Question

The patient has some financial obligations in paying for their services received, what are they?

Answer 1

A payment policy lets your patients know what you expect of them and what they can expect of you. A well-crafted policy will prevent patients from being surprised about their financial obligation when they receive your services. It will also give your practice some legal protection should a patient fail to pay what you are entitled to collect.

You should tailor your policy to your practice, making sure to address the following elements:

• When payment is due (e.g., usually the date of service, unless other arrangements have been made in advance);

• Who is responsible for payment (e.g., self-pay patients are responsible for the entire amount of the bill; patients in health plans are responsible for any amounts not covered by their insurance);

• How co-pays and deductibles will be handled (e.g., co-pays are collected at each visit without exception);

• What forms of payment your practice accepts (e.g., personal checks, debit cards, credit cards);

• Your practice’s policy regarding nonpayment (e.g., you enlist a collection agency’s help after three months of nonpayment).