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Collections in the Medical Office

10. Collections in the Medical Office. 10-2. Learning Outcomes. When you finish this chapter, you will be able to: 10.1  Explain the importance of prompt payment laws. 10.2 Summarize the importance of a financial policy in a medical office.

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Collections in the Medical Office

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  1. 10 Collections in the Medical Office

  2. 10-2 Learning Outcomes When you finish this chapter, you will be able to: 10.1  Explain the importance of prompt payment laws. 10.2 Summarize the importance of a financial policy in a medical office. 10.3  Identify the laws that regulate collections from patients. 10.4 Demonstrate how to post a payment from a collection agency. 10.5  Discuss the process of writing off uncollectible accounts. 10.6  Explain how to use a patient aging report to identify past due accounts.

  3. 10-3 Learning Outcomes (Continued) When you finish this chapter, you will be able to: 10.7 Demonstrate how to add an account to the collection list. 10.8  Demonstrate how to create a collection letter. 10.9  Demonstrate how to create a collection tracer report.

  4. 10-4 Key Terms • collection agency • collection list • collection tracer report • payment plan • prompt payment laws • tickler • uncollectible accounts • write off

  5. 10-5 10.1 Laws Governing Timely Paymentof Insurance Claims • Receiving prompt payment for services is a critical factor in determining the financial success of a medical practice • Prompt payment laws are state laws that mandate a time period within which clean claims must be paid and that call for financial penalties to be levied against late payers

  6. 10-6 10.2 The Importance of a Financial Policy • Collection process begins with a clear financial policy and effective communications with patients about their financial responsibilities • Important to have a written financial policy that spells out patients' responsibilities

  7. 10-7 10.2 The Importance of a FinancialPolicy (Continued) • Financial policies should tell patients how the practice handles: • Collecting copayments and past-due balances • Setting up financial arrangements for unpaid balances • Providing care for patients with low incomes • Payments for services not covered by insurance • Collecting prepayments • Accepted methods of payment

  8. 10-8 10.3 Laws Governing Patient Collections • Patient collections are consumer collections and are regulated by federal and state laws • Collections from insurance carriers are considered businesscollections

  9. 10-9 10.3 Laws Governing Patient Collections(Continued) • Fair Debt Collection Practices Act of 1977 • Telephone Consumer Protection Act of 1991 • General guidelines: • No calls before 8 am or after 9 am • No threats or profane language • Respect patient privacy • No deception or violence

  10. 10-10 10.3 Laws Governing Patient Collections(Continued) • A payment plan is an agreement between a patient and a practice in which the patient agrees to make regular monthly payments over a specified period of time • Truth in Lending Act applies if practice adds finance charges and payments are made in more than four installments

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