises. Their

Comparaitive Summary

1421 words - 6 pages Comparative Summary In this paper, the student will identify one for-profit, one nonprofit, and one government financial environment identified in the week one assignment. Under each category, a detailed discussion of each entity will describe the financial structure and financial policies unique to each environment. The student will discuss financial management practices prevalent in each environment. To conclude, an explanation will ensue of

Helpdesk Engineer

751 words - 4 pages Structuring Corporate Financial Policy: Diagnosis of Problems and Evaluation of Strategies This note is talking about finding a way to think about corporate financial policies. They depend in the first place on creativity and careful judgment. There are three good elements to achieve this goal and they are mentioned in the paper, they are: description, diagnosis and prescription. The first element is to define the financial policies of an

Research Paper

1629 words - 7 pages themselves more. This can lead to investors of the enterprise to a disadvantage as managers may have different objectives. Firm’s accounting policies matters to management and to the investors who owns the firm as these policies determines how the financial statements will be presented. For example, if the firm changes amortization method from double decline to straight-line amortization, it will not change cash flows, income tax paid but it

Full Disclosure In Financial Reporting

2570 words - 11 pages in which the examples you provided are useful to financial statement users. Analyze Verizon Communications’ disclosure on accounting policies, and give your opinion on whether or not the information is helpful for decision making. Provide a rationale for your response. Accounting policies are essential for adequately understanding the information provided in financial statements. An entity as required by GAAP, should present as an integral

Syllabus 405

2234 words - 9 pages health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student

Related Essays

Learn From Employment Policies During The Global Financial Crisis In Oecd Countries

1295 words - 6 pages Essay Learn from employment policies during the global financial crisis in OECD countries Writing by Arthur DAGAN a. What has been the main impact of the global financial crisis on OECD countries? Why should governments be concerned about the impact, especially in the context of youth? Let us first understand the cause of global financial crisis, his main impact on OECD and then why governments should be concerned about the especially

Financial Inclusion Paper

956 words - 4 pages 2011 at AFI's annual Global Policy Forum meeting the network adopted the Maya Declaration,[1] a set of common principles and goals for financial inclusion policy development. AFI uses a "polylateral development" model to contrast and compare successful financial inclusion policies, focusing on a peer-to-peer system rather than a top-down or North-to-South learning model. The network has over 80 member institutions from over 70 institutions

Fiancial Business Essay

1966 words - 8 pages process, she should report to you personally to review your situation and adjust the recommendations, if needed, as your life changes. | | | ------------------------------------------------- Financial Planning - Definition, Objectives and Importance Definition of Financial PlanningFinancial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation

Positive Accounting Theory Essay

1018 words - 5 pages addressed this problem. Christie and Zimmerman investigated the frequency of firms that faced takeover, to use income-increasing accounting policies to maximize reported net income and financial position. They found that these policy changes were not used to avoid possible takeover, and that were not as opportunistic as originally thought. Sweeney discovered that managers would change accounting policies in response to debt covenant problems