Financial Communication Your Patients Need

posted on Thursday, May 25, 2017

Financial FormFinancial communication is arguably one of the most important conversations needed between a patient and practice. Practices often overlook the need for communication and education when it comes to patients understanding practice policies and financial responsibility. Billing offices send the statements. Some practices offer payment plan options, third party creditors, online bill pay services and the like.

No matter the process, a certain amount of patient-owed balances goes uncollected; collection agencies enter the picture, and the rest is history. Communication can help practices collect more of their money easier and faster.

In addition to automated billing and payment services, practices need to have printed financial forms and education to help patients understand their financial responsibility.

Financial Communication Collateral for Every Office

  • Financial Policy -- one that a patient signs, agreeing to payment responsibility
  • Credit Card on File Documentation -- explaining why a credit card number is stored.
  • Insurance Education
    • FAQs and Billing FAQs - think "Top 10 Things to Know About Insurance"
    • Common Insurances Accepted
  • Patient Payment Contracts
  • Financial Consent Form for Billing and Insurance
  • Inserts promoting online bill pay services or other payment education

Practices need to be sure patients are informed and educated before seeing their statement. Practices will see an improvement in payments as a result.